Visa has officially settled its first transaction on the Ethereum blockchain by using USDC dollar stable coins. This is a massive move towards mass cryptocurrency adoption and practical mainstream use of cryptocurrency.
Visa has now officially accepted the first cryptocurrency payments on its platform. Cryptocurrency.com was the first company that sent payments using USDC dollar stable coins via Visa's platform.
Visa is the biggest credit card company in the world. It will not be bad to see if they will be using Ethereum directly on the layer one chain or if they will be building their own or integrating one of the many Ethereum layer two scaling solutions for payments when the main platform rolls out to its partners later this year.
Ethereum fees can be uncomfortably high depending on how Visa is planning on using it. Reddit is doing its own Layer 2 scaling solutions, so using Ethereum and developing layer two scaling solutions for Visa may be the route they will follow.
Visa can batch transactions in order to keep the fees very low.
This story is massive because it indicates that the old financial infrastructure is starting to be replaced by a new one. You can start making payments using stable coins, and this is just the tip of the iceberg. We are looking forward to seeing other things come in, like stocks, real estate, saving products, and lending products.
One thing to note is that Visa did not decide to build their payment solutions with any of the "Ethereum killers"; they chose Ethereum directly.
This was the inaugural event; the main product will not go live till later this year. Visa will have to buy Ethereum to use Ethereum, so we should be expecting a price increase very soon.
More effective and efficient decentralized systems are slowly replacing the entire legacy financial system.
In other news, NFTs are something else entirely. It is awe-inspiring and exciting how a single Jpeg can be sold for nearly a million dollars.
The use case for NFTs goes way beyond the concept of digital art.
Mark Cuban, the Dallas Mavericks owner, has plans of issuing tickets for sporting events as NFTs.
This is the evolution of NFT technology and is not only about digital art.
The idea of Jpeg art is fantastic and impressive, but that is only the tip of the iceberg when you compare it with the potential of the NFT technology.
Ripple, on the other hand, is going for M&A in Asia despite the fact that it is currently facing a legal battle in the United States.
Ripple is still fighting a big legal battle with the American regulators, and it has agreed to acquire 40% in Trianglo, an Asian cross-border payment specialist.
Ripple is still doing business, it is still growing, and it is trying to give XRP utility, but till the US lawsuit is lifted or we hear good news concerning it, XRP may not blast off the way we hope it would.
