TL; DR
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Revolut (a banking app) partners with MetaMask, allowing users to quickly move their money to crypto (smooth crypto-to-fiat ramps are boring, but necessary!).
Full story
Let’s. To get. Slippery!
Wait no! Do not go away. We will make it normal with context – promise…
Web3 is sneaking its way into traditional financial (TradFi) technology products, in the most boring way possible: through payment apps – and that’s exciting!
Why?
Because it takes the flat and grippy surface we know as ‘traditional financial services’ (aka banking/investing) → turns it at a steep angle → lathers it up with extra suds → and points it at Web3.
What on earth does that mean?
Talk to any marketer or product manager for more than two minutes and chances are they’ll lecture you about “slipperiness.”
In other words: how easy is it for new users to start using your product?
The slicker a product, the cheaper the marketing/user acquisition costs.
The problem with moving users from TradFi to Web3 is: it’s grippy as hell.
Banks will limit how much can be moved into crypto, centralized crypto exchanges pose the risk of collapse, understanding best practices for storing crypto/exploring different apps is an endless rabbit hole…
So every time we hear about new technology, it makes the whole transition more smooth, our ears perk up.
Revolut (a TradFi banking app) has partnered with MetaMask to enable its users to quickly convert their fiat money to crypto.
(And store in a wallet for self-custody).
Boring? On the surface – absolute.
But if you’ve ever tried to quickly move a significant amount of money from fiat to crypto, this kind of thing will give you physical tremors of excitement.
(We’ll definitely be sending this one to our buddy Greg).
