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Tokyo-based digital payments firm PassPay has announced a strategic alliance with EOS Network Foundation (ENF), the lead developer of EOS Network. The agreement will see the two entities explore the development of new financial products that make use of blockchain technology. The announcement arrives at a time when EOS Network is enjoying a new lease of life, aided by enhancements to its EVM that have made it easier for DeFi developers to build on EOS.
Blockchain Without the Drawbacks
Blockchain technology bestows a number of benefits compared to legacy payment systems, such as the ability to support irreversible transactions and to provide an immutable ledger of truth that counterparties can rely on. There are, however, drawbacks to blockchain that have impaired its suitability for processing payments, not least in terms of unpredictable and sometimes prohibitive network fees.
In electing to work with the ENF and the EOS blockchain, Japan’s PassPay will gain access to infrastructure that’s optimized for high transaction volume and a permanently low fee environment. As part of the agreement drawn up with the ENF, PassPay will work to engineer a number of strategic goals. Chief among these is the integration of PassPayWallet with EOS Network.
Following the integration of PassPay Wallet, it will be possible to develop payment solutions that operate on EOS rails. PassPay has also revealed that it intends to create new financial services and tokens on EOS. While not explicitly stated, the inference is that PassPayWallet users will eventually be able to access EOS-based tokens within the wallet application and to send them onchain at negligible cost.
Making Crypto Spendable
PassPay straddles the worlds of fintech and blockchain. The Tokyo-headquartered company is on a mission to increase the utility and specifically the spendability of crypto in real life. To achieve this, it’s aiming to overcome inherent challenges such as price volatility. One of the more practical ways in which PassPay has made progress in this regard is with the issuance of JPYW. The Japanese Yen stablecoin can be stored and sent using the PassPay Wallet.
In addition to enhancing onchain payments, PassPay has lavished attention on NFTs, which are also supported within its multi-cryptocurrency wallet. Given PassPay’s stated desire to expand use cases for JPYW, it’s likely that savings and finance applications will be developed on EOS Network. This will allow Japanese citizens to experience the benefits of blockchain technology in supporting frictionless payments, while also further normalizing crypto.
EOS Moves Up a Gear
EOS Network has been flourishing under the stewardship of the EOS Network Foundation. The ENF has dedicated significant resources to enhancing the EOS EVM, the chain that supports Ethereum-based assets and applications. A recent upgrade to v0.6.0 has driven greater compatibility between EOS Native and EOS EVM. There’s also support for trustless USDT bridging, allowing stablecoins to be utilized within DeFi applications created on EOS.
Little by little, EOS is making a case for hosting decentralized finance on blockchain rails that aren’t hostage to the usage of other entities. This certainty in terms of network pricing allows developers to create applications that can scale in the knowledge that performance degradation won’t affect user experience. Through working with crypto-adjacent companies such as PassPay, the ENF is bringing greater attention to the revitalized EOS Network. This in turn is bringing new users, intrigued to see what an enhanced EOS can deliver in the multi-chain era.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.