[Spivak]

This is the only way to actually scale crypto to the transaction volumes that PP and Visa actually deal with. You hold stash of crypto and manage your own transactions in-house and then do one actual on-chain transaction to settle up with your peers. Anything else is wasting money on transaction fees for no real benefit to you or your customer.

Also I'm surprised that groups that are so freedom/privacy oriented want literally every exchange of crypto to be on-chain, public, and traceable without using a money laundering service. Sure yes wallets are pseudoanonymous but if every purchase you ever made was on-chain it would be super super easy to de-anonymize you.