🛠️Problem
Limited Off Ramping
So what problem are we actually solving? Right now, there is an immense gap between on chain digital ownership and its translation into real-world usage and utility in the form of fiat currency.
The fee to off ramp tokens into fiat can vary between 2-20$. Time to off-ramp tokens into local fiat can take anywhere between 1 hour to 10 days. And the process itself involves many intermediaries, which is burdensome, costly, and inefficient.
Age restrictions and barriers
Web3 users below the age of 18(around 50% of gamers worldwide) can't enjoy access to "real-world" currencies using their on chain earnings.
Some of the hurdles teenagers are facing:
Don't own a bank account
Don't own a credit card
Live in countries without access to banking whatsoever
Large fees associated with off-ramping tokens to local currencies
Literacy and complexity off-ramping tokens to local currencies
A long and tedious process to get tokens converted into local currencies
Geographical restrictions and barriers
Countries like: Vietnam, Philippines, Thailand, Pakistan, Indonesia, Turkey, and others are adopting crypto at exponential rates, yet:
A long and tedious process to get tokens converted into local currencies
Policies and restrictions prolonging verification procedures for many nationalities
Large unbanked populations(up to 80%) in some countries
*https://blog.chainalysis.com/reports/2022-global-crypto-adoption-index/
*https://cointelegraph.com/news/vietnam-s-crypto-adoption-factors-driving-growth-in-southeast-asia
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