Verification and Onboarding in the Web3 Space. Seamless onboarding to web3, made possible by Mercuryo and Sumsub. Ever since cryptocurrencies merged into the modern-day economy, they have been used to enhance the way we send and receive money. Yet, it hasn’t been easy for crypto-focused companies to work with fiat funds and accept payments from customers amid an immature regulatory framework.
Verification and Onboarding in the Web3 Space
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As the crypto ecosystem grows and authorities are mapping out the policies, the Web3 space is slowly establishing relationships with mainstream finance. Compliance issues are a big part of the ongoing Web3 struggles, but the solution is already well on the way.
Together with Sumsub, we have produced a comprehensive report on onboarding in web3. Mercuryo shared insights on payment challenges, while Sumsub explained the compliance aspect of it all.
Payments Challenges of Crypto Companies
One of the biggest roadblocks for crypto companies on the way to smooth payment processing is regulatory uncertainty. Not only do the requirements vary based on the company’s whereabouts, but it also requires significant tech expertise and not a single trial until the decent framework is released.
And then, there’s an issue with proper business operation. Let’s say you have a cryptocurrency-related service striving to expand. The best way to acquire new customers is to provide them with an easy and familiar option to pay in fiat. However, there is nothing easy about getting a license that would allow you to accept fiat as a crypto company – the amount of red tape you have to cut through is overwhelming, to say the least.
As for accepting cryptocurrency payments, the merchants should handle quite a few things, including proper licensing, liquidity, chargeback policy (and possible issues that come with it), anti-fraud system, customer service, KYC checks, and more. Unless you hire a company that will take care of all of the above, it is a serious commitment.
The good news is that payment protection, anti-fraud, and KYC checks can easily be outsourced and spare you from falling down the rabbit hole of enhanced security.
Simple Onboarding
Every financial app, be it a neobank, crypto exchange, or something more traditional, requires the users to undergo the KYC procedure. The procedure might be slightly different depending on the local requirements or the amount of money one wants to operate with, but eventually, it all comes down to downloading an ID and passing a few additional checks.
One thing that will save you time and money is delegating onboarding and identity verification to a trusted third party. Working alongside Sumsub, the leaders of the Web3 compliance scene, Mercuryo offers crypto-focused businesses a smooth payment processing solution that conveniently simplifies user onboarding and makes it easy to collect payments. Together with Sumsub, we ensure all transactions that go through us are secure and compliant with regulations.
No KYC Flow
No KYC flow helps crypto companies significantly speed up the onboarding process, since it enables users to buy up to 700 EUR worth of cryptocurrency without any identity verification on fully legal and secure terms.
The necessity to provide personal information to a platform you’ve never tried before often puts off first-time users and makes businesses lose a hefty share of clients. At the same time, the 700 EUR ‘trial period’ gives time to get comfortable and familiar with the service until fully committing, properly verifying identity, and raising the platform’s limits.
On top of that, the Shared Token API solution offered by Mercuryo matches a user’s details with previously used KYC info in the backend. Consequently, one only needs to pass the KYC procedure once and simply reuse this data on other apps and websites that support this feature.
Overall, the well-thought-out solution offered by the Mercuryo and Sumsub alliance benefits businesses by increasing efficiency, reducing costs, and delivering an incredibly smooth user experience.
Notable Milestones
Mercuryo’s payment solution is successfully employed by acknowledged industry leaders like Trust Wallet, Bybit and Ledger.
By integrating our all-in-one on-ramp solution, Mercuryo helped web3 first companies like Trust Wallet securely onboard thousands of people and make their first steps in the crypto space –namely, buying digital assets with their credit cards – as effortlessly as possible.
Partnership with DeFi platforms like 1inch, in turn, unlocked the unique opportunity for DEX users, allowing them to finally swap fiat funds with any crypto of their choice. Previously, the decentralized space lacked similar opportunities, which prevented new customers from entering the cryptocurrency market without turning to custodial exchanges.
Streamlined payment processing combined with effective compliance in the web3 ecosystem is an essential part of the crypto space evolution. Mercuryo’s solutions are carefully designed to facilitate the growth of this industry by equipping companies with a universal toolbox that handles every part of the business, from licensing and data storage to anti-fraud setup and smooth onboarding.
