Partnership news continues to pour in in the cryptocurrency world. The latest news comes from Solana (SOL) and a group of crypto companies.
According to the statement, the Solana Foundation and six other major crypto organizations announced the establishment of the Blockchain Payments Consortium (BPC) to standardize payment transactions.
According to Coindesk, seven organizations, including the Solana Foundation, Fireblocks, TON Foundation, Polygon Labs, Stellar Development Foundation, Mysten Labs, and Monad Foundation, have launched the Blockchain Payments Consortium.
In its statement, BPC said that they aim to increase the efficiency of blockchain payments by providing traditional payment convenience and creating a common framework between traditional payments and crypto.
“Our goal is to increase blockchain payment efficiency 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 volume of on-chain payments will reach approximately $20 trillion by 2024, surpassing the combined volume of Visa and Mastercard transactions. However, the situation remains uncertain because blockchain networks have different technical and compliance standards.
BPC recently stated that the consortium will aim to integrate blockchain-based, low-cost, high-speed cross-border remittances and regulatory-friendly payment infrastructure.
BCP noted that they will act as a bridge connecting the blockchain ecosystem, regulators, and traditional financial institutions, adding, “we will create cross-border compatible compliance standards.”
*This is not investment advice.