RocketFuel Blockchain Inc (OTCQB:RKFL) is poised to benefit from the trend of large corporations adopting stablecoins in their multi-currency accounts as a safe and efficient way to conduct business-to-business (B2B) transactions.
The global payments solution company leverages blockchain technology to facilitate global payments, including with more than 160 cryptocurrencies.
In a recent interview with Proactive, CEO Peter Jensen highlighted the key advantages of stablecoins and their strategic uses by businesses and countries alike.
Proactive: When we talk about currencies and the potential uses of crypto, it harks back to when the Euro came out and there was much consternation and worry about what would happen. It worked out. Is that the same philosophy that you see for the adoption of cryptocurrency?
PJ: We see more and more adoption of cryptocurrencies. And when I say cryptocurrencies, I mean both stablecoins and other coins that go up in down in value like Bitcoin. I just lock them in one because they’re all using the same underlying technology which is blockchain technology.
We see adoption in our day-to-day business. We see large companies moving money from A to B but then we see more strategic political alliances. For example, the BRICS countries (Brazil, Russia, India, China and South Africa) have announced that they are going to have their own currency. Instead of doing it the way the European Union did with the Euro because they didn’t have blockchain technology, they are going to use this to create a currency across all these countries as an alternative to the US dollar. That is for many reasons. There are benefits from an economic point, like the European Union, but there are also strategic benefits as a region to not be dependent on one country or a group of countries like the West, for example.
This includes the United Arab Emirates (UAE) as well.
Let’s remember that the BRICS countries’ share of GDP is now higher than, for example, the US. They recently admitted countries like Egypt, Saudi Arabia, and the United Arab Emirates, which are very big on cryptocurrencies and blockchain. It’s becoming a bigger and bigger economic superpower.
You mentioned stablecoins and we’re starting to see some pretty big names adopting them or at least adding the ability for people to use them in their systems.
Just for the US dollar, there are four large companies that have stablecoins. You have PayPal, Ripple, Tether and Circle. If you think about it, why do all these large companies issue stablecoins? Is it just for fun or do they see a business opportunity? Of course, they see the business opportunity.
That’s what we see with many of our large customers. These are billion-dollar companies, They used to have two or three currencies in their finance department, and this is just another currency. They just use whatever currency makes sense for them in the given situation and we’re seeing more and more. It’s like the network effect. If only one side has stablecoins, they can’t send it to others.
And you’re hoping to capitalize on that with RocketFuel, correct?
Yes. We simply move money from A to B, either between consumers and their businesses or from business to business. It’s all about moving money in the most efficient, cheapest, and safest way. Blockchain technology allows us to do that. It provides the transparency that governments need in order to avoid money laundering and all that. With the increased legislation, that requires us to report back if we see suspicious activities, like the banks do.
Quotes have been edited for clarity and style