Fuse CEO Mark Smargon states that blockchain payment applications will compete with Visa, rather than Ethereum.

Episode 16 of Hashing It Out delves into one of the most prevalent applications of cryptocurrency: payments. Mark Smargon, CEO of Fuse, joins host Elisha Owusu Akyaw to discuss various Web3 payment solutions and how Fuse aids businesses in adopting cryptocurrency payments.

Smargon articulated that the payment network’s approach involves extending its focus beyond investments to emphasize everyday applications like payments, which are likely to foster more sustainable adoption. Despite this objective, Smargon shared the challenges faced in persuading individuals and investors that businesses would embrace blockchain payments when Fuse was launched in 2019.

Smargon further clarified that Fuse is not in competition with Ethereum but rather with Visa and Stripe, aiming to serve as the primary payment layer for global transactions. Regarding whether a few blockchain networks will dominate adoption, Smargon noted that Fuse has never adopted a maximalist perspective:

“We really believe that in the future, there is going to be many blockchains. There is not going to be one blockchain that will hold the entire human knowledge. We were never maximalists in that approach.”

Smargon is of the opinion that Web3 payments have significantly progressed over the past two years, particularly as nonfungible tokens and digital collectibles have gained traction. Additionally, the rise of freelancers from developing regions who receive payments in cryptocurrency and the utilization of cryptocurrencies for cross-border transactions have been key factors driving Web3 payment adoption.

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Owusu Akyaw inquired about the influence of regulations on Web3 payments and future adoption. Smargon described it as a rollercoaster experience, owing to the fluctuating nature of regulations worldwide. He also mentioned that blockchain technology may need to adapt by incorporating new features and removing some existing ones to comply with regulations and enhance its integration with traditional finance.

Listen to the latest episode of Hashing It Out featuring Fuse CEO Smargon on Spotify, Apple Podcasts, Google Podcasts, or TuneIn. You can also explore Cointelegraph’s full range of informative podcasts on the Cointelegraph Podcasts page.

This article is intended for general informational purposes and should not be construed as legal or investment advice. The views, thoughts, and opinions expressed herein are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.