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VISA Joins Ethereum - CRYPTO FRIDAY
Hey DEFI TIMES community,
The news broke on Monday: VISA is joining the Ethereum ecosystem! Soon, VISA will allow their users to settle USDC transactions on their payment network!
This is probably the biggest sign of mass adoption since the Paypal news! Cuy Sheffield, VISA’s head of crypto, commented:
We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers.
In my opinion, the best thing about this news story is the possible implications on Ethereum in the long run: Imagine what happens when EIP-1559 goes live in July.
You all know that EIP-1559 will essentially burn the biggest part of all transaction fees on Ethereum. Obviously, VISA will bring millions of users to Ethereum in the long run, which means that it will capture a big junk of the Ethereum block space ultimately pushing the network fees to new highs - and they will be burned!
That’s why this news story is not only bullish for network adoption - it’s especially bullish for the ETH price in the long term!
Of course, high gas fees will be a big hurdle to overcome. Most VISA users will not start transacting USDC overnight.
Luckily, we have plenty of ways to solve this problem. Rollups, ETH2.0, Plasma, and Sidechains.
And it’s only a matter of time until… VISA discovers them!
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All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.