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OlaCoin: Ola is planning to bring their own cryptocurrency?

Ankit Bhati, co-founder, Ola is directing the dedicated team to make it successful

Story Highlights

  • Ola is planning their own cryptocurrency
  • The name can be OlaCoin or something else
  • Ola has already build up a dedicated team
  • Ankit Bhati is leading the whole team
  • OlaCoin can be used in day to day usage

Cryptocurrency has been a “hotword” in this week’s headlines. Although cryptocurrency was trending in 2017 & will be trending in 2018 too. It looks like companies have understood very well that they should following the “trend” to boost up their business. That is why big companies have started to go for the cryptocurrency based on blockchain. While Jio is planning for JioCoin, Eastman Kodak already launched KODAKCoin – stepping into the blockchain technology. Now the rumours are popular cab service provider Ola is planning to launch their own cryptocurrency based on blockchain. Although Ola has not decided the name for their crypto but speculations are, it could be called OlaCoin. This can be changed when the final announcement comes.

Ola is already popular for their convenient cab service in India. Until now Ola was limited to India, but this week it was reported that Ola is trying to setup their own operation in Australia and New Zealand. So it is clear that Ola wants  to build a reputation internationally. If they able to provide convenient cab services internationally like India as well, it will not be very difficult to make themselves a strong cryptocurrency competitor. In that case we can see a high rise of OlaCoin (or whatever it named as) in the initial stage.

Ankit Bhati, co-founder, Ola Cabs leading the OlaCoin!
Ankit Bhati, co-founder, Ola Cabs leading the OlaCoin!

We know under the trade name Ola the whole thing actually operated by ANI Technologies Pvt. Ltd. Reports are, ANI Technologies Pvt. Ltd. may not engage in the cryptocurrency technology directly. Rather they are planning to register a different subsidiary or a different organization. That’s why their are uncertainty on the name OlaCoin, it can definitely be something else. 

Ankit Bhati, who is another co-founder of Ola is reportedly handling the whole cryptocurrency department. They have already build a dedicated team for their own cryptocurrency. “Ankit Bhati is leading the whole matter. Our dedicated team is working hard to make it as successful as other cryptocurrencies. But its going to different from all other cryptocurrencies available. We are planning to make available for day-to-day usage,” a person from the Ola cryptocurrency team revealed on the condition of anonymity.  

Recently Ola invested in Foodpanda India. According to that person the new crypto will be made available to make transaction on Foodpanda and other Indian shopping portals. “Customers will be able make successful secure transaction in Foodpanda and other Indian popular shopping portal as well. We are already under discussion with those companies to make it possible,” the same person added.

If this big brands like Jio or Ola steps into the blockchain technology, undoubtedly cryptocurrency will be a legal tender soon in India. We hope Government of India & RBI will soon approve cryptocurrency as a legal tender. Because blockchain is one of the best use of technology as its a digital ledger which is not only limited to financial transactions. Although finance minister Arun Jaitely has already warned not to invest in cryptocurrencies as it is not under the surveillance of any centralized authority, and there are huge risks involved. 

Confirming cryptocurrencies as not as a legal tender Jaitely said “A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken,” Although there is no official confirmation from Ola regarding the same till now.

Keeping this things aside people from different nations from all over the world are going crazy over cryptocurrencies. Although the Bitcoin seems to fixed at a stable point. The quotes of Bitcoin is moving between $14000 to $14500. Will JioCoin and OlaCoin be able to change the cryptocurrency scenario in India? Let’s wait for it.

This news first appeared at Headline Authority

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