On this week's episode of Yahoo Finance Future Focus, host Brian McGlinon speaks with BCB Group Chief Product Officer Ashley Pope about the transformative impact that blockchain payments capabilities will have on established financial institutions.
Pope highlighted how blockchain can facilitate near-instantaneous payments, allowing traditional market players to quickly adapt to evolving customer expectations. He emphasized that the expectation for instant payments, which is unique to the cryptocurrency space, is gradually permeating traditional finance. This trend is driven by evolving user needs and ultimately leads to a world where value moves at the speed of the Internet.
To fill this gap, the traditional financial industry is exploring innovative solutions, such as Visa's stablecoin payments for merchants and JPMorgan's efforts such as Onyx to increase liquidity in private markets. There is. Additionally, the UK government’s plans to oversee fiat-backed stablecoins signal a broader trend towards adopting cryptocurrency-inspired payment mechanisms.
The Pope discussed a variety of payment options, including stablecoins, native cryptocurrencies such as Bitcoin and Litecoin, and existing payment rails such as FPS in the UK and SEPA in Europe. He also noted that blockchain providers also offer cross-border payment solutions, exemplified by Ripple's on-demand liquidity service.
