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Visa Pushes On Ethereum Could Help The Altcoin Reach This Level

Posted by Merike Laur on February 07, 2023 Merike Laur

According to CoinGecko data, Ethereum is the second most-popular altcoin with a $197 billion market capitalization. This made Ethereum popular with DeFi, with many of the most important protocols built on top of it. This was the main reason for t...

Coingecko data shows that Ethereum is the second most-popular cryptocurrency, with a market value of $197 billion. DeFi became interested in the Ethereum network as many of the largest protocols were built on top of it. This attracted the attention of digital payments giant Visa who recently announced support for Ethereum as a method of payment settlement.

StarkWare 2023 saw Cuy Sheffield, Visa's Vice President and Crypto Head, announce that the company is testing large transactions using Ethereum blockchain. VisaNet, the company’s electronic payment network is linked to Society of Worldwide Interbank Financial Telecommunication, also known as SWIFT.

This makes the system extremely efficient with the network able to process between 1,500 and 2,000 transactions per second. The network's interconnectedness with SWIFT has limited its ability to operate at the frequency the company desires.

Sheffield stated at the event that the company is currently testing how to accept payments in stablecoins in Ethereum network. The stablecoin of choice was USDC, which is the fifth-largest cryptocurrency by market capital.

The bullish news about Ethereum as of writing has not yet been reflected in the market. Ethereum continues to ride the bearish wave. We can expect Ethereum to perform worse in the medium to short term due to its high correlation to Bitcoin and current pain experienced by top cryptos.

The altcoin is a solid investment that diversifies a cryptocurrency portfolio. However, investors are less optimistic about the long-term prospects of the altcoin due to the slowdown in Ethereum.

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