Bridging the gap between fiat and crypto

Tuesday 4 October 2022 08:19 CET | Editor: Raluca Ochiana | Interview

Ivan Ilin, COO of NearPay shares the ABC of crypto on-ramps to enable Web 3.0 projects to reap the benefits of accepting crypto payments.


Who is NearPay for those who do not know it yet?

In the NEAR ecosystem and the broader crypto world, there are a lot of projects that offer digital or other assets for cryptocurrency. The solution we offer at NearPay is a quick and easy way to add fiat to crypto projects’ payment methods. It allows them to accept bank cards as payments from customers while receiving cryptocurrency in return. They don’t need to worry about anything here since we handle the entire exchange process. Not only does this allow accepting crypto payments for goods and services, but also gives a chance to businesses to expand and diversify their customer base.  

Through our other solution, a crypto wallet, customers can deposit fiat and receive cryptocurrency. By providing an easy and convenient way to deposit money, we streamline the process while addressing the ecosystem's liquidity issue.

Could you please present a typical crypto on-ramp process for an NFT marketplace participant (or any other merchant)?

NFTs (non-fungible tokens) or simply said those expensive digital images of apes (since these are the most popular ones) have gone even more mainstream in 2022. Yet, to enable even wider adoption, NFT marketplaces (basically websites where you can either sell or buy the above-mentioned images) have implemented new on-ramp options that enable jumping on this bandwagon and getting off of it anytime.

Most new market participants find buying and selling cryptos and NFTs quite baffling. First things first, you need to figure out how to purchase crypto, make a choice about the crypto exchange platform, make an account, and finally tap into the world of digital currencies. However, your journey doesn’t end here. The next step is to create a wallet and transfer funds from the exchange to this wallet to be finally able to trade NFTs.

So, you get the point. This entire process can be rather overwhelming and time-consuming. Crypto on-ramps eliminate the steep learning curve. NearPay allows you to purchase crypto and NFTs with your credit card without having to go the long, difficult route.

What are the main benefits for businesses tapping into crypto on-ramps?

From a user perspective, it's a fast and familiar way to buy crypto or pay for goods/services/assets with fiat when they run out of crypto.

The business side benefits from this, since customer conversion rates increase, while they get the cryptocurrency they used to get – nothing changes in the process itself for them, but more customers are attracted. So, this is a win-win scenario for both the customer and the business.

The NearPay team is very enthusiastic about bringing more people into the NEAR ecosystem as well as the crypto world in general.

How about the challenges?

As an on-ramp service, we assist businesses with such challenges as regulations, compliance, and negotiations with institutions and banks to facilitate smooth transactions for customers in different countries. Additionally, we develop procedures to protect customers by making transactions secure, handling risks, and detecting fraud on time. Currently, we are working to improve the service by expanding geographical coverage, streamlining the KYC process, reducing fees, and removing restrictions to the extent possible.

You mentioned that you are also trialling a crypto custodial wallet option for businesses. How does this work?

The purpose of this service is to provide blockchain companies and startups as well as retail clients who want to enhance their payment options with a custodial service for accepting, storing, exchanging, and withdrawing crypto funds to their bank accounts. The tool will also provide businesses that accept cryptocurrency as payment or that attract crypto investments with the option of compiling regulatory reports.

Business owners will also no longer have to create accounts with liquidity providers such as exchanges, transfer funds, exchange, and withdraw cryptocurrency, nor run the risk of their funds being frozen by LPs.

Referring to the two products that we discussed, how do you differentiate from the competition?

NearPay offers a unique payment gateway and custodial wallet for businesses within the NEAR ecosystem, one of the most innovative and technologically advanced ecosystems in the crypto industry. We are committed to helping NEAR's vision to onboard one billion users, providing that invisible glue that binds customers, and traditional and crypto businesses together. Unlike similar projects from the ‘big crypto’ world, we offer the simplest and most reliable solution when people need NEAR tokens. We have low and transparent fees, unlike our rivals who have tiered rate structures, depend on spreads, and charge commissions that are volatile and opaque. In addition, as a custodial service, we provide our users with a higher level of security. We're therefore a simple and easy-to-use instrument, very useful to the NEAR ecosystem and, at the same time, contributing to mass crypto adoption.

Now, looking into the crystal globe, how do you think crypto space will look in the next 5 years? Will we have crypto mass adoption?

No doubt that within 5 years, crypto will be massively adopted. We’re currently going through a bear market, which makes cheaper cryptos more attractive to investors. More than that, as soon as we start recovering from this downtrend, which I believe will be in the next 6 months to a year, we’ll be seeing more people, both small and big investors, companies, enterprises, and businesses in general rushing to join this space. Mass adoption is a matter of ‘when’ rather than ‘if’ and is happening steadily, gradually, and certainly.

About Ivan Ilin

Ivan is the COO of NearPay and he is responsible for organising all the product development and legal processes, managing key partnerships, and implementing the NearPay strategy. Before joining the NearPay team, Ivan was Executive Director of Apiqua LLC and co-founder of Da-Mart, a B2C product delivery service.



About NearPay

NearPay is a crypto finance protocol within the NEAR ecosystem launched by Kikimora Labs. NearPay’s fiat-to-crypto payment gateway offers businesses the opportunity to accept crypto payments and expand their customer base. With its other offerings, NearPay Wallet and NearPay Card, users can seamlessly buy, exchange, and spend cryptocurrencies. 

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Keywords: cryptocurrency, crypto, NFT, online payments, merchants, blockchain
Categories: DeFi & Crypto & Web3
Companies: NearPay
Countries: World
This article is part of category

DeFi & Crypto & Web3


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