New multi-channel DeFi payment protocol allows providers to accept any token

A fully decentralized solution gives customers a simple and user-friendly way to make payments in any cryptocurrency, automatically routing token exchanges through the cheapest decentralized exchange (DEX).

The core DePay The payment widget is free and easy to integrate into DApps and websites, requiring a few lines of code to insert. But it is the customer’s user experience that is at the heart of the decentralized finance project. A two-click automated payment interface eliminates the need to send buyers off-site to a DEX to obtain the required cryptocurrency – a process that both requires some technical know-how and increases the likelihood of abandonment. shopping baskets.

Once the buyer clicks on the DApp’s ‘buy’ button, DePay scans the buyer’s wallet, selecting the cryptocurrency that can be converted into the seller’s desired tokens in the most profitable manner. It also analyzes decentralized liquidity pools to ensure that swaps can be made immediately.

DePay then displays the item or service purchased, the cost in dollars and the chosen cryptocurrency, as well as the network charges. When the customer clicks “pay”, the DePay protocol smart contract performs the exchange and sends funds to the seller in real time.

Customers have the option of selecting a different cryptocurrency from their wallet if they wish.

Right now, DePay says that sellers and sellers end up losing a lot of potential income because of how they have to go through additional token conversions on various exchanges, creating friction, wasting time and causing problems. additional costs.

In progress

In addition to the core DePay Payments tool, the company has eight other products built on its core widget in the pipeline, two of which are operational: DePay Sales, which allows buyers to directly purchase the DApp’s own token, and DePay Donations.

Then DePay PRO is how the company plans to monetize its products. The subscription product will overlay a comprehensive payments dashboard on top of its payments product, offering tools such as filters, search functionality and analytics, as well as customer profiling data, invoicing and financial reporting tools. , data export capability and integration with consumer products such as Salesforce CRM Platform.

More information on depay here

Upcoming products later this year are DePay Swap, offering direct token exchanges; DePay subscriptions, which automate recurring payments; DePay Payroll, which can pay employees with crypto; DePay Credit, which will offer loans secured by tokenized subscriptions and payroll streams; and DePay Wallet, which will allow buyers to use the DePay Payments widget on DApps that do not offer it directly. A DePay credit card is slated for 2022, and the company plans to hand over all protocols and commodities to community governance in 2023.

Branching out

Originally built on the Ethereum blockchain, DePay has an independent perspective of the chain and is in the process of adapting to other blockchains, as well as the interchains that interconnect blockchains.

Speaking on the Blockchain Brad podcast, CEO, CTO and Founder of Depay, Sebastian Pape, said the company is “driven to grow across different chains because our value proposition is that we enable so many digital assets or crypto assets as possible “.

DePay has gotten more than a bit of traction with this idea, having been included in the CoinList Seed Winter 2021 batch and be nominated finalist at the 1inch ETHOnline Winter 2020 Hackathon.

It has also forged significant partnerships, starting with the DAO Maker multi-investment platform, a launch pad and accelerator for tokenized businesses. By integrating DePay Payments, DAO Maker offers its user base a way to invest using any token, while allowing customers to pay for services and products in the same way. DeFi iMe messaging platform, based on open source Telegram, also integrates DePay.

DePay also has an ERC-20 token, DEPAY, with several uses. These start with utility – as it can be used to pay for DePay PRO when it launches – liquidity staking and governance functions. A crypto payment extension to Binance Smart Chain will also be available soon.

The project recently partnered with Unmarshal on a quest to create a decentralized payment platform, and DePay’s solution for crypto donations was recently showcased at a United Nations conference.

Based in Zug, also known as Switzerland’s “Crypto Valley, DePay was born when CEO Sebastian Pape sought to create a solution that answered this burning question: “What’s the missing piece for mass payments adoption? cryptographic? “

Disclaimer. Cointelegraph does not endorse any content or product on this page. While our goal is to provide you with all the important information we may obtain, readers should do their own research before taking any business related action and take full responsibility for their decisions, and this article cannot no longer be considered as investment advice.

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About Matthew R. Dailey

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