A non-custodial multichain payment product will be introduced, according to Bridge Network, to address crypto off-ramps in underserved areas. The product will enable risk-free and secure cryptocurrency payments in the real world by allowing users to fund their cards directly from web 3 wallets across any chain.
Bridge Network, a cross-chain bridging dApp for both tokens and NFTs, has made plans to enter the payments industry and open up the world’s financial system to millions of underserved cryptocurrency users.
The product will enable faster, more straightforward, and decentralized crypto payments by allowing users to connect any web 3 wallet and directly fund a virtual or physical debit card using cryptocurrency from any supported blockchain.
A recent community update that included initiatives to develop an end-to-end platform for the typical user entering defi included the announcement.
“This is an exciting endeavour and problem to tackle because crypto payments have been the most difficult thing for us as a company based out of Barbados– We are well positioned to understand the challenges associated with it and are working with regulators in the underdeveloped regions to address reduce barriers,” says Kimberly Adams, co-founder of Bridge Network.
Thanks to the product’s multichain access, users can directly fund their Bridge cards with cryptocurrency assets from any supported networks. For instance, a user with USDC on the Solana smart chain or BUSD on the Binance smart chain can connect their phantom or meta mask wallet and directly top up their card without leaving the network to access the funds for payments.
According to the project, which recently raised $3.8 million from cryptocurrency investors, including FTX Ventures, Bridge pay is scheduled to launch in Q2 2023, with waitlist users receiving priority access. The revised documents state that the Bridge pay product will serve as the primary source of revenue to reward Bridge validators and encourage them to create a trustless network for its ecosystem of cross-chain applications.