Universality remains to be crypto’s greatest characteristic, but acceptability, ironically, is still largely absent. While we can point out many reasons for that, it all comes down to the ease of managing crypto assets and converting them to fiat for everyday use. If we succeed with that, crypto users will outgrow the FinTech crowd and join this new economy.
The Key to Global Acceptance of Crypto
Mainstream adoption will be possible when people are given bank-like features without needing bank access, and that can be done with a proven crypto-to-fiat (C2F) model. It is a reliable method to onboard more users that simplifies daily crypto transactions in a cost-effective manner.
However, a C2F model is effective only when backed with enough liquidity for various crypto assets. For users to have a seamless experience with crypto, they need to be able to convert their assets into cash instantly.
Another crucial element to take care of is the abstract nature of crypto. People are accepting the notional value and proven scarcity of crypto assets, but when it comes to use-cases, they are confused and don’t want to engage with any new trust models, and this needs to change. By implementing a simple onboarding procedure and providing an all-in-one solution, C2F models will open doors to new opportunities for many crypto users and businesses.
A business with an international user base can leverage crypto-to-fiat transactions and withdrawals, adding convenience to the consumer. As user experience is enhanced and cross-border fee is no longer a headache, C2F models become user-friendly for every service provider worldwide.
While a crypto-to-fiat model is the right choice, finding a project that addresses many different aspects of user adoption is challenging. Few of them can effectively tackle one problem like liquidity or wallet security, but fail to provide an all-in-one wallet system available in countries worldwide.
The one that provides a versatile crypto-to-fiat model with a wide range of services is Coinovy.
Crypto-To-Fiat: One of Coinovy’s Best Features
Coinovy has developed a C2F platform to make crypto easier and safer for the wider population. The best feature on the platform is Crypto Shop — a crypto-to-fiat solution that offers users liquidation in less than 60 seconds. And it does that without taking any help from crypto exchanges, P2P exchanges, and OTC deals.
The platform itself has a built-in exchange that consists of more than 100 trading pairs with global liquidity support from six major providers. Users can use Coinovy wallets to transfer their tokens and convert them into any preferred currency. The wallet supports more than 19 currencies.
Not only that, users can also process cross-border transactions with IBAN standards, which is potentially one of the first in the crypto space Coinovy collaborated with IBAN to not only swap fiat currency for cryptocurrency and vice versa but also make Coinovy wallets more accessible to global users.
Banks in a few countries do not allow their clients to make crypto purchases using debit or credit cards. That’s where Coinovy makes a big difference. It enables users in more than 150 countries by bridging traditional finance and crypto with a C2F model.
In terms of security of crypto-to-fiat transactions, Coinovy partnered with BitGo, a leader in institutional digital asset custody, to provide complete security of user’s funds by using multi-signature security and asset insurance of $100 million.
The ultimate goal is to deploy crypto assets and buy real-world items. Coinovy’s partnership with Visa (NYSE:V) and Apple (NASDAQ:AAPL) allows users to do just that. In essence, Coinovy is showing the world how financial inclusion can be promoted without ever creating a bank account with its crypto-to-fiat business model.
Will Coinovy’s Streamlined C2F Model be Enough for Mass Adoption?
Crypto Shop is one powerful product of Coinovy. There are nearly eight more features that complete the Coinovy ecosystem. All of them are based on Coinovy’s pillars of strength — technology, exchangeability, wallet solutions, and crypto-to-fiat. As users can use this one platform for everything crypto-related, we can expect Coinovy to be a major player driving mass adoption.