Built on blockchain rails. Works like a 1-click bundle of debit sender account --> buy stablecoin --> send stablecoin --> (optionally) convert to fiat and disburse to receiver bank.
Well this is the first time I've ever been impressed by an application of crypto, notwithstanding some major concerns.
Thing is though that this is not a wire transfer, and lot of places where wire transfers are used are specifically used because of the infrastructure and guarantees around it. Would be interesting to a shift in adoption though
Do you guys just eat cost of minor fluctuations in stablecoin prices?
Thanks! Fortress can also slot into legacy infrastructure. Finality guarantee is also actually stronger with a stablecoin payment (cryptographically irreversible) vs a wire (99.9% irreversible, absent a bank mistake or court order).
But Binance just stopped all USD withdrwals. Circle is the only other issuer and requires you being licensed in every state as an MSB, plus compliance. And the fact that there is nothing to it tecnologically speaking. The whole moat is in having regulatory approval.
How can you do $1 per transfer if the off-ramps and crypto exchanges charge a percentage to withdraw to fiat? Unless you're using Circle which then requires you to be licensed in every state (unless their KYC failed)
Something not adding up here. Money movement (if you touch fiat on the way in or out) is highly regulated, and you would put Western Union and MoneyGram out of business if it wasn't. Moneygram already uses USDC, but it's not that simple.
if my recipient is okay with receiving crypto and I was doing a high volume of transfers, why wouldn't I just make a wallet buy some stablecoin and send it to them directly and not pay you n*$1
Definitely could if you're more technical (not our customer segment). Also want to note that receiver can either keep funds in Fortress or just route to their usual bank account.
Thing is though that this is not a wire transfer, and lot of places where wire transfers are used are specifically used because of the infrastructure and guarantees around it. Would be interesting to a shift in adoption though
Do you guys just eat cost of minor fluctuations in stablecoin prices?