Crypto-native businesses are relying on third party fiat payment rails and banking solutions in order to access the traditional finance ecosystem.
Prominent fiat payment rail services and neobanking platforms are becoming a catalyst to address institutional mistrust in the cryptocurrency sector.Fiat payment rails and neobanking services are becoming a vital cog in driving mainstream adoption and acceptance of the wider cryptocurrency space, according to key industry figures at the intersection of traditional finance and Web3.
As Dimitrova explained, OpenPayd’s core offering is banking and payments infrastructure for various industries including the cryptocurrency space. Damex’s clients deal with reputational issues with their bank accounts on an almost daily basis because they want to interact with the cryptocurrency ecosystem. Pondering why banks remain “allergic to crypto,” Rondot suggests that the problem comes from a misunderstanding “of the tool and the principle.
As Sypniewicz explains, Ramp’s infrastructure allows crypto-related businesses to offer credit cards, debit cards, local payment methods and bank transfer functionality for users to acquire cryptocurrencies or pay for services:
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