Expert: Not Unreasonable for Crypto in Business

Blockchain Capital co-founder and director Gavin Brown has told CNBC that it really is not “unreasonable” for multinational businesses to consider their own cryptocurrencies for transactions, at least in the medium term.

Brown said that in the current context when hugely successful multinationals such as McDonald’s actually have a better credit rating than some entire countries, the concept of issuing their own crypto and requiring customers to make purchases with them is “not that outlandish”.

He said this during the Credit Suisse Global Supertrends Conference held in Singapore, insisting that a company-owned crypto could even be set up within three hours to conduct transactions with clients:

“What we’re seeing really is the democratization of money so you know, if you and I wanted to, we could create a CNBC coin.”

The investment expert acknowledged that the success of such a coin would of course depend on the level of trust customers have with the brand: “They will trust it if they trust your brand and if they trust your product.”

A Financial Economics lecturer at the Manchester Metropolitan University, Brown demonstrated his point with the example of prepaid cards issued by Starbucks, whom he says has “over a billion dollars worth of assets worth on their balance sheet of people who prepaid coffee on their charge cards in advance”.

He also commented positively on the efforts by Facebook and JP Morgan to create their own cryptocurrencies, calling the former “the next big one that’s coming”.

 

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