The moment traditional international banks feared most has finally arrived.
Samsung has just announced that in late October, it will enable direct USDC cross-border transfers through the built-in wallet on 82 million Galaxy phones across the United States. No need to understand private keys, write down a seed phrase, or download complicated Web3 software. Users simply scan their fingerprint, and funds can be sent directly to more than 60 countries around the world in just two seconds, arriving in the recipient’s account in local fiat currency. Powered by Solana settlement and Coinbase custody, it makes on-chain transactions truly seamless.
This is far more than a simple wallet update. It’s a knockout blow from a consumer electronics giant aimed straight at the correspondent banking system that has skimmed fees through layers of intermediaries for a century under SWIFT. A cross-border transfer used to take three to five days and incur fees of more than 5%. Now hardware makers are turning phones into global settlement nodes.
When blockchain technology is no longer a toy for tech geeks, but is invisibly built into the hardware of 82 million phones, how long can traditional finance’s moat hold? Do you think hardware giants will completely upend traditional cross-border banking?
#BTC #Crypto #AI #Web3
Samsung has just announced that in late October, it will enable direct USDC cross-border transfers through the built-in wallet on 82 million Galaxy phones across the United States. No need to understand private keys, write down a seed phrase, or download complicated Web3 software. Users simply scan their fingerprint, and funds can be sent directly to more than 60 countries around the world in just two seconds, arriving in the recipient’s account in local fiat currency. Powered by Solana settlement and Coinbase custody, it makes on-chain transactions truly seamless.
This is far more than a simple wallet update. It’s a knockout blow from a consumer electronics giant aimed straight at the correspondent banking system that has skimmed fees through layers of intermediaries for a century under SWIFT. A cross-border transfer used to take three to five days and incur fees of more than 5%. Now hardware makers are turning phones into global settlement nodes.
When blockchain technology is no longer a toy for tech geeks, but is invisibly built into the hardware of 82 million phones, how long can traditional finance’s moat hold? Do you think hardware giants will completely upend traditional cross-border banking?
#BTC #Crypto #AI #Web3