1. Corporate Currencies for the first time in history

For the first time in history, we have Corporate issuing their own currency vs the government. Remarkable if you think of this change, from thousands of years of history. It is quite fascinating to see that Blockchain has empowered corporations to introduce their own currencies which was unfathomable a few years ago.

First we have LIBRA and Facebook, one of the largest platforms in the world with approximately 2 Bn users. Not only the US, whom we saw expressing its concerns towards LIBRA in the senate hearings but also the Chinese, the Russians, and even the Venezuelans and the Swiss, everyone is concerned. LIBRA is indeed that catalyst, that can of worms that has all the currency ugliness crawling out.

My turn, jerk!!!

Secondly, how could other daredevils like Binance & Tether be left behind? While Libra has been making the rounds and there were some cold feet and developments in Switzerland, we suddenly saw an influx of some news last week when Binance announced its Venus platform & Tether the CNHT.

Binance is the largest exchange with a huge fan following and Venus, in my opinion, is a platform that they are building on their own BNB Blockchain. It will operate with local governments and fiat-backed projects where everybody including governments and larger institutions can issue their own currencies and their own stablecoins like BNB USD, BNB GBP, BNB INR, etc.

I would presume that Binance is already working with some African nations and countries like Malta where they are apparently registered. Knowing the pace of what CZ and BNB have been doing so far with the launch of one product after another, almost on a weekly basis, I wouldn’t be surprised if this turned out to be a huge success. However, we are yet to witness any such outcome since this is a complicated war, and it’s not going to be an easy ride.

Tether, on the other hand, has risen from its stable coin status towards a whole different purpose. Rumours are that Tether has introduced or is about to introduce CNHT which is apparently backed with offshore Yuan. I am not sure how the Chinese government is going to react to this news (I am expecting a huge reaction to be honest) but, on the corporate side, this is big news.

Thirdly we have already announced banking coins like JPM Coin and the Goldman backed USDC. Nothing new but many large banks must be planning similar. No one wants to be left behind and be the next Nokia. At least, let us put up a fight like Blackberry. Other corporations like Walmart, Amazon, Tesla, Google etc won’t be left behind and that is where we will see innovation, blame game, regulatory insights, and a whole new drama. Some are backed by the government; some are backed by the government-approved fiat and some are algorithmically driven. How this space spans out is no less than opening Pandora’s box.