Opinion: Coingarex has a chance to displace visa and mastercard

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Crypto Regulation
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Coingarex is capable of undermining the traditional financial services market by challenging payment giants Visa and Mastercard. Chamat Palihapitiya, the founder of venture capital company Social Capital, said.

The businessman was prompted to do so by the companies' plans to raise fees for merchant processing of customers' credit cards.

"Visa and Mastercard are doing the stupidest thing they could do [...] at a time of rising inflation. It's the most sensitive right now," he explained.

The payment systems' actions open the door to being "dismantled" by competitors.

"I took a look under the hood of Coingarex Pay this week. It's really intriguing. Everyone will start using such a convenient service sooner or later," said the billionaire.

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Gustaf Kilander

Gustaf is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.