As the number of businesses that accept digital assets increases, the popularity and usage of cryptocurrency as a valid means of payment will also increase.
Apart from volatility and security concerns, the complexities involved in using digital assets as a medium of payment is undoubtedly a major hurdle impeding mainstream adoption. Until recently, using cryptocurrencies to pay for products and services was a herculean task. And even at that, the number of merchants and retail outlets that accept digital assets as a means of payment is still relatively small
A 2020 survey carried out by the Economist Intelligence Unit further buttresses this point. The survey confirms that the perceived complexity of using cryptocurrency remains one of the core roadblocks slowing down the mainstream adoption of digital assets. 44% of those surveyed believe that it is hard to use cryptos. And true to this study, many experts agree that until crypto usability becomes as simple and familiar as using traditional banking or Instagram, it will not go mainstream.
It, therefore, comes as no surprise that several crypto firms are looking for new ways to demystify digital assets, enabling seamless and instant access. DAOWallet is a blockchain firm that is changing the narrative.
When it comes to accessibility and usage of digital assets, there are two primary sides of the divide. On one end are consumers who want to be able to use cryptos just like they use their bank debit cards or cash for payments. And on the other end are businesses that want to accept crypto payments without dealing with the associated complexities or volatile price actions. DAOWallet caters to both categories of users.
DAOWallet has created a B2B cryptocurrency-fiat gateway solution for iGaming operators and other online platforms. Its product offering comprises a collection of user-centric tools, including low-cost exchange rates, crypto provenance tracking, and integrated AML and KYC. The wallet currently offers two types of accounts – one for businesses and the other for individuals.
On the business side, the payment solution enables businesses to receive crypto payments without having to deal with any complex technicalities. Its cutting edge technology services merchants, the gaming ecosystem, and online casinos (an industry where an average of 337 BTC is placed as bets every second). Using the wallet, merchants can generate invoices for customers at a fixed exchange rate.
Furthermore, DAOWallet enables a seamless API integration process with support for multiple coding languages. Businesses can access the company’s entire suite of tools with just two lines of code.
DAOWallet’s value proposition comes from its ability to provide more than one payment model. In its first model known as “Floating”, the wallet instantly transfers all received payments to the account of the merchant in crypto. Likewise, there is a “Fixed” model. In this case, payments are instantaneously converted to fiat funds and then transferred to a merchant’s account through globally recognized payment gateways.
In both cases, DAOWallet provides the infrastructure to hedge against the inherent volatility of cryptocurrency markets. The company makes this possible by interacting with a plethora of exchanges and blockchain networks to establish a stable crypto gateway. With DAOWallet, it has become increasingly easy for sellers to accept cryptocurrency payments without any technical know-how.
Security breaches and hacks are not new in the cryptocurrency space. In 2018, around $1.7 billion was stolen from investors. As of August 2019, over $4 billion was stolen in crypto crimes and this year, about $1.4 billion has already been stolen. According to DAOWallet’s website, all its funds are stored in cold storage facilities and the company routinely performs security audits every month. As such, the platform boasts of a formidable storage infrastructure that is almost impossible to hack. Moreover, the company has also deployed a unique crypto tracking tech that notifies businesses whenever transactions fall short of AML requirements.
The underlying value of DAOWallet extends beyond multiple payment models and AML compliance. The platform’s analytics function provides Big Data insights that help businesses to scale. Using this feature, service providers in the online gambling market can identify key players and gain insights into players’ internal and external environmental behavior. In doing so, businesses can tailor their products and services more efficiently.
On the individual side, DAOWallet allows users to connect and manage all their finances from a single platform. The individual product offering which currently tilts towards servicing the online gambling market allows users to safely store and transfer playable keys to games using RSA public encrypt.
As the number of businesses that accept digital assets increases, the popularity and usage of cryptocurrency as a valid means of payment will also increase. Without a doubt, DAOWallet is laying the foundation for wide-scale adoption through its unique set of tools. However, to function effectively, its crypto-fiat gateways must continue to complement and integrate existing financial service providers that consumers are already familiar with.
Andrey Sergeenkov is an IEO Adviser, digital entrepreneur with more than 10 years of experience, Hackernoon and BitTorrent investor. Assisted in raising more than 40 mln USD investments for more than 20 start-ups. He believes that actual usefulness is the best PR for any project.