As a researcher with a background in blockchain technology and digital currencies, I’ve seen firsthand the challenges that come with using cryptocurrencies in the real world. While the decentralized nature of these assets offers numerous benefits, such as increased security and privacy, the lack of seamless off-ramping solutions can make it difficult for users to access their funds outside of the digital realm.
As a researcher, I’d describe it this way: Through a strategic partnership, Mercuryo and I, Trust Wallet, are collaborating to facilitate off-ramp solutions for over thirty different cryptocurrencies.
In simpler terms, while digital currencies enable users to save value using virtual assets on decentralized systems, numerous everyday transactions in various regions and legal frameworks necessitate the use of traditional fiat money for completion.
In partnership with Trust Wallet, the self-custody provider, Mercuryo, the payments infrastructure firm, is enabling users to convert their digital currencies into real-world money through a service called “off-ramping.” According to Petr Kozyakov, Mercuryo’s co-founder and CEO, having a smooth off-ramp solution is equally crucial as securely managing digital assets.
Based on the announcement, Trust Wallet enables users to exchange more than 30 digital currencies into euros and US dollars. This feature can be accessed in over 135 countries globally.
This collaborative project represents another step taken by web3 firms to promote widespread acceptance and expand the applications of digital assets, with a focus on Europe in light of the impending implementation of the European Union’s groundbreaking Markets in Crypto Assets Regulation (MiCA).
Several companies including Strike, Tether, Robinhood, and Kraken have broadened their offerings to Europe in the past few months. Europe is particularly attractive for providers of virtual currency banking services; according to crypto.news, over 63 institutions are currently based there and offer digital asset transfer infrastructure.
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2024-06-03 19:45