Following the announcement of increased transaction fees for mobile payment service Venmo, he proposed
Following the announcement of increased transaction fees for mobile payment service Venmo, Dan Romero, co-founder of Farcaster, proposed a “stable payment app” for US-based freelancers. A new pricing structure for the PayPal-owned mobile payment service has sparked backlash from the community.
Romero’s statement proposed stablecoins as a solution to “1099.” These are workers subject to U.S. Internal Revenue Service Form 1099, including self-employed workers and independent contractors.
Financial analyst Ross Hendricks commented on Venmo’s transaction fee increase in a May 23 X article, saying, “(PayPal) just hit the monetization button on Venmo.”
An X user responded to Hendrix’s post, turning the narrative towards cryptocurrencies, with three words:
“Encryption solves this problem.”
Hendricks responded shortly after to this statement, which called into question the current state of cryptocurrency transfers. The co-founder of decentralized social network Farcaster asked:
“Which consumer app with hundreds of millions of users provides seamless and instant cryptocurrency transfers, for free? »
Coinbase co-founder and CEO Brian Armstrong quickly jumped in, responding that the Circle USD (USDC) stablecoin on Base was “trying it.”
Romero, who was previously a senior executive at Coinbase, commented on Armstrong’s response to the discussion in one word:
“based on”
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Hendricks suggested that “maybe things will change,” but expressed skepticism about sending USDC through Coinbase for “everyday transactions.”
These doubts were echoed by another X user, stating:
“You have just described a great business opportunity. Yes, send money to Venmo to have it stolen by PayPal or send to Coinbase. Why pay 2.99% when you can’t pay anything?
This discussion follows Coinbase General Counsel Paul Grewal’s announcement on May 23 that XRP will once again be traded on Coinbase in New York.
After the United States Securities and Exchange Commission (SEC) sued Ripple in 2020, several centralized exchanges, including Coinbase, delisted XRP. The SEC accused Ripple Labs of selling unregistered securities, which led to these delistings.
Following Judge Analisa Torres’ 2023 ruling that secondary sales of XRP are not considered securities transactions, centralized exchanges have begun to reverse their stance and relist the controversial digital asset.
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