How Tezos’ New Partnership Could Create Crypto’s New ‘Visa’?
Last week, a report from Bank of America predicted that the smart contract platform Solana is expected to become the “Visa” of digital assets.
The report explained that while the Ethereum blockchain was a popular choice due to its security and decentralization, it suffered from its scalability. As an attractive alternative, Solana’s prioritization of micropayments for gaming and NFTs provided a utility similar to Visa’s, but for crypto.
“Solana could become the visa of the digital asset ecosystem. Ethereum’s prioritization could optimize it for high-value transactions and use cases for identity, storage and supply chain,” Alkesh Shah told the Daily HODL.
It’s not just Bank of America analysts who saw Solana’s potential. The cryptocurrency has outperformed Ethereum in the past year, with a market price rocketing 4000% over the past year, reaching a market cap of $47 billion.
After launching in March 2020, Solana has witnessed more than 50 billion settled transactions and stored more than 5.7 million NFTs on its blockchain. “[Solana’s] innovations allow for the processing of an industry-leading 65,000 transactions per second with an average transaction fee of $0.000025 while remaining relatively decentralized and secure,” Shah said.
While Solana has seen a successful debut and made a name for herself in the media, it is not without its flaws. In December and January, the blockchain’s distributed denial-of-service attacks caused long latencies and network congestion.
Despite a competitive industry, Tezos, one of the original proof-of-stake blockchains, is proving to be a valuable competitor to Ethereum and Solana. Notably, through the new CryptoLife app that allows users to access their own debit card on which they can use crypto or fiat, store and transfer crypto with ease, and access an interest-free lending service known as Cryptodrafts.
Tezos’ collaboration with jobxthe FinTech that allows users to buy, sell and instantly transfer crypto around the world with its debit card is a special milestone for the company and gives it an unprecedented competitive advantage.
On January 5, the UK-based FinTech, which has experienced rapid growth over the past twelve months, finally received its entire crypto business registration approval by the FCA. The approval will enable Baanx to enhance its current services by providing secure Cryptodraft products to users, allowing holders to receive funding from 0% APR by pledging their crypto holdings.
Chief Compliance Officer Mark Evans says the registration is a milestone for the company. Evans explained: that this step forward enabled Baanx’s customers to rest assured that their digital assets were being handled by a counterparty approved and compliant with the FCA’s oversight requirements, one of the highest standards for regulatory agencies in the world.
Garth Howat, Founder and CEO of jobx, added: “Baanx is a leading global FinTech platform trusted by international clients such as Ledger and Tezos. The FCA approval marks another milestone in our continued success in providing industry-leading services disrupting the FinTech and banking ecosystem. Following our recent announcement, Baanx is currently partnering with Ledger to deliver cryptodraft services to the Ledger community with a Q1 rollout in many key countries in the EEA and parts of the U.S. The CL charting platform, powered by Ledger, will initially support BTC, ETH, USDT, EURT, USDC, XRP, BXX, BCH and LTC.In the coming weeks, we will also launch our next partnership with Tezos, which will also offer cryptodraft to the Tezos community. This will be a great opportunity for BXX token holders as we bring more usability to the token with the Cryptodraft product.”
As cryptocurrency is rapidly being adopted in the mainstream financial world, the technology is rapidly evolving to keep up. One such advancement is the ability to use cryptocurrency like a Visa card. While Tezos is a competitive market, it is proving to be a valuable competitor in the space, offering a welcome alternative to Ethereum’s scalability issues and Solana’s network congestion.