Overcoming the Complexities of Web3, SmartRamps Create a Frictionless User Experience and Enable Web3 Companies to Offer E-Commerce-Like Purchase Flow
SAN FRANCISCO , May 25, 2022 /PRNewswire/ -- Today, Wyre, a leading cryptocurrency compliance infrastructure provider, is launching SmartRamps™, a new, game-changing product in the Web3 ecosystem that enables companies to connect their smart contracts to the world's most popular payment methods.
Web3 is broadly described as the third iteration of the internet and has shown massive growth with over $30 billion of investment in 2021 alone. However, like any nascent technology, it comes with various growing pains, particularly Web3's inability to onboard users and add additional funds to decentralized applications (dapps).
Wyre's new SmartRamps™ product, developed in tandem with Horizon on their Sequence Platform, will resolve several critical pain points for Web3 users and companies alike. Users will be able to use card payments to directly purchase NFTs and other digital goods without having to interact with the complexities of the blockchain. For example, 'non-native' cryptocurrency users will not need to learn how to manually execute on-chain transactions, navigate multiple blockchains, manage gas fees and suffer through time-consuming and error-prone processes.
"People shouldn't have to be blockchain experts to buy an NFT. Consumers want to buy NFTs with their credit card, like they normally shop online," says Ioannis Giannaros, co-founder and CEO of Wyre. "A smooth user experience is crucial for the mass adoption of Web3 products and services. Removing the complexities of smart contract interaction is a major breakthrough for Wyre, and also for the entire Web3 ecosystem."
SmartRamps™ will usher in a new wave of Web3 adoption by enabling Web3 businesses – from NFT marketplaces, games, decentralized exchanges and DAOs to anyone with a smart contract – to offer streamlined purchasing experiences. While Wyre supports on-ramping for multiple protocol partners, SmartRamps™ will be able to further bolster their offering and equip large players with the ability to fully customize the way their users make purchases on their platforms.
"After our beta launch, we plan to open-source our SmartRamps™ code. Our ultimate goal is to stay true to the ethos of Web3 and ensure the masses have access to the most inclusive monetary system in the world," says Jamal Raees, head of blockchain strategy at Wyre.
In the weeks following the launch, Wyre will roll out this functionality first in partnership with Horizon's smart contract wallet and developer platform, Sequence. Built on Sequence and the Polygon network, players of the popular blockchain game Skyweaver will instantly be able to fill a shopping cart and then purchase one or more NFTs using credit or debit cards directly in the game's interface.
"Our focus is on driving Web3 adoption by unlocking utility and delivering seamless experiences for users and developers," says Peter Kieltyka, CEO of Horizon. "SmartRamps™, which are built into the Sequence Wallet, allow users to easily buy NFTs with familiar payment methods, and give developers one of the tools they need to onboard new users."
Proving true to Wyre's mission to continue building solutions for builders to utilize and help increase accessibility for users, create a more secure and frictionless environment for developers to build, and drive excitement and attention around the possibilities of Web3.
Wyre is the leading fiat-to-cryptocurrency and payment infrastructure company for the cryptocurrency ecosystem. Focusing on developers, the company provides easy-to-integrate APIs which enable thousands of developers to bring cryptocurrency to the masses. The company has "on-ramped" over 15 million end users to their partners and has processed over $10B in payments since inception. "Checkout", Wyre's flagship product, is the world's fastest fiat-to-cryptocurrency gateway and has helped hundreds of cryptocurrency applications better reach their customers. Wyre has been involved in the cryptocurrency space since 2013, supporting customers in over 100 countries worldwide, and empowering them with blockchain technology, ensuring the move to Web3 is as smooth as possible. For more information, please visit www.sendwyre.com.
Horizon is driving Web3 adoption by making blockchain easy, fun, and powerful for users and developers. Its Sequence smart wallet is a user-friendly and secure gateway to crypto, NFTs, Web3 and the metaverse, while its Sequence developer platform makes building user-friendly Web3 applications easy. Its free-to-play trading card game, Skyweaver — where players can win, own, and trade their NFT cards — is being touted as blockchain's best game. Co-creators of the ERC-1155 multi-token standard, Horizon is making Web3 fun, accessible, and for the benefit of all participants.
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