Visa Introduces a Way to Pay Gas Fees on Ethereum with a Credit Card
Visa has announced that it will use the current standard for Account Abstraction on Ethereum, allowing users to pay for transaction gas fees directly with a Visa Credit Card. This will eliminate the need for users to keep a certain amount of tokens in their wallets for transaction fees. Even self-custody wallets like Metamask will be able to take advantage of this feature. Visa’s move could drive adoption of blockchain technologies.
Key Points:
– Paying for transactions or operations on blockchains is a major obstacle in the world of crypto.
– Each operation incurs a cost known as a ‘gas’ fee, which must be paid in the blockchain’s native token, ETH.
– Even for stablecoin transactions, users still need to have ETH for gas fees.
– With Visa’s solution, users can initiate a blockchain transaction and choose ‘Visa Card’ for gas fees.
– Visa’s proposed solution puts the paymaster at the heart of the process, allowing users to be liberated from the need to hold native blockchain tokens.
Hot Take:
Visa’s introduction of a way to pay gas fees on Ethereum with a credit card is a significant step towards simplifying and streamlining the process of using cryptocurrencies. By eliminating the need for users to hold native tokens or constantly bridge tokens for gas fees, Visa is making blockchain technology more accessible and user-friendly. This could encourage wider adoption and acceptance of cryptocurrencies in everyday transactions.
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