Global Payment Colossals are chasing the Blockchain technology, but will this added catalyst can form a major adoption?

Global Payment Colossals are chasing the Blockchain technology, but will this added catalyst can form a major adoption?

Blockchain
March 3, 2021 Editor's Desk
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Did you know recently, Visa announced that they were partnering up with Circle Internet Financial that raised almost 271 million dollars in developing the US Dollar Coin. This move will witness Visa’s 60 million merchant network that is connected to payment and is in the USD Currency.   Global Payment Colossals are chasing the Blockchain technology,
Payment Blockchain

Did you know recently, Visa announced that they were partnering up with Circle Internet Financial that raised almost 271 million dollars in developing the US Dollar Coin. This move will witness Visa’s 60 million merchant network that is connected to payment and is in the USD Currency.  

Global Payment Colossals are chasing the Blockchain technology, but will this added catalyst can form a major adoption? 

It is an indisputable fact that blockchain is the main force behind cryptocurrency development. Without a ledger, digital coins will not be able to decentralize the entities that they can do today. 

Besides, Visa’s B2B Connect, a platform designed to offer financial institutions a secure way to process cross-border transactions. It has been expanded to leverage USDC within its final settlement. 

Visa’s Journey into Blockchain

Visa’s partnership with Circle Internet Financial is the latest news towards the accommodation of blockchain technology. The company invested in the chain during its fundraising part when the company raised over $30 million from industry leaders like Citi Ventures and Nasdaq. 

As Visa continues to experiment with blockchain solutions, the company partnered with 

Blockchain specialists, BTL Group. They partnered to tap into BTL’s cross-border platform. 

The exhilaration of Blockchain in China 

China has increased its efforts to encourage individuals and businesses so that they can use the technology more often domestically. 

With the constructive performance of Bitcoin and other cryptocurrencies, the Chinese government has moved quickly to discourage citizens from adopting crypto. And since Chinese Authorities are dispersing Bitcoin as an uncertain investment scheme, citizens are avoiding the cryptocurrency. The country is producing its digital currency known as Digital Currency Electronic Payment System or digital Yuan. 

Since China is moving quickly by facilitating the blockchain to develop its payment system, the rest of the world might have useful insights into how blockchain can allow the way towards the future. The way which is financially stable and acceptable. 

Yuan being passed universally, we can see the project going worldwide shortly. 

Financial Obstacles 

Despite the extensive interest, not everyone can take the world by storm through technology and innovation. Although, the business closely focuses on several features that blockchain looks to protect security and privacy. 

While there can be financial hurdles that stand in the way, yet, the benefits are quite clear for major players to invest heavily in technology in the future. 

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