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Skunkworks Project Suggestion: Fiat onramp/offramp #1932

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talmarbpertio opened this issue Apr 14, 2024 · 0 comments
Open

Skunkworks Project Suggestion: Fiat onramp/offramp #1932

talmarbpertio opened this issue Apr 14, 2024 · 0 comments

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@talmarbpertio
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Name of the project

Scroll BridgeVault

Project abstract

Getting content creators and publishers into the ecosystem smoothly is going to one of the major challenges. Newbies trying to bridge funds, onboard to ETH Mainnet and move funds around is going to be difficult. Ideally you want to have a banking facility that has a normal debit card that allows seamless switching between USD/Euro & ScUSD/ScEuro to onboard to the Scroll Ecosystem, avoiding the whole bridging process. That way creators can readily move funds on/off the ecosystem easily and transparently.

Specification

The app must include the following components as a specification:

Seamless Onboarding: By integrating banking services directly into the Scroll ecosystem, we can provide users with a seamless onboarding experience, eliminating the need to navigate complex and fragmented financial systems.

Enhanced Accessibility: The banking facility will make cryptocurrencies more accessible to a wider audience by providing easy-to-use fiat-to-crypto onramps and crypto-to-fiat offramps. This will lower the barriers to entry for new users and promote adoption.

Improved Liquidity: By facilitating the conversion between fiat and cryptocurrency assets, the banking facility will improve liquidity within the Scroll ecosystem, making it easier for users to transact and exchange value.

Security & Privacy: At the core is the need for robust security, while maintaining privacy and compliance.

Bank Accounts: Users will have the option to open bank accounts denominated in both fiat and cryptocurrency within the Scroll ecosystem. These accounts will provide traditional banking services such as deposits, withdrawals, and transfers, while also allowing users to seamlessly transact in cryptocurrencies.

Debit Cards and Payment Integration: The banking facility will issue debit cards linked to users' fiat and cryptocurrency accounts, allowing them to make purchases both online and offline. Additionally, the facility will integrate with existing payment networks to enable seamless transactions between fiat and crypto assets.

Financial Inclusion: The banking facility will promote financial inclusion by providing banking services to underserved populations who may not have access to traditional banking infrastructure. This includes individuals in regions with limited banking services or those who are excluded from the formal financial system.

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