My concerns:
- Cross-Chain Costs.
From an individual's perspective, executing payments in a preferred cryptocurrency on the desired chain appears straightforward. However, issues arise with more complex payments, like converting USDT on Ethereum to USDC on Polygon. This process essentially translates to cross-chain swapping or bridging.
FYI… Transferring $100 of ETH from BEP20 to ERC20 via Stargate costs a staggering $28! Currently, many opt for CEX as a more economical route; So, I'm not sure how they can offer such low fees.
- Serving the “1.7 billion people who lack access to the financial system."
Fiat On & Off Ramps: Players like PayPal and Stripe are quickly monopolizing this space. New entrants face an uphill battle, and many banks are starting to prohibit transfers to crypto payment apps, further complicating the scenario.
Unbanked Cash Holders: The barriers mount if we pivot our focus to individuals with cash but no bank accounts. This will require ATMs or locations for cash transactions. This is why Western Union has maintained market dominance despite exorbitant fees.
The idea has potential, and the team looks good, but I am unsure about the tangible application. Show Less
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