Morph launches $150 million payment accelerator program to support the large-scale on-chaining of real-world payment systems.
TL;DR
Morph launches a $150 million Payment Accelerator program to help payment companies and financial institutions migrate real-world payment systems to blockchain, addressing issues like long settlement cycles and fragmentation. The program supports sectors like encrypted cards and cross-border remittances with infrastructure, incentives, and funding.
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According to Foresight News , Morph has announced the launch of the Payment Accelerator, a $150 million program designed to support payment companies, financial institutions, and payment infrastructure teams in bringing existing production-grade payment activities onto the blockchain and further scaling them.
Morph stated that payments have become one of the fastest-growing and most practically significant applications of blockchain adoption. However, in scenarios such as cross-border settlement and fund clearing, existing payment infrastructure still faces challenges such as long settlement cycles, system fragmentation, and liquidity constraints. The payment accelerator will focus on supporting vertical sectors of the network, such as encrypted cards, cross-border remittances, and payment gateways. It will provide participating teams with settlement infrastructure geared towards real-world transaction volumes, incentives linked to verifiable on-chain activities, and funding and liquidity support for deployment and expansion.
Morph states that within the Morph network, BGB is used as both Gas and governance tokens, and the growth in payment volume will align with the network's settlement and participation mechanisms. Currently, Morph has partnered with its first batch of payment operators and has officially opened applications for its payment accelerator.