This is a cross post with medium with permission from the author.
Under the Radar
While everyone has been obsessed with breaking all-time-highs and heck, even #altseason, some new technologies in crypto are going unnoticed.
For one thing, despite how great Ethereum looks, and despite the potentials for adoption by enterprises and a faster, better Eth2, the fees are still high.
It still is not easy to take your ETH or your Uniswap booty and do anything with it. It costs dozens of dollars just to move ERC-20 tokens around only to leverage them as collateral or whatever it is you do with your tokens (buy more tokens, or perhaps, pay off your debt, or your house).
But there are still a few projects that are trying to cut down on those fees and keep everything in one place.
One Stop Shopping
No, that’s not selling your blood plasma. Their system allows customers to have their banking cards, their crypto, their DeFi, their vaults, and everything else all in one app.
Likewise, they will use their own blockchain as a bridge to support multiple asset classes, banks, and blockchains.
There are several competitors out there trying to make fees cheaper and make moving money around easier. After all, you need to buy actual things besides more crypto.
But unlike some companies, Plasma Pay has an app already. They have decent security (they tell you to only look at your secret key once and print it!) and their product is basically ready to go.
Soon enough, people will have a phone app and/or a plastic card to do all their banking any way they want: stable coins, crypto, fiat, whatever. Plasma can provide.
I sat down with Plasma Pay’s CEO Ilia Maksimenka recently for BeInCrypto. Mr. Maksimenka explained that we are on the horizon of Banking 3.0.
As governments scramble to make Central Bank Digital Currencies (CBDCs), more tech will need to be ready to handle it. Maksimenko explained:
“We don’t view cryptocurrency and CBDCs as a zero-sum game. The more likely future scenario is that the two will co-exist for years to come. That arrangement would allow for DeFi and CeFi to interact with each other seamlessly. We foresee a scenario in which the management of the CBDC on Plasma Chain could continue to be conducted by the issuing bank, in contrast to the rest of Plasma which would remain DeFi and non-custodial.”
In other words, Plasma Pay will be ready for DeFi, CeFi, and everything in between. It is like one-stop shopping, and Maksimenka believes it is the future: Banking 3.0.
Right now, $PPAY is only on a few exchanges, including Uniswap (and some might say it is a hidden gem with a market cap of only about $8M). Even though their entrance onto exchanges didn’t make a huge splash, there is still room for the actual product to catch on, especially in this bull run.
The company as a lot of room to grow as people seek to fill this gap in their wallets. I expect to see more of them a few months down the line. You can sign up now (this is not an affiliate link). Happy crypto-ing.