Binance CEO has revealed that his firm will firmly back the Celer network in order to boost cryptos scalability, and ultimately lift the ceiling off crypto adoption.
The crypto-currency market has had its highs and lows in recent years. The market has not been able to match the highs of 2017 as yet, with Bitcoin currently struggling to beat the $4,000 mark which is a staggering low if you consider the fact that the Bitcoin’s market price at the end of 2017 was flirting with the $20,000 mark.
Anyone who has closely followed crypto since the early days around about 2010, 2011 has viewed crypto like a bunch of eggs waiting to hatch, in terms of mass adoption. So the big question is obviously, when shall we finally see mass adoption?
Binance CEO Changpeng Zhao weighed in on this question stating that he believed scalability related issues are currently curbing the mass adoption of crypto.
Zhao believes that his firm has unearthed the ultimate scalability solution that will lift the ceiling on crypto adoption.
Zhao has voiced his support for a blockchain startup that could easily rival visa.
“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,” Zhao said.
The Celer network which is a scalability solution is Zhao’s pick as the next project for the company’s venture capital arm, Binance Launchpad. Zhao said that Celer could easily deal with scalability challenges “with the early demonstrations of its sustainable crypto economics construct and layer-2 blockchain architect powering it.”
This also reveals that Celer can also address some fundamental criticisms of Blockchain technology which include; being slow and sluggish and not quite ready for the mainstream compared to Visa technology which is capable of handling substantial transaction volumes.
Binance’s revelation about their admiration and liking of Celer weirdly coincide with the recent corporate boycott against Visa. Some of the corporates that have banned Visa include Kroger supermarket which happens to be the fourth largest private employer in the US. The reason behind Kroger distancing itself from Visa is high fees.
Kroger’s chief financial officer Mike Schlotman said; “We’re not going to stand for these high fees.” He added that “Visa has been misusing its position and charging retailers excessive fees for a long time.
In reaction to this, Morgan Creek Digital CEO Anthony Pompliano said he had contacted Kroger inorder to discuss the implementation of new payment options which are far more cost effective than cryptos. The ripple community also chimed in, suggesting that XRP was a way better option for Kroger because according to them, Creek Digital’s lighting network was not quite ready.
Could this be yet another score for Ripple? I wouldn’t bet against it.
image courtesy of Crypto-currency news.