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Are Cryptocurrencies the New Tool of Corporations as Nike Trademarks ‘Cryptokicks’?

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  • Jack Thomas
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    There are suggestions that Nike may be the latest corporation to enter the crypto space with their ‘Cryptokicks’ trademark

Are Cryptocurrencies the New Tool of Corporations as Nike Trademarks ‘Cryptokicks’?
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Contents

There are rumours circling, based off of a trademark application, that shoe manufacturing giant Nike may well be looking into the cryptocurrency sphere in the future. Nike has recently filed a document with the United States Patent and Trademark Office (USPTO).

It would not be altogether that surprising if Nike was looking at the blockchain and cryptocurrency space as many major corporations, worth more than $1 billion, have slowly made their way into the ecosystem to get an edge in the future.

Although the application from Nike mainly focuses on a trademark application for “CRYPTOKICKS”,  the real interesting revelations come in the supplementary information.

A range of crypto-related things

Many companies are starting to look at blockchain to aid in their efficiency. Some are dabbling with stablecoins, but if this Nike application is to be taken seriously, then it would be a big step for Nike to take on a large range of cryptocurrency activities.

“Cryptocurrency software wallets; cryptocurrency hardware wallets; downloadable computer software for use as a cryptocurrency wallet; downloadable computer software for managing cryptocurrency transactions using blockchain technology…” These are all named in the application from Nike.

The intended area of usage also goes on to mention cryptocurrency tokens specifically:

“Downloadable mobile applications for providing access to crypto-collectibles, crypto-art and application tokens; downloadable software for use in electronically trading, storing, sending, receiving, accepting and transmitting digital currency, and managing digital currency payment and exchange transactions…” it adds.

The new tool of corporations

There is no doubting the fact that the blockchain and cryptocurrency enterprise arms race is on. Companies are realising that in order to be future-proof they need to start finding their niche in the cryptocurrency sphere.

Some, like IBM, have decided to build blockchain solutions, but if Nike is entering the water through cryptocurrency tokens, that will be quite a novel way of going about things for a major corporation.

JP Morgan is trying it with their own stablecoin, but a crypto made by Nike would be an interesting thing to place in the market in terms of its useability.

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About the author

Jack Thomas is a journalist from Australia who has had a long career writing about finance and technology. He has combined his enthusiasm for these two subjects and applied his writing to covering blockchain and cryptocurrencies in the past few years.

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Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability

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  • Vladislav Sopov
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    According to its Financial Stability Report of November 2019, the Board of Governors has warned about the dangers of stablecoins.

Federal Reserve System: Stablecoins Pose Potential Risks to Financial Stability
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The Board of Governors of the U.S. Federal Reserve System have issued their monthly Financial Stability Report. This special report is dedicated to the profits and risks of "global stablecoins".

Stablecoins: Global System with So Many "Ifs"

First, the Federal Reserve admits to the numerous advantages that stablecoins present as a concept. It has been highlighed that stablecoins are "faster, cheaper, and more inclusive payments could complement existing payment systems". This is in comparison to cases where traditional financial institutions are sophisticated and poorly accessible. Stablecoins can also be managed to eliminate the volatility of cryptocurrencies, which is one of the borders for them to be utilized as the medium for exchange.

Therefore, the "global stablecoin initiatives" like Facebook's Libra can rapidly achieve cross-border adoption. However, the major threat for stablecoins is apparent - the "inability to convert in national currency". The loss of confidence in "pegging" the stablecoin to traditional assets can lead to a run, in which several holders will attempt to liquidate their stablecoins at the same time.

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This dramatic scenario may be caused by "poor design and governance", and can result in severe consequences for international economic activity, asset prices, and financial stability.

Transparency First

The Federal Reserve also outlined in its report that in many cases, stablecoins can be utilized for money laundering, terrorist financing, and other financial crimes. Therefore, the Federal Reserve would require operators of such systems to conduct their Due Diligence, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to avoid any abuse. Moreover, the problems of disclosure policy and protecting investor data should be of paramount importance for stablecoin issuers:

Disclosures should clearly detail consumer and investor rights and protections, including whether the holder of the stablecoin has any rights to the underlying asset. Issuers should be transparent on how the stablecoin is tied to the underlying asset, has been said in the Report.

Last but not least, the report highlighted that the Federal Reserve, together with the Group of Seven, will closely monitor stablecoin developments as well as all the risks associated with it.

Have anyone ever invested in stablecoins? Do you prefer to use it, or to pay extra fees for fiat gateways? Tell us your story on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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