Instantly Convert Crypto to Fiat and transfer to Bank Account using XRP.

[ImTheRippler]

I had an idea for the "Venmo" of crypto, with a very simple interface that would act as a conduit for holders of crypto to quickly cash out or send fiat directly to each other's bank account and have it settle right then and there.

Venmo uses a complex system of IOUs from what I understand, but they ALSO use something called Debit Card Rails to send the money quickly to a user with only their debit card number.

Should we look at combining Debit Card Rails with the XRP ledger/exchange and ILP to middleman what is today a huge pain point in crypto experience? I'm not a software engineer but I do have some understanding of technology.

Opinions?

[increasedwisdom]

So, I've been thinking about this, and I love the idea.

Maybe I'm missing something, but wouldn't the simplest solution be to have Venmo add crypto?
(something they might already be looking into)

When settling transactions, going from crypto to crypto is a snap.  Going from fiat to crypto is a little harder,
but going from crypto to fiat is a huge pain point, especially in the United States.

And it's probably going to get even worse as regulatory clarity and mass adoption push forward.  (hopefully, I'm wrong)

KYC (know your customer), AML (anti-money laundering), CFT (combating the financing of terrorism)
These are HUGE concerns for governments that need to be resolved and standardized, and that just hasn't happened yet.
And I think that's slowing down the adoption and integration of crypto into apps like Venmo more than anything else.

So, do you think that adding crypto to Venmo would be a solution?
(It would probably require an extra step like, "Get Verified" to add crypto)

Or are you talking about something completely different that I'm missing?

[ImTheRippler]

On 8/6/2018 at 4:45 PM, increasedwisdom said:

r are you talking about something completely different that I'm missing?

You and I agree that the biggest pain point in crypto is crypto>fiat>bank account.

I was just inspired by Venmo’s ease of use in this area (putting fiat into bank accounts quick) and I thought if we created an app like Venmo where it used XRP ledger to turn any crypto into fiat then debit card rails to send the fiat to bank account in seconds.

Even offering this for amounts up to like $400 or whatever would IMO net a lot of usage! 

[increasedwisdom]

28 minutes ago, ImTheRippler said:

...if we created an app like Venmo where it used XRP ledger to turn any crypto into fiat then debit card rails to send the fiat to bank account in seconds....

Maybe I'm completely wrong on this, but I've been researching and researching, and it seems the XRP ledger can "carry" any fiat or crypto, but doesn't actually do any conversions.
I think turning crypto into fiat is only done through the crypto exchanges.
I know this process has been optimized on the Bitso and Coinsph exchanges, and I've personally verified this on Bitso. (converts crypto>fiat>bank account in seconds)
But I don't know if it's the same on Bittrex.  I would assume it should be, but I haven't found ANYONE giving personal verification of that, or even personal experiences of any kind.
The closest I found on the XRP Chat website was:

Quote

@JoelQuinn Posted in "Hodl My Zerps" about a month ago:  Looks like I may finally be able to ditch Coinbase with Bittrex opening USD deposits in New York. Creating an account now. I know some of you use the exchange, but I cant remember how you all like it? What's your experience? 

.....with no replies that I could find.  Maybe Joel, or anyone else using Bittrex can testify to the speed of turning crypto into fiat.

The real question is, how long does it take to move cryto into fiat using Bittrex?  
Or any other exchange, for that matter.  What's the fastest exchange in the U.S. for turning crypto into fiat?

So far, the use case xRapid has been setup for, is moving value FROM U.S. banks TO banks in other countries (like Mexico and the Philippines).
It doesn't seem to work as fast yet in the opposite direction.  (which is why this has been such a pain point)

But let's assume that it does, or at least will soon.  

We could create our app using Bittrex's REST API to instantly process the conversion to fiat.
But I'm not sure how to integrate that with the same Debit Card Rails that Venmo uses to transfer the fiat to the bank account.

Venmo might have their own API we could use to facilitate that final step, but I think they might still be working on setting up an API, I don't know.

The "Developer" link on Venmo's website is suppose to take you to developer.venmo.com, but that immediately redirects you to the standard "Business" page.

Hopefully, someone who knows more about this stuff will chime in soon.
There's a lot of questions to be answered before any programming can be started.

But you're right.  This would be a program that would get a lot of usage, especially as we move forward with mainstream adoption of cryptos.

The irony is, if we wanted to make this app in Mexico or the Philippines, we could start today!  hahaha
Ripple set out to improve upon some of today's most inefficient payment corridors, and by doing so,
made them faster, more efficient, and cheaper than the most widely used corridors.

 

[ImTheRippler]

Great post I think the Debit Card Rails are the key here. I heard the IBM lady mention them in one of her panels with Ripple and Coinbase, I’m going to do some searching but I believe the API for debit card rails could be available publically or through some outside organization.

[WilliamK]

On 8/6/2018 at 4:47 PM, ImTheRippler said:

I had an idea for the "Venmo" of crypto, with a very simple interface that would act as a conduit for holders of crypto to quickly cash out or send fiat directly to each other's bank account and have it settle right then and there.

Venmo uses a complex system of IOUs from what I understand, but they ALSO use something called Debit Card Rails to send the money quickly to a user with only their debit card number.

Should we look at combining Debit Card Rails with the XRP ledger/exchange and ILP to middleman what is today a huge pain point in crypto experience? I'm not a software engineer but I do have some understanding of technology.

Opinions?

We have something like this in the works with a bank in a lat am country. Would you happen to be a developer or know someone who would be interested in partnering with us?

Thank you.