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Three Methods that Ferrum Network Used to Implement a Fiat Gateway

While Ferrum strives to be the best wallet and exchange even compared to the centralized options, it is important that we allow users to access fiat money. The world of fiat money is governed by financial regulations and there is no decentralized solution for access to fiat. In that sense, UniFyre Wallet will provide features for users to access the traditional banking network, based on their geographical location. To ensure complete compliance with local regulations, we propose three methods to implement a fiat gateway.

XRP as Intermediary Cryptocurrency

In this model, Ferrum will integrate with existing fiat gateways that support XRP/fiat pairs, such as Bitfinex or Kraken. For example, if the user wants to buy Bitcoin with EUR, Ferrum will use the fiat gateway's API to buy Ripple (XRP) with EUR, immediately transfer that XRP to the Ferrum network and exchange it to Bitcoin. This process should take around 10 seconds to complete depending on the speed of the fiat gateway. Although this model is not ideal, it is still a significant improvement over directly using the fiat gateway for BTC or ETH transactions because of the increased speed of the Ferrum Network. 

In order to sell Bitcoin for EUR in Kraken (without using Ferrum), a user must send their BTC to Kraken. This may take several minutes up to an hour(s) for the BTC to reach Kraken, during which time prices may have changed considerably. Conversely, because Ferrum will use intermediary XRP, and the BTC transactions inside the Ferrum Network are instant, the time from a sell request to EUR appearing in the user’s account can be as little as a few seconds, thereby reducing the risk of price fluctuations.

Direct Integration of Ferrum with Fiat Gateways

In this model, Ferrum will partner with established fiat gateways in various locals. Ferrum tokens can be listed directly on the fiat gateway, therefore users can buy Bitcoin directly in Ferrum network with fiat currency. This is a medium-term goal and will be achieved after the main net launch.

All the above options for a fiat gateway have a major drawback in that Ferrum will not have control over the fiat transfers, and therefore will not be able to innovate and reduce costs. Nonetheless, Ferrum will be pursuing the path to fiat gateway and direct access to the banking system. The process of securing licenses and adhering to local regulatory requirements will take time, and may happen in some locals before others, but once achieved, Ferrum will be able to reduce the cost and improve the speed of transactions with fiat currencies.

West African Fiat Gateway Through the Kudi.Exchange

Africa is a continent where cryptocurrency is used for everyday needs. Therefore, we believe it is a great market for adoption of fast, secure and easy-to-use cryptocurrencies. For that reason, we have launched Kudi Exchange, a fiat gateway plus payments app in West Africa.

Kudi Exchange is a fiat-to-crypto exchange based in Nigeria, which is a country with 200 million people, the 7th highest Bitcoin volumes in the world, and the highest searches for the word “Bitcoin” on Googlexviii. It is also a country with a relatively underdeveloped banking system.

Kudi Exchange can be thought of as a Coinbase plus peer-to-peer Venmo. It allows users to quickly purchase digital assets like Bitcoin, Ethereum and XRP, for at a lower cost than the competition. Moreover, using the Kudi mobile app, users can send fiat currency the Naira to other Kudi users peer-to-peer for no transaction fees, sent directly to their phone or What’s App number. These Naira transactions are orders of magnitude cheaper and faster than the alternative and do not require any banking intermediaries. Finally, the Kudi Exchange will be the first exchange in Africa to offer a U.S. Dollar backed stable coin, Gemini Dollar, through Ferrum Network’s co-marketing partnership with Gemini.

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