Groupe Casino has joined a consortium working on the creation of a cryptocurrency. The new currency could be used as a means of payment in the French retailer’s branches within one to two years.
Apart from Casino, the consortium would also include Société Générale and the broker Coinhouse. LSA reports this based on information from the specialist newsletter 21 Millions.
The new coin has been named Lugh and is a so-called stablecoin. As the name suggests, its value is much less volatile than that of the most popular cryptocurrencies, such as Bitcoin or Ethereum. After all, the Lugh will be linked to the euro. The British audit firm PwC will oversee the operation of the new cryptocurrency.
Casino reportedly wants the Lugh to be used as a valid means of payment within one to two years. It is also possible that the new currency will be integrated into the existing loyalty programme, to which an array of partners are also affiliated. Franprix, Monoprix, Leader Price and Cdiscount are believed to be showing a strong interest in their parent company’s plans.