News of partnerships continues to pour in in the world of cryptocurrencies. Latest news brought to you by Solana (SOL) and the Cryptocurrency Company Group.
According to a statement, Solana Foundation and six other major cryptocurrency organizations announced the creation of the Blockchain Payments Consortium (BPC) to standardize payment transactions.
According to Coindesk, seven organizations have launched a blockchain payments consortium, including Solana Foundation, Fireblocks, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs, and Monad Foundation.
BPC said in a statement that it aims to increase the efficiency of blockchain payments by providing the convenience of traditional payments and building a common framework between traditional payments and cryptocurrencies.
“Our goal is to increase the efficiency of blockchain payments by creating a common framework that meets traditional payment data requirements. Blockchain payment networks are reshaping the global payments market, but the lack of connectivity with existing financial systems is causing fragmentation and inconsistency for users and institutions.”
The value of on-chain payments is expected to reach approximately $20 trillion by 2024, exceeding the transaction value of Visa and Mastercard combined. However, the situation remains uncertain as blockchain networks have different technical and compliance standards.
BPC recently said the consortium aims to integrate blockchain-based low-cost, fast cross-border remittances and regulation-friendly payment infrastructure.
The BCP will act as a bridge between the blockchain ecosystem, regulators and traditional financial institutions, he said, adding that it will “create a compliance standard that is compatible across borders.”
*This is not investment advice.
