Today we have fantastic news to share with you when it comes to Binance backing a new blockchain startup that could potentially rival Visa. Furthermore, if you watched one of our latest videos about Kroger, one of the US's largest supermarket chains, I also have a cool update to give you guys on that situation as well.
Now, onto today's news. According to the Daily HODL, Binance's CEO Changpeng Zhao sees a future where card giants Visa and Mastercard can be substituted for blockchain technology. Zhao believes that scalability issues are hurting the space and can curb mass adoption.
"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."
The Daily HODL then added that out of all the blockchain solutions available, they decided to choose the Celer Network as a scalabilities solution to join as an incubation project for Binance Launchpad, Binance's venture capital arm. This was because "Celer is currently at the forefront of solving this challenge with the early demonstrations of its sustainable crypto economics construct and layer-2 blockchain architect powering it."
Binance appears very confident about Celer, seeing the blockchain startup as a small organization that has a lot of potentials to unlock blockchain's innovation potential on a larger scale. This applied to not only payments but other various real-world use cases and solutions like interactive gaming, general pay-per-use services, non-custodial financial assets exchanges, micro-insurance, decentralized derivative exchanges, electricity power exchange, and internet services."
I believe that it's an opportune time for blockchain-related startups to seize the opportunity and implement blockchain-based solutions that will provide a lot of time and cost savings. Just in the last few days, as I have reported on earlier, a number of companies are boycotting Visa Credit Cards. Kroger, the supermarket giant and the fourth largest employer in the US, mentioned that Visa credit cards were just too expensive, with Mike Schlotman, Kroger's chief financial officer stating, "we're not going to stand for these high fees."
Now last time we spoke of this in the video, Anthony Pompliano, the CEO of Morgan Creek Digital contacted Kroger to discuss alternative payment options that are much more cost effective like leveraging the lightning network. Pompliano has just sent out a tweet a few days ago stating that he "just finished up first call with someone on Kroger Digital Team. World-class, forward-thinking crew. It looks like things are progressing. he then added in his tweet for everyone to stay tuned."
So it looks like here that, while there isn't a confirmation just yet, Kroger appears open-minded to take on the lightning network and crypto solution, while Binance is keen to support and push Celer, to help them tackle blockchain scalability issues. With Kroger potentially being open to crypto, Binance backing blockchain startups, and Starbucks even accepting Crypto payments via Bakkt, it appears as though we'repowering ahead into a more blockchain oriented world. These are fantastic developments, and I'm genuinely excited to see how Celer goes, and whether Kroger will implement a cryptocurrency-based solution.
So what do you guys think of the situation?
Do you think Binance's Celer, can be the solution to our blockchain scalability problems?
And do you think Kroger will move ahead with the Lightning Network?
Let me know what you guys think in the comments below!
It's Cindy with CryptoPig, Catch you guys around!
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.