“This is about so much more than raising funds. Blockchains are consensus databases between companies and their customers and tokens are the incentive machines that fuel that,” says Craig Bromberg, CMO at Kowala Technology, a blockchain tech company with its own coin pegged to the dollar.
Despite Silicon Valley investors and startups being in the fore of cryptocurrency, none of the vanguards that have come out of Silicon Valley are hopping on the bandwagon.
On March 14, Playboy said it would create its own cryptocurrency wallet, allowing for payment of Playboy’s product line in crypto.
Word in crypto land was that well-known companies would be lining up to be the next Telegram, the Russian-developed messaging app now doing an ICO like Kodak — for accredited investors only.
“An Amazon cryptocurrency wouldn’t just change the face of the world’s largest online retailer. It would change the world,” writes Sam Town, a freelance fintech journalist out of Bangkok. “The era of mass adoption would be upon us within minutes of Jeff Bezos announcing either a proprietary AmazonCoin or a partnership with an existing platform such as Stellar or Ripple. And it could happen any day,” he says.
Cryptocurrency and the blockchain digital ledger system that it operates on “gives the millions of people who enjoy our content…more choices with regard to payment,” says Reena Patel, COO of Playboy. Patel said in a press release that they would accept the new Vice Industry Token (VIT), a utility token that gives users discounts on Playboy videos. VIT was launched this year. Their initial coin offering ended today. They raised capital in Ethereum coins, which came out to around $14.5 million.