We’ve built a simple, yet game-changing application demo, connecting Stripe with an ERC-20 token, allowing for direct transactions between fiat and cryptocurrencies.
Terms and conditions aside, this app could change the way the world accesses cryptocurrencies.
The fiat-to-crypto conundrum
Practically all cryptocurrency-integrated products on the market today require users to acquire cryptocurrencies externally before beginning. That may seem easy for most people, but it just isn’t. Other than OTC deals, there are still no super-easy or fast ways to buy cryptocurrencies with cash.
Exchanges provide one way, but the sign-up processes alone can repel potential users. The KYC process can be tough, especially for citizens of certain countries like the USA or Singapore. Then, you’ll often be subject to purchase limits, and will need to learn the basics of trading.
Simplifying cryptocurrency purchases
The tools within MESG’s SDK allow you to integrate notoriously-difficult-to-connect blockchains with just about anything. So now, connecting a payment processor like Stripe to a blockchain like Ethereum is a relatively simple process.
We’ve already built it, and it works great. The app allows users to buy any ERC-20 cryptocurrency using Stripe, one of the world’s most popular payment processors.
Sadly, the terms and conditions of most payment processors forbid merchants from selling blockchain assets. Regardless of current legalities, the technological possibility is here, and it’s impressive to see in action.
Just enter your card information, choose the amount you’d like to purchase and enter an Ethereum address. Then a receipt is sent to your email address, confirming the transaction.
We accomplished this feat by building a simple MESG application connecting three MESG Services, Stripe, SendGrid, and Ethereum.
It’s through innovations like this very app that we can change the way blockchains are adopted and used.
The potential business impact
Apps like this could put user adoption back into the hands of product makers and UI developers, allowing users to participate without needing to leave the application.
Legalities permitting, an application such as this could all but eliminate our reliance on cryptocurrency exchanges.
If the MESG application were made to communicate with ERC-721 rather than ERC-20, users could purchase digital collectibles like CryptoKitties or video game assets with a card payment, all without leaving the app.
Interoperability tools like the ones featured in MESG will be the catalyst to generate significant user adoption of blockchains within real-world applications.
Stay tuned. In a future article, we’ll dive into the mechanisms behind this incredible app, plus we’ll cover some other MESG apps that can help fix the crypto-adoption conundrum.