“The State of Crypto: Fairer, Cheaper, Faster Everyday Finance”, a report written in collaboration with Coinbase, highlights three major themes that Crypto offers to the traditional payments world, cheaper, faster, and more accessible.
The findings of the report underscore a public desire for innovation, with 71% of consumers advocating for cheaper transactions, 70% for speedier processes, and 63% for improved access. The current system’s fees, long transaction times, and restricted accessibility are particularly pronounced for underbanked demographics and small businesses, creating a barrier to financial mobility and growth.
Blockchain networks, however, demonstrate a stark contrast, processing payments up to 5,000 times cheaper and 432,000 times faster than conventional methods. For instance, while wire payments can incur fees up to $50, some blockchain networks optimize fees to less…
