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Coinbase Exec Sees Crypto Rivaling Visa as 117 Million Transactions Hit Blockchains

source-logo  u.today 18 March 2024 17:24, UTC

In a revolutionary remark, Coinbase director Conor Grogan, who goes by the name "Conor" on X, has envisioned a future where cryptocurrency stands shoulder-to-shoulder with digital payment giant Visa as blockchain transactions reach an astonishing 117 million.

Conor came to this deduction after observing 117 million transactions across 46 layer-1 and layer-2 blockchains within 24 hours. Conor believes that, collectively, cryptocurrency has the potential to compete with trad-fi rails like Visa. He envisages 117 million transactions as the least there could ever be.

Over a 24 hour period this weekend, there were 117 million transactions across 46 L1 and L2 blockchains I sampled

Collectively, crypto already has the capacity to compete with trad-fi rails like Visa. And this is the worst it will ever be pic.twitter.com/IywneueMRU

— Conor (@jconorgrogan) March 18, 2024

This bold prediction comes at a time when the cryptocurrency industry is seeing unparalleled growth and transaction volume.

The recent growth in transaction counts on blockchain networks demonstrates the increasing demand for cryptocurrencies to conduct transactions, transfer value and engage in financial activities.

With various blockchain networks processing over 117 million transactions, cryptocurrencies are proving their utility and scalability in facilitating various economic activities.

Crypto momentum continues to build

Although challenges remain on the path to widespread adoption of cryptocurrencies as a mainstream payment method, the momentum behind cryptocurrencies continues to build, with increasing institutional interest, corporate adoption and consumer awareness driving growth on the market.

Regulatory uncertainty, scalability issues and security concerns are among the key hurdles that need to be addressed for cryptocurrencies to reach their full potential.

However, as more businesses and individuals recognize the benefits of cryptocurrencies, the stage is set for a future where blockchain-based payment systems rival traditional financial networks like Visa in transaction volumes and market dominance.