Traditional financial solutions can act as a bridge from Web2 to Web3 for individuals who are still doubtful as decentralised money continues to gain popularity.
The Web3 environment represents the future of digital interactions, as last year’s results shown. Many people are still doubtful about how space may and will be a part of their life, despite how prevalent it has become.
Guez asserted that allowing people to access these new digital tools using Web2 methods they are already accustomed to using, such credit cards, builds a bridge between these two representations of the digital world.
“The majority of the developed world uses credit cards for everyday purchases. If we want to usher new users Web2 to Web3, we must provide these web2 users with a familiar and “safe” payment method.”
He also mentioned how leveraging well-known Web2 financial tools might assist the sector overcome obstacles like a lack of knowledge about decentralised money management.
“If we make the onramp easier and make accessing Web3 assets easier, we can slowly educate them about the power of decentralization, and all that entails.”
To “completely embrace Web3, run their digital wallets, and never lose access to their digital assets,” he stated, consumers must be informed about self-custody procedures.
Self-custody has become more difficult because of knowledge gaps, and centralised exchanges are frequently preferred because of their user-friendliness and accessibility. However, Guez made the point that when centralised exchanges fail, customers lose faith in the industry as a whole, as recently saw in instances like FTX.
When it comes to using payment cards to assist with user onboarding, Revelator is not an exception in the Web3 arena. Many more companies are realising how to use tools to continue promoting widespread adoption. Beginning in 2022, Stripe will introduce a crypto business suite in collaboration with FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining.
Additionally, in 2022, it collaborated with Twitter to give USDC payments to platform content creators, and it integrated with a market maker based in Solana to provide a fiat-to-crypto onramp.
Guez claimed that credit cards effectively serve as a user’s on-ramp to Web3, with smart wallets already running in the background. As a result, users can conduct blockchain transactions in a “clean fashion” without having any prior blockchain understanding.
“In this way Web2 and Web3 tools work together; by abstracting the complexity away from the user experience.”
According to reports that surfaced on January 26, Stripe is collaborating with JP Morgan experts to guide a potential IPO following its successful reemergence onto the cryptocurrency market.