Overall, 2018 was a dark year for crypto, but there were some rays of hope in the form of crypto partnerships. Despite falling prices, many large non-crypto companies decided to enter the crypto world. Some of these companies experimented with creating their own blockchains, while others formed partnerships with crypto start-ups.
Biggest crypto partnerships of 2018:
- Qtum announced a partnership with the China division of Amazon Web Services (AWS) in October. This created a 5.25 percent gain despite the bear market, which boosted QTUM to $3.88 and pushed its market cap to $344 million. Today, QTUM’s price is less than half of that — $1.76 — with a market cap of $157 million.
- Web browser Brave and its cryptocurrency BAT struck a partnership with Dow Jones Media Group. The partnership aims to deliver premium content to new audiences and test blockchain technology usage in digital publishing.
- Canadian mining farm Squire raised $19.5 million to develop sophisticated mining equipment. The company has partnered with Gaonchips and Samsung Electronics to design and manufacturer new ASIC mining chips. This has created a rivalry between Squire and Samsung against Bitmain and TSMC in the Bitcoin mining industry. Bitmain has already started selling its mining equipment at a lower price to put additional pressure on its competitor.
- Facebook has opened an R&D department for blockchain technology. The tech giant plans to create a stable cryptocurrency for WhatsApp users.
- Icon began a collaboration with LINE, a social media platform with over 200 million monthly active users.
- In January 2018, Ripple announced a partnership with MoneyGram International to enable cross-border payments. Moneygram is testing out Ripple’s xRapid payment solution and also partnered with Walmart to launch a new global money remitting service known as Walmart2World. American Express is already using Ripple’s xCurrent solution and testing xRapid for processing cross-border payments, along with Western Union.
- Reports suggest Ethereum is the testing platform of choice for JPMorgan Chase, Microsoft, Intel, MasterCard, Credit Suisse, and BP.
Be careful of misleading headlines
Some of these announcements could prove huge for the industry. However, others were overhyped and won’t affect the price of the cryptocurrencies in question. One notable example is TRON’s partnership with Baidu, China’s largest search engine. This “partnership” turned out to be just “TRON buying cloud computing resources from Baidu,” according to CnLedger.
Regardless, large non-crypto companies are expressing genuine interest in crypto and spending money on blockchain R&D. That’s a sure sign that the world’s biggest players believe in the future of crypto.