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Cryptocurrencies will birth the next generation of world-class payments, Circle CEO claims

Saudu Clement
Saudu Clement

Despite the supposed benefits of digital assets as a means of payment, this novelty tech is yet to enjoy mainstream adoption. However, Circle CEO Jeremy Allaire believes this is about to change.

Speaking at Singapore Fintech Festival, Allaire noted that “third-generation blockchain technology” is the Holy Grail that could push digital assets into the hands of millions, if not billions of users.

In a session with executives from Coinbase, Facebook’s 'Diem' Association, and Soramitsu, Allaire stated that digital assets are getting ready for a quantum leap; something similar to moving from dial-up internet to broadband.

We’re right on the cusp, of what I like to think of, as the broadband moment of digital currency.

While the CEO of Soramitsu opined that user experience has been a major barrier to widespread adoption, Allaire countered noting that the industry is currently shifting towards optimizing user experience. He predicted that a better user experience will make room for ordinary people to come onboard. According to him:

Users will be saying, ‘How could I ever have not had this before!’

Drawing from their discussion, it is apparent that as developers begin to optimize user experience, digital assets will become more accessible. On the flip side, as tech giants like PayPal who already have the infrastructure and user base enter the industry, digital assets are bound to go mainstream.