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Bitcoin WARNING: Could Facebook and Amazon cryptocurrency plans TOPPLE bitcoin? | City & Business | Finance

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The industry behemoths are both working behind the scenes to develop tokens that could easily overpower bitcoin. Rumours that the online giants were working on separate crypto projects began at the start of the year, but it is now understood from insiders at both companies that they are step closer to becoming a reality in 2019. Facebook has been on a huge recruitment drive recently, snapping up the top talent within the blockchain (the underlying technology for cryptocurrencies) industry. Amazon too has been busily recruiting specialists.

According to one of the UK’s leading cryptocurrency and blockchain academics, the move into crypto by Facebook and Amazon could easily overshadow bitcoin.

Gavin Brown, senior lecturer in cryptocurrency and blockchain technology at Manchester Metropolitan University, said: “This really could be an absolute gamechanger and would be a seriously smart move by both companies. 

“This time last year Mark Zuckerberg was talking about crypto and blockchain being a solution to the challenges that Facebook faces, but there’s never been any clarity about what form that would take.

“But if it is, as anticipated, the creation of a ‘Facecoin’ as such then it would seriously take the world by storm – the same applies to Amazon.”

The idea behind creating a cryptocurrency for Facebook users or just Amazon customers makes sound financial sense for both provider and user.

Both organisations would be able to keep total control over all the funds within their domain, while customers would be offered a raft of incentives.

Mr Brown cites the example of the Starbucks prepaid card to demonstrate how much cash the idea of a company crypto would put at the fingertips of large organisations.

He said: “Starbucks holds an astonishing $1.3 billion on pre-paid cards.

“They could offer a discount within their own eco-system – it’s a saving for the customer but also guaranteed spend into the Starbucks accounts.

Now imagine how that could work as a crypto with Facebook or Amazon.”

The idea behind gaining control over tokenised spending was explored by Disney when it launched its own paper currency – the Disney Dollar – in the eighties.

Mr Brown said: “If you went to Florida you exchanged your fiat currency which had pictures of Thomas Jefferson and Abraham Lincoln on it for tokens featuring Donald Duck and Goofy instead.

“Inside their eco system there was commercial gain to be had by being able to control the currency within your realm – the principal of a cryptocurrency through Facebook or Amazon would be the same, only digital.

“This is direct spending within those financial eco systems, and it’s a really smart move.”

One of the main attractions of investing in a Facebook or Amazon token is the fact that it would be unlikely to be as complex as bitcoin or its peers.

The processes for setting up digital wallets with many cryptocurrencies can be laborious and difficult to understand.

Mr Brown added: “This would be easier, and enables people to move between the old world of fiat to the new world of cryptocurrency without going through the complicated procedures that currently put many people off getting involved.

“This would be a simple step into that market for them, and if you’re a CTO of a multinational and suddenly the creation of money is available to you in this fashion then it becomes impossible to ignore.”

But what effect will the move by giants like Amazon and Facebook have on bitcoin?

Could this be a nail in the original crypto’s coffin?

He said: “It’s certainly a nail, but it couldn’t ever be THE nail.

“Bitcoin is and always will be attractive to millions of people so I doubt the coffin will ever get built.”

Coin Rivet is a website bringing news, information, analysis, opinion and insight from the fast-moving blockchain world.

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Canadian Tire and NuPort Robotics to commercialize Canada’s first automated heavy duty trucks

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Canadian Tire Corporation and Toronto based start-up NuPort Robotics, Canada’s first autonomous trucking company, are partnering with the Ontario government to invest $3 million to undertake an automated heavy duty trucking project to test a “first-of-its-kind-in-the-world” technology. 

The breakthrough technology provides a transportation solution for the middle mile, the short-haul shuttle runs that semi-tractor trailers make between distribution centres, warehouses and terminals each day.

It is designed to enable next-generation automated trucks that are more fuel efficient, safer to operate, and provide an enhanced driver experience.

Backed by $1 million in support from the Ontario government through Ontario’s Autonomous Vehicle Innovation Network and matched by $1 million investments from Canadian Tire and NuPort Robotics, respectively, the two-year project is applying proprietary, artificial intelligence technology from NuPort Robotics to retrofit two conventional semi-tractor trailers – which will always be attended by a driver – with high-tech sensors and controls, a touchscreen navigation system, and other advanced features such as obstacle and collision avoidance.

Caroline Mulroney, Minister of Transportation, says: “Ontario is proud to be a global leader in automated and connected vehicle technology and this innovative project is an exciting milestone toward automated vehicle tech in the trucking industry.

“Ontarians rely on goods being delivered by trucks across the province every day and projects like this are demonstrating the ways that automated truck technology could help businesses meet delivery demands more efficiently while supporting a strong supply chain in Ontario.”

Vic Fedeli, Ontario Minister of Economic Development, Job Creation and Trade, says: “This project applies unique and made-in-Ontario Artificial Intelligence technology that offers increased safety and efficiency, with a reduced carbon footprint, to the goods supply chains on which we all rely.

“This is the latest example of how Ontario’s Autonomous Vehicle Innovation Network acts as a catalyst, fostering partnerships between ambitious technology start-ups and industry to develop and commercialize next generation transportation technologies that strengthen our economy and benefit society.”

Raghavender Sahdev, CEO of NuPort Robotics, says: “The trucks are currently transporting goods between a Canadian Tire distribution centre in the Greater Toronto Area and nearby rail terminals within a 12.5 mile radius, and early results are promising.

“The aim of the project is to develop a system that incorporates an autopilot feature for conventional trucks with a driver, leading to the most efficient way to drive and increase safety.

“The sensors work as a ‘safety cocoon’ to cover blind spots and prevent accidents and the end result is peak fuel efficiency, meaning lower carbon emissions, and peak driving performance for an overall more optimal transportation experience.”

NuPort Robotic’s approach to autonomous trucking is unique in the industry because it focuses only on solving the middle mile challenge, using a known set of predetermined trucking routes that are repetitive and high frequency as opposed to general highway driving.

Ultimately, when implemented on fixed routes in the future, Canadian Tire will benefit from faster commercial deployments and improvements in supply chain sustainability.

Gary Fast, vice-president of transportation, Canadian Tire, says: “Canadian Tire embraces innovation and is always testing new technologies to improve our operational efficiency and safety.

“As proud Canadian companies, the safety of all stakeholders, including drivers, employees, customers, and public will be the top priority as we work together towards deployment of this technology.”

Cari Covent, vice president of intelligent automation, Canadian Tire, says: “Over the last three years, Canadian Tire has made a significant effort to solve complex business problems by using the Canadian start-up Artificial Intelligence ecosystem, and NuPort Robotics exemplifies what we look for in a start-up with a focus on innovation, automation and artificial intelligence.”

Sahdev says: “As NuPort Robotics continues to develop new technologies to overcome middle mile supply chain problems and advance autonomous trucking, I am extremely grateful for the support of the Ontario Government through AVIN and the Ontario Centre of Innovation.

“With their continued support, we are striving to position Canada as the leader in autonomous transportation.”

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Constellation Software is money in the bank, this fund manager says

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If you’re looking for a long-term hold in Canadian tech then Constellation Software (Constellation Software Stock Quote, Chart, News, Analysts, Financials TSX:CSU) should definitely be on your radar. So says Jason Del Vicario of Hillside Wealth Management who likes not only Constellation but its recent spin-off Topicus (Topicus Stock Quote, Chart, News, Analysts, Financials TSXV:TOI) which Del Vicario says could do even better than CSU over the next ten years.

Software consolidator Constellation has been running on the same game plan for years, buying small vertical market software companies providing so-called mission critical software solutions globally. Over the years CSU has completed over 500 such acquisitions, buying the top names in their respective niche verticals and then using its clout and breadth to grow the business and expand into new markets. The resulting cash flow is then plowed back into more acquisitions and the cycle repeats.

The strategy has worked wonders for Constellation, which has grown its revenue from $631 million in 2010 to almost $4 billion for 2020 while taking earnings from $4.12 per share in 2010 to $20.59 per share this past year.

Shareholders were given a special treat last month when Constellation spun out recently acquired Topicus, giving CSU owners about 1.9 Topicus shares for every Constellation share as a dividend-in-kind. Constellation bought Netherlands-based software company Total Specific Solutions BV (or TSS) in 2013 and that subsidiary recently acquired Topicus BV, a Dutch information service company focusing on sectors such as healthcare, education and finance.

Topicus was singled out by Constellation founder Mark Leonard for its ability to grow without using outside shareholder funding. Leonard said the spin-out was part of the intention since a purchase agreement was struck last year.

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Nuvei wins price target raise from National Bank

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Strong quarterly results and an even brighter outlook for 2021 are reasons to celebrate for Canadian payments company Nuvei (Nuvei Stock Quote, Chart, News, Analysts, Financials TSX:NVEI), according to National Bank Financial analyst Richard Tse. In an update to clients on Wednesday, Tse left his rating unchanged at “Outperform” while raising his price target from C$85.00 to C$100.00.

Montreal-headquartered Nuvei is a provider of payment technology solutions to merchants and partners around the world, with a platform geared for high-growth mobile commerce and e-commerce markets. Nuvei’s solutions include a fully integrated payments engine with global processing capabilities, a turnkey checkout solution and a suite of data-driven business intelligence and risk management tools and services.

The company released its fourth quarter and full year 2020 financials on Wednesday, showing Q4 revenue of $115.9 million, up 46 per cent year-over-year, and adjusted EBITDA of $51.3 million, up 61 per cent year-over-year. Total dollar value of transactions processed by merchants (‘total volume’) with Nuvei rose by 53 per cent to $13.9 billion. (All figures in US dollars except where noted otherwise.)

The 2020 year featured revenue up 53 per cent to $375.0 million and adjusted EBITDA up 87 per cent to $163.0 million, with total volume rising a full 76 per cent year-over-year to $43.2 billion.

“Our performance continues to be driven by strong momentum in the high-growth verticals we serve, as well as by our customizable, scalable and feature-rich technology platform which provides one of the industry’s most complete payment technology solutions going well beyond merchant acquiring,” said Philip Fayer, chairman and CEO, in a press release.

The company said the fourth quarter represented the strongest growth yet experienced by Nuvei, driven by wallet share expansion from current merchants along with accelerated uptake of new merchants. New e-commerce business almost tripled compared to a year earlier, Nuvei said, while the company expanded its connectivity coverage over the quarter, introduced new product innovations on its platform and continued to execute on M&A.

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