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Despite recent scandals and crashes, the digital asset economy continues to gain momentum globally. There is a growing demand for using cryptocurrencies as a means of payment in the real world. Major companies such as Meta (Facebook) and Amazon have responded by starting to build the infrastructure needed to process cryptocurrency payments.
Another driving force is the 24/7 nature of the online marketplace, which has also contributed to the influx of DeFi companies offering cryptocurrencies to fiat gateways. The goal is to enable crypto investors around the world to implement digital assets in their daily lives.
Relying on blockchain allows cryptocurrency transactions to take place on weekends and holidays when banks are traditionally closed, and offers low transaction costs to businesses and consumers as there are no middlemen in the process. .
The transfer of monetary value between two financial systems with disparate rules is a transaction that encounters friction. As cryptocurrency exchanges develop, improve, and become more user-friendly, onramping becomes relatively frictionless, allowing you to earn cryptocurrencies for work, accept cryptocurrency payments, and use things like airdrops. We provide opportunities through reward schemes.
For online businesses that accept cryptocurrencies as a payment method, the onramp process is relatively easy to handle. The off-ramp could prove more difficult as there are regions in the world where cryptocurrencies are not recognized or accepted.
Crypto cashouts are still a pain as centralized exchanges leave users with the task of finding exchanges that allow offramps to the currency of their choice. , these exchanges can take several days to complete a transaction and impose limits on withdrawals.
This is appropriate because mass adoption of cryptocurrencies faces obstacles as long as the off-ramp is an issue. This is because simply holding on to cryptocurrency savings is not a viable option for many. What is needed more than ever now is a mechanism that allows users to easily and conveniently get on and off the “encrypted highway”.
We will address this issue with our promise to provide a safe, efficient and unique ecosystem in the world of decentralized finance, allowing the one-to-one value of blockchain holdings to be sent anywhere in the world in fiat format. There are companies that are working on it head-on. ” teeth Safegram Co., Ltd..
SafeGram Send Money Services (SSMS) allows you to send crypto to fiat via DApps from anywhere in the world. Enabled by a simple request to the C2F bridge, cryptocurrencies are quickly converted into fiat currency and transferred securely around the world.
the other one is fiat 24is a Swiss fintech working closely with national financial regulators to provide a crypto-to-fiat gateway with decentralized apps that bridge the gap between centralized and decentralized ecosystems. We are working together.
They built their platform on top of Ethereum’s layer 2 arbitrum due to its low transaction costs and efficiency. However, we plan to deploy the platform on other blockchains such as Ethereum, BSC, and Avalanche to accommodate different ecosystems.
Fiat24 relies on smart contracts to execute transactions, minimizing human intervention and enabling instant payments on the blockchain. Clients can top up their accounts with Fiat24-connected digital wallets with native NFTs and transfer funds to their banks.
The global financial system we currently rely on has its faults and shortcomings, many of which are being resolved and rethought with the advent of blockchain technology. The latter can effectively solve problems related to efficiency, reliability, profitability and transparency using mainstream blockchains that provide interoperability and scalability that the banking industry lacks.
With technology propelling us towards a future where financial services are more accessible around the world, the importance of crypto-to-fiat solutions cannot be underestimated.
Somewhere between these two vastly different financial ecosystems, companies investing in making decentralized finance easily accessible to users are players to watch.
