Recent declarations by Mark Smargon, CEO of Fuse, have sparked discussions in the crypto world. In his statement, Smargon attested that the future revolution in payment systems might not stem from giants like Ethereum but rather from blockchain payments apps, which, according to him, have the potential to rival Visa.
While these words might seem bold, the CEO grounds his claims on the evolving trends in the blockchain sector. Smargon explains that Fuse’s strategy revolves around propelling the adoption of everyday use cases like payments. It aims to solidify the benefits of crypto payments, positioning itself as a formidable competitor to conventional payment systems, such as Visa and Stripe, rather than contending with other blockchain entities like Ethereum.
However, establishing this revolutionary idea wasn’t an easy feat. Convincing people and investors that businesses would willingly morph towards blockchain payments posed an enormous challenge, largely due to be the lack of precedent in 2019 when Fuse was founded. Yet, Smargon remains optimistic, persistently affirming his belief in diverse blockchain networks over a single dominant one. In his own words, “There is not going to be one blockchain that will hold the entire human knowledge.”
Key developments over the past two years have fuelled Smargon’s steadfast belief in the efficacy of Web3 payments. Factors including the surge in popularity of nonfungible tokens (NFTs) and digital collectibles, the increase of freelancers in developing markets paid in cryptocurrency, and the growing use of cryptocurrencies for cross-border payments all act as catalysts spearheading Web3 payment adoption.
However, though this forward trajectory and potential seem promising, a significant obstacle lies ahead: global regulations. Smargon describes the breakneck pace of regulatory changes as a “rollercoaster ride”. Ensuring the future of Web3 payments might necessitate evolving the blockchain technology itself. There may be a need for the addition of new features and potentially, the removal of existing ones, tailored towards better fitting regulatory demands.
Nonetheless, despite existing hurdles and future challenges, the conviction of figures like Smargon paves the way for a potentially bright and innovative future for blockchain payments – a future that prioritizes usability over just investment, functionality over supremacy, and above all, innovation over incumbency. Perhaps, as Smargon predicts, the biggest challenge and rival to big names like Visa might indeed be just a blockchain payments app away.