Large companies are chasing a departing train

When cryptocurrencies gained widespread attention in 2017, traditional institutions studiously avoided them. However, there are clear signs that circumstances are changing. Two major companies, Facebook and Goldman Sachs, have announced plans to enter the world of cryptocurrencies.

Facebook will launch its own cryptocurrency. Suddenly

Media mogul Mark Zuckerberg said in news reports this week that Facebook is “very seriously considering” creating its own digital currency. This decision completely contradicts his previous position.

In January, Facebook issued a ban on all advertising cryptocurrencies, in an attempt to “protect people from financial products and services that are often associated with fraudulent or deceptive promotions.” Later, FB Corporate developer Morgan Beller assured the public that Facebook has no plans to integrate blockchain. “As a payment system, cryptocurrencies are currently very expensive, very slow, so various tokens need to solve these problems,” he said.

Despite this, according to the Cheddar portal, Beller has been studying the possibility of blockchain integration for a year. At the same time, David Marcus, vice president of Messenger App, announced plans to “explore how best to leverage the potential of blockchain technology for Facebook, starting from the ground up.” Marcus said he will lead a new team “that will study best practices.” Despite the many questions that followed this revelation, Marcus did not comment further.

Goldman Sachs is also launching a cryptocurrency

A startup called Circle, sponsored by Goldman Sachs, announced its plans to release a new cryptocurrency, which they say will be “the best digital version of the US dollar”. The fintech startup recently completed an investment round, raising $110 million, and Circle CEO Jeremy Allair called the new currency “a dollar that runs on the blockchain.”

Circle operates as a peer-to-peer payment network using blockchain technology. After an injection of $110 million in funds, its value rose to $3 billion. The two companies entered into a partnership to “develop a fiat-backed token or stablecoin.” According to Allair, this project should help solve the problem of instability and volatility of cryptocurrencies..

Circle is one of the most funded fintech startups at the moment. Allair believes that “a lot of banks will be excited about the new token and will support it.”

“Part of Circle’s plan is to become a conglomerate of crypto trading services, and go far beyond just a simple crypto exchange,” he continued. The project will be called Circle USD Coin or USDC and should appear on the market by the summer.

According to https://www.nasdaq.com