Unlimint set to Launch Crypto Exchange Solution
London-based fintech Unlimited is set to launch ‘GateFi’, in an attempt to connect traditional payment networks to public blockchain networks.
The solution appears to enable users to exchange fiat money for crypto and vice versa. Unlimint also plans for GateFi to serve as a Web3 onboarding solution. Fintech looks set to make Web3 and decentralized finance more accessible to all users.
The new crypto solution enables clients to pay from anywhere. These customers can pay as they wish, through any channel that provides greater freedom of payment. GateFi also gives decentralized app developers the ability to connect traditional payment networks to public blockchain networks. This gives developers a direct access point between the world of Web2.0 and the world of Web3.0.
App developers can embed a widget on their website. This widget enables users to exchange fiat money for cryptocurrencies and assets (such as NFTs). The process will also work in reverse, exchanging such assets for fiat currency. Decentralized app developers worldwide can also use the solution across financial apps, social apps, NFTs, games and more. Unlimint suggests this could help developers reach a much larger audience.
Unlimint has a portfolio of more than 1,000 directly integrated payment methods. The financial solution provider will officially launch the solution during Net meeting in Lisbon from 1 to 4 November 2022.
Reacting to crypto crash
The move comes as more businesses prepare to accept cryptocurrencies as payment. DeloitteThe “Merchants getting ready for crypto” survey found that 75 percent of merchants plan to accept either cryptocurrency or stablecoin by 2024.
After significant hits in the crypto market over the past year, BitPay and PYMNTS has released the survey “Paying with cryptocurrency”. It found that 56 percent of consumers are at least somewhat interested in buying cryptocurrency in the next year. 42 percent 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 excited to announce GateFi at Web Summit. Payments infrastructure has always been a core component of the money Lego set for decentralized app developers to onboard real users to the Web3 world.
“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, giving users complete payment freedom.
“By combining our experience as a traditional payment company, with long-standing trusted networks, with forward-looking ideas and current trends around crypto, we are confident that GateFi will deliver a unique experience within the decentralized and blockchain world, preparing our customers for tomorrow .”