Binance In Support Of Blockchain Startup Which Could Rival Visa

The CEO of Binance Changpeng Zhao has supported a blockchain startup that could be rival to the popular payment method, Visa. Zhao says that the problems of scalability problem are affecting the space and touching on the adoption of the mainstream.

“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.”

CZ and his team have selected Celer Network, a scalability solution as the next incubation project for the firm’s venture capital arm, Binance Launchpad.

“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.”

According to the announcement, Celer addresses the key criticisms of blockchain technology and that it is basically to slow and clunky. Not to mention that it isn’t ready for prime time, like credit processor Visa which can handle high transaction volumes. “Celer Network’s testnet currently hosts Ethereum transactions – and its finality latency – to be 20,000 times faster with zero-fees for smart contract transactions.”

Binance has come out and said that the network can essentially boost the blockchain technology by transforming it into something that is sturdy and durable which could stand up again other rival legacy systems.

“Celer is positioned to unlock blockchain’s innovation potential on a larger scale for various real-world use cases and solutions, such as interactive gaming, general pay-per-use services, non-custodial financial assets exchanges, micro-insurance; and decentralized derivative exchanges, electricity power exchange and Internet services.”

There are a lot of growing developments with crypto scaling solutions which includes the Lightning Network and Celer Network are coinciding with the latest corporate boycott against Visa.

The supermarket giant, Kroger is the fourth biggest employer in the US and has expanded on its removal of the Visa payment systems for their stores. This is down the expensive fees that Visa charge. Kroger banned Visa credit cards last year at its Food Co. stores and now, they have moved this band toward’s their Smith’s decision to include 250 locations, which will come into effect at the start of April.

The Chief Financial Officer of Kroger, Mike Schlotman says, “we’re not going to stand for these high fees.”