Cwitch is aimed at achieving direct crypto-to-fiat peer-to-peer conversion. In undeveloped, developing and even some developed economies, cash is still a main method of transaction and the process of going from crypto to cash is an expensive and indirect one.
A predominant method of getting cash in an underdeveloped country like mine, where banks and their ATMs are slow, are Point of Sale (POS) agents. With the POS machines, you can make a deposits or withdrawals from your bank account as the agents serve as middlemen now, either to help you avoid the long queues or in remote areas where inhabitants far from a bank or even in new locations where you have no idea where or how far an ATM is.
Cwitch aims to leverage these agents as well as even make the process more seamless, especially for crypto to hard fiat conversions.
The first challenge of the traditional method of getting cash is actually finding the nearest agent - Cwitch aims to help its users "shazam" out the nearest agents.
The second challenge are high fees because of the charges incurred from banks who they are sort of partners with. Using cUSD or any other cheaper stable coins combined with a peer-to-peer approach Cwitch can cut fees to at least half of what it currently is as you don't have to be a partner to any bank; Anyone, anywhere can be an agent now with any spare cash at hand.
Finally, a system for directly converting cryptocurrency (Cwitch will focus on stable coins initially) to hard cash is one that is yet largely trivialized, but one with a ginormous market with a potential to drive crypto mainstream faster than the one that involves digital bank interactions, especially when we consider the unbanked billions in the continent with a smart or feature phone. Cwitch will make this work by designing a smart-contract based escrow system which will help foster trust between parties in their exchange of their coins directly with another peer for cash after easily helping them find each other.
Cwitch will simply help you and I directly convert our hard crypto to hard fiat without having to go through a bank.