Summary: A fiat to a crypto gateway that allows users to on-ramp (off-ramp soon to all regions) into InstadApp on across all chains (Ethereum, Polygon and Binance Smart chain) without having to buy cryptos from another exchange first.
Everything is done within the InstaDapp ecosystem.
There is also an opportunity for InstaDapp to monetize each transaction.
Objective:
Make use of the “Buy” button
Provide an easy way to top up user account with cryptocurrency using fiat
Hey @duyccao thank you for sharing this proposal for us! I think the community is particularly interested in being able to buy dollars on Polygon. What assets would you have available for purchase on Polygon when you launch in September?
Hey I wanted to ask how this works. Is this a third-party service plugging into Instadapp allowing users to buy using fiat? Are we getting into any regulation issue dealing with fiat?
What are the fees that you’ll charge end users? If it’s more than a flat rate that is less than the cost of crossing the Polygon bridge, most real use cases would be better off using the latter. If it’s a percentage rate, then unless people are transferring $100 a paycheck or something, what’s the point?
Do we want to pay $10K out of Instadapp treasury to set up something that most users may wind up feeling ripped off when they realize they could mint USDC on Coinbase for free and cross the bridge for $20 instead of paying way more than that?
I feel like eventually it will be important to integrate crypto.com, binance card, or WireX or Moonpay. And seems like if this Banxa doesn’t have cost to the Instadapp community, might not be a bad idea
Decentralised Finance is still in its infancy and will probably look so different, even in a year or two from now. Fiat integrations like Banxa can make it easier for new people to join us, I feel this is a good thing in helping to grow the Instadapp and Defi communities.