Do You Have These Top Blockchain Stocks On Your Watchlist Now?
As investors appear to be looking at Big Tech earnings results, the emphasis would be on tech this week. In particular, blockchain stocks among other tech stocks in the stock market today could be worth noting. Before we go into the details, what exactly is blockchain tech might you ask? Generally, the blockchain is a digital ledger of transactions that are duplicated and distributed across a network of computer systems globally. Simply put, because of the number of complex digital interactions involved to maintain this network, experts argue that the blockchain is near impossible to hack. As such, the applications for blockchain tech would continue to grow in a world where cyber threats are on the rise now.
Sure, the most famous application for blockchain tech now would be in cryptocurrencies like Bitcoin. While digital currencies see fluctuations in their prices, fintech companies continue to facilitate overall adoption trends, nonetheless. As of this month, PayPal (NASDAQ: PYPL) users can now purchase up to $100,000 worth of cryptocurrencies weekly. This is five times the previous limit on the company’s platform.
Elsewhere, even businesses in the retail industry are looking to employ blockchain tech now. Namely, the recent hype around non-fungible tokens (NFTs) continues to gain traction among digital collectible enthusiasts now. Because of this, the likes of Funko (NASDAQ: FNKO) and Takung Art (NYSE: TKAT) are looking at monumental gains in stock value over the past year. Not to mention, even software-as-a-service providers such as Cloudflare (NYSE: NET) are adapting their services to support NFTs. With all this activity in the blockchain industry now, you might be keen to invest in some yourself. Should that be the case, here are three in focus in the stock market now.
Best Blockchain Stocks To Watch Ahead Of August 2021
- IBM Corporation (NYSE: IBM)
- Mastercard Inc. (NYSE: MA)
- Shopify Inc. (NYSE: SHOP)
IBM Corporation
Starting us off today is computer tech giant, the IBM Corporation. For the most part, it comes as no surprise that IBM is hard at work on developing blockchain tech. Today, the company boasts operations in over 170 countries. The likes of which have and continue to innovate while using cutting-edge tech in our world today. Evidently, the company is also hard at work developing quantum computing and supercomputer hardware. Could all this make IBM stock a top pick in the stock market now?
For one thing, IBM seems to be expanding the boundaries of blockchain tech applications now. As of last week, the company is currently working with major Spanish IT provider Amadeus IT Group. Together, the duo is now integrating IBM’s digital health solution into Amadeus’ Traveler ID platform. Through a combination of encryption and blockchain tech, IBM is helping Amadeus to authenticate diagnostic tests for travelers now. In practice, this would help to further optimize health screening for airlines amidst the current pandemic. For a sense of scale, IBM’s service is currently in use across 10 airlines spanning the Americas, Europe, and the U.K.
On top of all that, IBM seems to be performing on the financial front as well. In its second-quarter fiscal posted last week, the company saw a total revenue of $18.75 billion. At the same time, IBM also reported earnings per share of $2.33 for the quarter. These figures mark its fastest revenue growth in three years as pandemic-fueled digital acceleration trends persist. With IBM firing on all cylinders now, would IBM stock be a top blockchain stock to watch for you?
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Mastercard Inc.
Following that, we have a major player in the fintech industry today, Mastercard Inc. In brief, the New York-based company offers consumers and organizations alike a wide array of financial services. As you’d imagine, this ranges from transaction facilitation to debit and credit services among others. Throughout its global portfolio, Mastercard caters to clients across 210 countries and territories. Indeed, the company’s contactless services would be in high demand now as the pandemic continues to ravage parts of the world.
Despite its current momentum, Mastercard is also hard at work expanding its crypto-related offerings now. Just last week, the company announced plans to enhance its card program for cryptocurrency wallets and exchanges. Ideally, this move will help create a seamless process for Mastercard clients looking to convert digital currencies to fiat currency. To accomplish this, the company is actively working with Evolve Bank & Trust, the Paxos Trust Company, and Circle. Firstly, Paxos is a leading blockchain infrastructure and regulated stablecoin issuance platform. Secondly, Circle is a global fintech firm and a principal operator of USD Coin.
All in all, Mastercard and its current coalition of blockchain tech partners are planning to test this new service. Should things go as planned, Mastercard would be enabling more banks and crypto companies to offer crypto card services. This would serve to further incentivize the adoption of digital currencies among businesses and consumers alike. With all of this in mind, would you consider MA stock a top blockchain stock to watch now?
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Shopify Inc.
Last but not least, we will be taking a look at e-commerce giant Shopify Inc. Sure, most would not associate the company with blockchain technology. You would be right to think so before its latest announcement on the operational front yesterday. Namely, sellers can now market NFTs via Shopify’s platform. Not only would this expand the company’s massive market reach, but it would also provide sellers with more revenue streams. Notably, the NBA’s Chicago Bulls are among the first organizations to jump on this opportunity, launching its first-ever NFTs.
Thanks to this move, Bulls fans can now obtain digital collectibles relating to their favorite team through Shopify. According to Shopify VP of merchant services, Kaz Nejatian, the NBA team saw its NFTs sell out within the first 90 seconds of going live. Nejatian also highlights that Shopify is making NFT shopping a more seamless experience for consumers. He said, “Merchants and buyers shouldn’t have to take a course in crypto to buy things they care about.” With content creators and organizations alike seeing more potential in the NFT market, this is a solid play by Shopify.
Overall, the company seems to be kicking into high gear, exploring new avenues while adding to its massive e-commerce portfolio. Likewise, Shopify continues to perform on the financial front as well. In its second-quarter fiscal posted earlier today, the company reported record revenue of $1.1 billion. This would indicate a 57% year-over-year increase. CFO Amy Shapero cites strong consumer spending trends as key factors for the company’s continued growth this quarter. Given all of this, SHOP stock would be in focus. Could all of this make it worth adding to your watchlist now?
