Hi all, Julie here.
I was able to attend Bitcoin 2022 in Miami a few weeks ago with some of my colleagues, and I wanted to recap some of what I learned about how crypto companies are using Orum during our whirlwind of a trip. On top of hosting an amazing dinner for women in crypto with TaxBit, I saw first hand how much of an impact Orum’s technology can have on the crypto user experience.
As many of you know, Orum helps businesses instantly move money (you can find out more about how here). This might sound like it doesn’t have much to do with crypto, but oh man does it ever. You see, crypto users in particular are accustomed to being able to trade and convert crypto in real time. That means that when it comes to converting fiat into crypto or vice versa, it’s a rude awakening finding out that it could take up to 5 days.
Companies have started adding additional ways for users to get fiat onto their platform and buy crypto, but the fees for the company (which may get passed on to the user) are high. For example, ACH costs 15 cents or more per transaction depending on the company’s volume, while wires cost upwards of $7.50 and debit/credit is around 2-3% of the transaction size.
Unfortunately, the primary funding mechanism for any crypto platform is loading fiat funds. That’s where Orum can help. One of the biggest things crypto businesses are currently looking for is the easy, most cost-effective methods that don’t compromise on speed.
Simplest in both technology integration and involvement.
Fastest in matching the real time speed of crypto.
If you think about how vastly different the onramp and offramp for crypto is from converting Ether to Bitcoin or transferring your own crypto into another one of your wallets, it’s pretty easy to see why users get frustrated by the delays when fiat is involved and start blasting angry tweets.
We’re ready to help. With Orum, our customers can bridge their customer experience gap and allow the onramp and offramp to occur faster because they can eliminate the 5-7 day on platform holds that exist today. For example, with our flexible API, platforms are creating new services and products with instant payments embedded. Orum’s payment intelligence allows funds to settle in as little as 60 seconds, so there’s no need for exchanges to impose holds on money they are fronting. Modernizing money movement will help you drive higher engagement and growth.
That’s a game changer.
Adopting an easily scalable solution for fast onramp from fiat to crypto, and vice versa, across all of a crypto company’s current and future products through a single API is going to make it easy to scale this fast onramp from fiat to crypto, and vice versa, across all of the crypto company’s existing and future product offerings. Orum’s intelligence also makes it so this can happen without added risk.
Ready to move? Talk to our team about adding instant deposits and payouts to your crypto platform today.