Financial independence and freedom is one of the goals of crypto for many among us. However, we’re also still tied down to the traditional banking system. Still, we see an increase in Web3 or crypto payments.
So, we also need merchant banks who cater to this demand. Fuse, a blockchain specializing in payments, recently launched ‘Charge’. This is the first Web3 merchant bank. So, what does Fuse bring to the table with Charge?
Fuse Launches Charge, the First Non-Custodial Bank for Web3
Charge is a pioneering custodial merchant bank launched by Fuse. It was created to accommodate Web3 firms. Especially, Web3 merchants in the small and medium-sized businesses (SMBs) segment. That’s where most demand is for crypto payments.
1/5 Introducing charge: The first web3 merchant bank that lets you accept ANY currency on ANY blockchain! 🚀 #Web3 #Payments pic.twitter.com/QjJ4fSEoAp
— Charge Web3 (@ChargeWeb3) October 9, 2024
Charge is also a noncustodial Web3 merchant bank. That makes it the first of its kind. For instance, transaction fees are as low as 0.5%. This makes accepting payment a lot easier. Other features that Charge has, include, among others:
- An option to generate invoices.
- Manage cross-border transactions.
It also offers the option to make transactions in various cryptocurrencies and fiat. This removes any hurdles in international transactions. Now, one of the most interesting aspects derives from its noncustodial setup. To operate, Charge doesn’t need a banking license. All their clients are at all times in charge of their assets.
Many firms are hesitant to accept crypto payments. The reasons are, for instance, not cost-effective, concerns about security, and complex installations. On the other hand, Charge offers secure transactions and real-time tracking. There’s also no need for a complex installation process,
Despite the hesitation mentioned above, the Web3 payments market is growing. By 2025, analysts expect a $3 billion market. They also expect a 40% compounded annual market growth. Charge plays into this by offering a user-friendly experience. With Charge, you can send and receive various crypto and fiat currencies. This way, Charge also helps to bring Web2 and Web3 closer together. The picture below shows their merchant UI.
Source: Charge
There are no hidden charges for the Web3 merchants. As already mentioned, there’s a set fee of 0.5% per transaction. There’s also an option for merchants to offer a 0% fee. However, they will need to lock the $CHARGE token.
Conclusion
The payment blockchain Fuse launched ‘Charge’. This is the first noncustodial Web3 bank. Charge allows for fast, secure, and low-cost international transactions. Because it is noncustodial, there’s also no need for a banking license.
Disclaimer
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We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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