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Visa Deploys First Paymaster Smart Contract on Ethereum's Goerli Testnet, Continues to Experiment with Account Abstraction and EIP-4337

Visa's Head of Crypto, Cuy Sheffield, has announced that the company has deployed its first paymaster smart contract on the Goerli testnet of Ethereum. This move is part of Visa's ongoing research and experimentation with account abstraction and EIP-4337, as the company explores the potential of smart contracts and programmable money.

The paymaster smart contract is designed to sponsor transaction fees for contract accounts, and Visa will be investigating how best to deploy it to serve its client base, including the possibility of accepting alternative tokens like USDT.

EIP-4337 is an improvement proposal that introduces account abstraction standards for the Ethereum blockchain, allowing for more possibilities and flexibility in designing Ethereum and token wallets.

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