Fiat gateway for WAVES


#1

Hi All.
Is there any news on fiat gateway to purchase WAVES directly on Dex from USA residents? I have been unsuccessful many, many times trying to get setup through IDNOW process. When anyone in USA asks, I tell them to go through another exchange first to buy BTC/LTC/ETH, then buy WAVES. I am trying to get my contacts to go directly to WAVES Dex but we all have issues. It would be much, much easier and your would have a significant jump if USA residents could purchase direct.

I know there is a lot of work being done so I wanted to check status on this gateway.


#2

Hello, Robert!

Citizens of the United States do not have the opportunity to make deposits in US dollars and EUR yet. The list of accepted countries and rules are established by IDnow service.


#3

Thank you. I understand. However, I have been unsuccessful in being able to even create and account with them due to network errors. I am trying to promote WAVES in the USA and it doesn’t look good if US citizens can’t spend their money to buy Waves. So far, people are having trouble and just going to Binance to buy Bitcoin. This is not what we are looking for.

I wish I had a solution to the issue. We are losing US customers.


#4

Hi Robert. My country ( actually the whole continent of Africa) has the same problem. Thats why i started a new company and built a custom gateway for South Africa and we will start public testing in the next fiew days. i think for a decentralized exchange this will be the most viable option and we can build our own solutions.


#5

Hi. Can we communicate offline about this? I have someone helping me with a gateway but not moving as fast as I need. I am DESPERATE to get this created. I could have so many people buying Waves from USA if I could only get a gateway functional. I have the idea, the plan, the process… I just don’t know the coding and having a difficult time getting help in that area.
I would love to exchange ideas with you about this!


#6

I would also be interested in the discussion. Send me a private message if I can join. :smile:


#7

sure :slight_smile: , check your private messages


#8

I’m exploring the possibility of one for Canadian that would be open to US residents and also possibly offering USD. Trying to figure out how the USD would work with the current USD gateway.

Can someone from waves let me know if it would be a seperate USD token, or I could issue the same USD token? I suspect some relationship would need to be established with the european gateway for the latter.


#9

my suggestion is to first do thorough research regarding laws and regulations around USD stable coin. You will aso need to establish a solid relationship with a banking partner. Those are the first steps. Afterwards you can cosult with other gateways and establish a gateway if you deem it to be successful venture.


#10

Did you figure something out? I am looking at creating a Canadain Dollar Gateway. Any one knows what are the steps? How difficult it is?


#11

I got busy with other projects.

The first challenge is getting the banking relationships. All want KYC and FINTRAC, even though it’s not a Canadian requirement, this was particularly the case with overseas banking partners. You would probably be fine just doing e-transfers if you have small volume with multiple business accounts at Canadian institutions. Pretty minimal just a lot of calling meetings, and asking for the right people.

Second challenges as I was interested in doing USD in addition to CND. The turkish(?) partner has a monopoly on the verified USD token in the waves platform. I never heard anything back from them or the waves community on how this would/should work. This is where I lost interest, and decide there’s a lot more centralization than they exhibit. Also ran into some concerns when the eth / monero gateway was down for an extended period. And decided a pseudo DEX offers very little advantage over a centralized DEX, which pushed my interest/trust in the WavesPlatform lower.

3rd thing that led me to dropping/delaying the project was the announcement of elixxir.io which has the potential to be a game changer, and I’m not devoting time to a blockchain project until the elixxir.io beta is available.

However the single largest challenge for a fiat/crypto gateway or true DEX is the adoption. You have to reach a certain amount of market penetration for your gateway to have/provide any value. An easier alternative to launching a gateway maybe is to launch a stable coin.


#13

Stable coin is the idea. WUSD is technically a stable coin. I am thinking of implementing loyalty program on Waves, where different loyalty tokens could be exchanged or even sold for Waves or wUSD, or WCAD in the case of Canada.
Most Companies cant run business on crypto, because of the volatility risks, but stable coin would solve the problem.


#14

Why elixxir is so important? because of the high tx/s?


#15

yes, tx/s is huge, but one of many reasons
multi party computing (could solve the issues around running a true DEX, that meets speed requirements)
it’s truly private/anonymous
higher scalability when compared to existing crypto currencies
less barrier to entry for miners/nodes

imho it has the potential to leave bitcoin and every other cryptocurrency, or blockchain platform useless and worthless. A big unknown factor is still it’s licensing and initial tokenomics.


#16

yes WUSD is a stable coin, but also a proxy token, backed by “reserves” which require trust. I should have said a stable coin like bitShare “smart coins”

A “stable coin” like WUSD that is a proxy token offers none of the advantage of using a decentralized crypto currency, accepting a stable coin backed by any form of reserves would be pointless and very risky as a business, you’re putting your trust in a company holding the reserves. At least with a fiat currency you know it’s backed by a nation that has the power of taxation, not that i’m saying fiats are good, but better than a proxy token. Proxy tokens like WUSD are only useful if you’re a trader.