The new payment option will allow CryptoRefills customers to pay with ETH and stablecoins such as USDC, FRAX, USDT, and DAI using the Optimism layer 2 network. Optimism is a layer 2 chain built on top of Ethereum that uses optimistic rollups to significantly minimise transaction times and costs. Since stablecoin transactions have higher fees when compared to ETH, this reduction in fees can be particularly significant, but they can also help in the case of small-value purchases.
Optimism's rollup technology helps with transaction finality speed by offering a faster and smoother payment experience for users. CryptoRefills offers a variety of L2 options and supported stablecoins in a bid to become the main gateway between global brands and the Web3 community. Through the Optimism integration, the company’s customers can benefit from the newest blockchain payment options.
CryptoRefills wants to help people from all over the world to spend bitcoin and other cryptocurrencies for their everyday needs. The company is present in more than 150 countries and territories, and its users can top up their mobile credit and buy gift cards with bitcoin and other crypto from well-known digital and retail brands.
According to the company press release, CryptoRefills was an early adopter of the Bitcoin Lightning Network, as well as the first company to launch Ethereum layer-2 payments via Polygon Matic and Arbitrum.
In June 2022, CryptoRefills has launched the EUROC payment option for its customers. Euro Coin (EUROC) is issued by Circle under the same full-reserve model as USD Coin (USDC), and EUROC payments were offered to CryptoRefills customers over the Ethereum network.
The crypto-shopper community served by CryptoRefills is diverse and has different needs, and EUROC was aimed at the European customers of CryptoRefills, namely those looking to minimise exchange rate volatility and see prices in a currency they can relate to, and customers actively engaged in the European DeFi and Web 3.0 scene.
In October 2022, CryptoRefills has closed a seed round led by Eric Barbier, a Fintech entrepreneur and founder of TransferTo and Mobile 365 (acquired by SAP). According to the official company press release, the investment funds were intended to fuel business scaling and service expansion through a new gift card and several incentive services based on blockchain and web3 technologies.
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