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- Decentralizing Global FX With Taro: How Bitcoin Renders “Cross-Border” Payments Obsolete 🍠💱
Taro promises to do the same thing to “cross-border payments” by decentralizing the entire global FX market into a protocol that can run on a Raspberry Pi by anyone, anywhere. 🤯
At a high level, Taro makes Bitcoin and Lightning multi-asset networks. Users will be able to open up Taro channels that plug in at the edges and interoperate with the existing bitcoin channels that make up the Lightning Network today. That means instead of starting from scratch and bootstrapping a new ecosystem of nodes and liquidity, Taro will leverage the existing network effects of both the infrastructure that’s been built out over the last several years plus the 4000+ BTC allocated to the network today as a global routing currency.
The opportunity provided by Taro bringing assets like stablecoins to the Lightning Network is clearly enormous. Every year, businesses and consumers pay $1.9 trillion in fees (2% of global GDP) for the right to pay each other. Visa’s 65% operating margin is one of the highest of all the companies in the S&P 500 index, and this margin is Lightning and Taro’s opportunity. They’ll never see it coming. 👀
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