AEON is forming a strategic collaboration with AB DAO to better link digital assets to real-world utility, a long-term goal of the blockchain sector. While decentralized finance has thrived inside its own ecosystem, the usage of on chain assets for day-to-day purchases, such as buying coffee, has proven a technological and practical difficulty. This new partnership is looking to eliminate those barriers by facilitating practical crypto payments in everyday commerce and can mean a massive leap towards mainstream.
Integrating AB Chain Assets into Global Commerce
Recently, AEON announced a partnership through its official channels with an emphasis on Integrating AB Chain Assets into the AEON Pay Infrastructure including Supporting AB Chain and the Stablecoin AB USD1 to shift these tokens away from being Speculative or Governance Type Assets into Functional Currencies used for “Real-World Payments.”
Using AEON’s established payment network, members of AB Chain will now be able to use AB Chain assets to transact at more than 50 million merchants around the world. This wide range of merchants offer something for everyone – from luxury retail and local service industries to the day’s first cup of coffee. The main benefit for our members is the ability to “scan-to-pay”, just like traditional mobile payment systems such as Apple Pay and AliPay, with the additional benefits of the security and autonomy of blockchain technology.
The Role of AEON Pay in the Web3 Ecosystem
AEON wants to shape the Web3 payments ecosystem. AEON Pay, AEON’s flagship product, simplifies blockchain transactions by reducing the need for users (consumers/merchants) to comprehend the technological aspects. Users can pay more easily, and businesses don’t have to worry about converting crypto payments into fiat or securing their funds until they are.
The application is taking on a social-first finance model with Telegram as their next partner by allowing all users access to their products through Telegram with the AEON Pay bot. This is in line with the growing trend in Telegram native finance, where a sufficiently large enough segment of users will drive a broader level of acceptance of Web3 products overall.
Moving Utility With Stablecoins and Scalability
The incorporation of AB-USD1 is an important aspect of this relationship. While volatile assets like AB are great for ecosystem growth, stablecoins are a driving force in trade. As the other side of the coin, by offering a dollar-pegged medium of exchange on the AB Chain, the partnership provides both merchants and consumers protection from the price swings that come as a standard with digital assets.
This move comes after a series of developments in the crypto-payment space where infrastructure providers are targeting low-latency and high-throughput solutions to bring competition to traditional financial networks such as Visa or Mastercard. According to data from CoinMarketCap, the need for stablecoin utility in emerging markets is at a maximum, which makes the timing of the AEON and AB DAO collaboration extremely strategic.
Conclusion
The alliance of AEON and AB DAO is an indication of the evolution of the world of payments in Web3; it is also a demonstration that both organizations have united their asset base and merchant base as a basis for developing a blueprint for how decentralized finance could become accepted in the mainstream of commerce. As scan-to-pay solutions continue to gain popularity, the line between the digital wallet and point-of-sale will further dissolve ushering in an entirely new age of global financial inclusion.
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