Thriller Insights - S3EP4: Corporate Coins

Corporate coins are coming, Walmart is looking into its own US dollar-backed digital currency, along the same lines of Facebook’s much hyped Libra project.

A patent application outlines a method for “generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit”.

According to a patent filing submitted to the U.S. Patent and Trademark Office Thursday, Walmart’s currency would serve low-income households by offering a “fee-free, or fee-minimal place to store wealth that can be spent, for example, at retailers and, if needed, easily converted to cash.”

Walmart also notes that “credit can be a problem and carrying cash can be problematic” for the communities it’s targeting, the so-called “unbanked,” for whom the cost of holding funds in a bank account often runs as a net loss.

Litecoin’s price has fallen by 2% over the past 24 hours to $95.27. In the past few days, Litecoin met resistance at the 100-day EMA and was unable to overcome it, causing the market to roll over. Expected on August 5, the Litecoin block halving will see the mining reward slash in half from 25 to 12.5 LTC per block. This will effectively reduce the influx of coins entering the market and thus reduce inflation. Typically, that would encourage buying. However, many analysts believe that the block halving has already been priced in, and that we will not see too much of a pump after the halving.

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