Orange: The Latest Company To See Benefit In Blockchain
Although bitcoin prices have been increasingly volatile over the past year, the cryptocurrency has remained a focus for companies with an interest in the tech space due to the innovative nature of the blockchain technology that powers it.
Orange SA (ADR) (NYSE: ORAN) is the latest company to announce its interest in blockchain; Orange Silicon Valley, a division of the European telecom, has said it may invest up to $20,000 in bitcoin-based startups as part of its Orange Digital Ventures program.
Back in March, the company announced that it was planning to back 500 new startups by the end of 2020 through Orange Digital Ventures – and now it is hoping to include some bitcoin businesses in that group.
According to Bloomberg, the company is already in talks with two bitcoin companies.
Getting In On The Ground Floor
Orange Silicon Valley CEO Georges Nahon has said that blockchain has the potential to become "a digital platform of the future" and that he wants Orange to be an early adopter.
Blockchain's ledger-like technology is able to streamline payment processing, making it faster and more cost effective than other methods. Many believe that this is a major reason for Orange's interest.
Payments Processing A Focus
At the moment, Orange is working to build out its mobile payments offerings in an effort to keep up with the growing trend of using phones to make transactions.
Blockchain could be a valuable addition to the company's business as it has already rolled out a money transfer service in Africa and the Middle East, which boasts over 12 million users.
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