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U.S. Payment Processors Collected Over $500 Billion in Fees in 2022, Says Coinbase

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Crypto trading platform Coinbase reported that in 2022, U.S. payment processors collected over $500 billion in fees, citing public data.

According to Coinbase, the fees collected by payment processors in the U.S. alone were over $500 billion in 2022. Coinbase envisions a new payment system where individuals can earn income from payments infrastructure instead of huge corporations making money from it. With staking, validators can earn an estimated $3 billion in 2022.

Full thread:

Americans love their stake. Here’s why we need to keep staking–the accountant of the blockchain–in the U.S.

2/ Staking democratizes payment processing. In today’s financial system, a single credit card transaction may only take seconds, but it relies on many third parties to process, verify, accept or decline, and ultimately transfer money from a bank to settle the payment.

3/ Public data shows that the fees these payment processors collected in 2022 was over $500B in the U.S. alone. It’s not just expensive. Our existing payments infrastructure is also more energy intensive and prone to security vulnerabilities.

4/ Imagine if instead of huge companies running and making money from payments infrastructure, regular people could earn income from it.

With staking – they can. Staking validators earned an estimated $3B in 2022.

5/ Imagine if instead of the national security risks of taking out a single centralized processor, those risks were distributed across millions of decentralized validators. With staking – they are.

6/ Imagine if instead of building new energy intensive data centers, the new payments system could scale in tandem with the digital payments ecosystem by relying on individuals and their home computers. With staking – it can.

7/ If you want to keep staking in the U.S., make your voice heard. Join #Crypto435 and help shape the policies and regulations that will impact crypto and web3 for years to come.

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