Seven Crypto Giants Unite to Launch Blockchain Payments Consortium
To provide uniform guidelines for cross-chain stablecoin transactions, seven cryptocurrency companies have banded together. This action comes after transfer volumes surpassed those of Visa and Mastercard in 2024, setting a record. In this regard, Fireblocks, the Solana Foundation, the TON Foundation, Polygon Labs, the Stellar Development Foundation, Mysten Labs, and the Monad Foundation announced on Thursday that they are forming the Blockchain Payments Consortium (BPC). The group’s goal is to develop a shared framework that combines the typical data requirements of traditional payments with blockchain transactions.
Blockchain rails are reshaping the global payments landscape. But for blockchain payments to reach full potential, we must address the inconsistent and fragmented experiences individuals and institutions face when moving between traditional payments and blockchain,
the BPC’s manifesto
Crypto Consortium Sets Out to Simplify Cross-Border Payments
Enabling quicker, less expensive cross-border payments and remittances, integrating blockchain ecosystems into conventional finance, and coordinating with regulators are some of the BPC’s objectives. It also stated that it intended to serve as a liaison between traditional financial institutions, regulators, and blockchain ecosystems. Offering a uniform and compatible framework for compliance across countries is the aim.
This will enable financial institutions, enterprises, and other organizations to build systems that work seamlessly across networks and borders,
the BCP
Fireblocks: Industry Growth Demands Stronger Cooperation
Additionally, Fireblocks stated that blockchain payments lack a common language. Friction, fragmentation, and lost potential are the outcomes of this lack of uniformity. Ran Goldi, senior vice president of payments at Fireblocks, stated that industry usage has begun to spread. He did stress that more cooperation is still required, though.
Over the last 18 months, our industry has achieved mainstream adoption, with payments at the forefront. As more established players enter the space, improving how we collaborate, coordinate, and operate together is essential,
Goldi
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