London-based fintech Unlimint is set to launch ‘GateFi’, in an attempt to connect traditional payment networks to public blockchain networks.
The solution looks to enable users to exchange fiat money for crypto and vice versa. Unlimint also plans for GateFi to act as a Web3 onboarding solution. The fintech looks to make Web3 and decentralised finance more accessible to all users.
The new crypto solution enables clients to pay from any location. These clients can pay how they want, through any channel which enables more payment freedom. GateFi also provides decentralised app developers with the ability to connect traditional payment networks to public blockchain networks. This offers developers a direct access point between the world of Web2.0 and the world of Web3.0.
App developers can embed a widget into their website. This widget enables users to exchange fiat money for cryptocurrencies and assets (such as NFTs). The process will also work the other way around, exchanging such assets for fiat currency. Decentralised app developers worldwide can also use the solution across financial apps, social apps, NFTs, gaming and more. Unlimint suggests that this could help developers reach a far larger audience.
Unlimint boasts a portfolio of more than 1000 directly integrated payment methods. The financial solution provider is to officially launch the solution during Web Summit in Lisbon from 1 to 4 November 2022.
Responding to the crypto crash
The move comes as more businesses prepare to accept cryptocurrencies as payment. Deloitte‘s “Merchants getting ready for crypto” survey found that 75 per cent of retailers plan to accept either cryptocurrency or stablecoin by 2024.
Following significant hits to the crypto market in the last year, BitPay and PYMNTS have released the “Paying with Cryptocurrency” survey. It found that 56 per cent of consumers are at least somewhat interested in buying cryptocurrency within the next year. Forty-two per cent of millennials said they would be extremely likely to buy crypto in the next 12 months.
Jack Jia, head of GateFi at Unlimint, commented on the launch. He said: “We are delighted to announce GateFi at Web Summit. Payment infrastructure has always been a core component of the money lego set for decentralised app developers to onboard real-world users to the world of Web3.
“At Unlimint, we see this new solution as the future. We will build with the builders, and unlock key innovations to reign in a new era of crypto adoption for Defi, NFT, and Gamefi. GateFi is set to break down the walls currently in place, allowing users complete payment freedom.
“By combining our experience as a traditional payment company, with longstanding trusted networks, to forward-thinking ideas and current trends around crypto, we are positive GateFi will deliver a unique experience within the decentralised and blockchain world, preparing our clients for tomorrow.”
