Crypto VS. Visa: Binance Backs Huge Crypto Scalability Solution For Mass Adoption, Following Corporate Boycott Against Visa

According to Binance CEO, Changpeng Zhao, scalability-related issues are currently curbing the mass adoption of crypto.

CZ is supporting new Visa rival

He’s supporting a blockchain startup that could very well rival Visa.

“The lack of valuable solutions and good user experiences of blockchain-based technologies are caused by its limited scalability possibilities which have been a major hurdle towards unlocking its significant adoption potential to date,” CZ said.

Zhao selected Celer Network which is a scalability solution as the next project for the company’s venture capital arm, Binance Launchpad.

CZ said that Celer Network could deal with these challenges “with the early demonstrations of its sustainable crypto economics construct and layer-2 blockchain architect powering it.”

The announcement also reveals that Celer can address some fundamental criticisms of blockchain technology.

These include being slow and sluggish and not ready for the prime time like Visa which is able to handle substantial transaction volumes.

The corporate boycott against Visa

Speaking of Visa, there’s a recent corporate boycott against it.

Kroger supermarket giant which is the fourth largest private employers in the US has expanded its ban on Visa credit cards due to extremely high fees.

Mike Schlotman, Kroger’s chief financial officer, said: “We’re not going to stand for these high fees.”

He also said, “Visa has been misusing its position and charging retailers excessive fees for a long time.”

Visa is actually due to increase fees for the banks processing card payments on behalf of merchants in April.

Morgan Creek Digital CEO Anthony Pompliano said that he had contacted Kroger to discuss implementing new payment options that are far more cost-effective: cryptos.

https://twitter.com/TomDunn20/status/1101695560216690688

The Ripple community also saw the occasion and suggested that XRP is a better choice because the Lightning Network is not quite ready.

Ripple has been trying hard lately to enhance the adoption of its products, especially XRP.

Leave a Reply

Your email address will not be published. Required fields are marked *

100% match bonus based on first deposit of £/$/€20+. Additional bonuses.
T&Cs Apply
New players only. Welcome Bonus - 100% bonus on your first deposit up to €/$/£200 Unless otherwise stated. This bonus only applies for deposits of €/$/£10 or higher! All you need to do is just deposit the money in your website.com account and you will receive this bonus instantly!
*New users only