WORBLI, InterBlockchain Team Up to Make Cryptocurrency Mobile Payments-Effective
While cryptocurrency is an excellent potential new addition to the mobile payments lineup, achieving that potential is actually somewhat difficult. Perhaps the biggest problem is that the second half of this compound word—the “currency” part—is kind of a misnomer. You can’t really use it like a currency in all but a handful of places. That’s a point that several companies have been working to address, and we were recently tipped off about one such effort between WORBLI and InterBlockchain.
The combined effort, reports note, will ultimately allow for blockchain transferring on off-chain orders, and make exchanges between crypto and fiat currency much faster. Additionally, it also allows for the rapid exchange of cryptocurrencies from one wallet to another, without the need of an intervening exchange.
Those concerned about security need not be; the distributed exchanges that WORBLI creates to handle such transactions will come with the same know your customer (KYC) and anti-money laundering (AML) provisions of a standard exchange. This is, the reports noted, a first for any blockchain network and a point that should draw plenty of interest.
WORBLI CEO Domenic Thomas noted “WORBLI is excited to announce our work with InterBlockchain, a leader in breaking the silos of cryptocurrency and allowing everyday users to easily transfer crypto funds, exchange them for local tokens, and turn them into simple dollar and cents payments. We are taking a big step toward the next phase when users can take cryptocurrency and use it to make everyday purchases like buying a coffee.”
Not a bad idea, but the question is, will this be enough? We’ve already seen several companies attempt to improve liquidity in cryptocurrency by making sales so fast that it’s effectively the same thing as using a fiat currency, just with a middleman speeding up the transaction. This might be one of the first blockchain-based solutions, and it’s certainly compelling in its way. However, it’s worth asking if this is going to solve the problem so thoroughly that users will abandon the other tools currently being used in favor of WORBLI / InterBlockchain.
This new solution will likely go a long way, but it’s fairly late to the party, and will have a lot of inertia to break in the meantime.