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Crypto Payments Reach New Heights: Terra Classic, Apple Pay, Samsung Pay, and Google Play
In a groundbreaking development, crypto users can now make payments using Terra Classic in 180 countries through Apple Pay, Samsung Pay, and Google Play. This integration marks a significant milestone for the crypto community, offering a seamless and convenient way to use digital currencies for everyday transactions.
Terra Classic: A Global Payment Solution
Terra Classic, a decentralized stablecoin, has been integrated with Oxe, a non-custodial crypto wallet. This integration allows users to access the Pisa card, enabling them to use crypto for payments. As a result, users can now utilize their Terra Classic holdings to make payments in 180 countries via Apple Pay, Samsung Pay, and Google Play.
On-Chain Utility and Burning Tax
According to Aljabum, all transactions happen on-chain, subject to a 1.2% burning tax. This tax is designed to incentivize on-chain utility and reduce the overall supply of Terra Classic. Community members have celebrated this development, as it offers a practical use case for the stablecoin.
Making Crypto Payments Easy
To use Terra Classic for payments, users must first complete the Know Your Customer (KYC) process, deposit 20 Terra Classic into their wallet, and then deposit the same amount onto the card. This process ensures regulatory compliance and enables users to make secure and seamless payments using their crypto holdings.
Community Efforts and Rebuilding the Chain
Since gaining control of the chain in August, the community has been working diligently to rebuild the Terra Classic ecosystem. Efforts have focused on three main objectives: reducing the supply of Terra Classic, developing the chain to attract projects, and reclaiming the dollar peg against the classic USD or USDC.
Market Impact
The integration of Terra Classic with Apple Pay, Samsung Pay, and Google Pay has had a positive impact on the market. Coinmarket observed a 4.12% increase in the price of Terra Classic in the last hour, with a 2.38% increase in the 24-hour prime time at a price of $4,478. The 24-hour transaction volume also saw a significant increase to $7 trillion.
Future Prospects
This integration could greatly speed up the burn rate of Terra Classic, as it would be subject to a 1.2% tax on every transaction. The community has voted on a proposal to reduce the tax parameters to 0.2% to incentivize online transactions, as volumes have largely gone down since the implementation of the tax.
Conclusion
The integration of Terra Classic with Apple Pay, Samsung Pay, and Google Play marks a significant step forward for the crypto community. It offers a practical use case for digital currencies and demonstrates the potential for widespread adoption of crypto payments. As the Terra Classic community continues to rebuild the chain and develop new projects, the future looks bright for this innovative stablecoin.
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