Crypto Payment Via QR – P2P.me Raises $2M from Multicoin and Coinbase Ventures – Crypto News – Crypto News
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Crypto Payment Via QR – P2P.me Raises $2M from Multicoin and Coinbase Ventures Crypto Payment Via QR – P2P.me Raises $2M from Multicoin and Coinbase Ventures

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Crypto Payment Via QR – P2P.me Raises $2M from Multicoin and Coinbase Ventures – Crypto News

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4 months ago

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P2P.me, an innovative crypto-to-fiat application, has successfully raised $2 million in seed funding from prominent investors, including Multicoin Capital and Coinbase Ventures.

This financial infusion aims to enhance the platform’s capabilities in bridging the gap between cryptocurrency payments and traditional fiat systems, particularly in regions where QR code-based transactions are prevalent.​

Addressing the Crypto-Fiat Divide

The widespread adoption of cryptocurrencies has introduced a new paradigm in digital payments.

However, a significant challenge persists: while many users are eager to transact using cryptocurrencies, a majority of vendors still prefer fiat currencies. This disparity is especially pronounced in areas where QR code payments dominate the financial landscape.​

P2P.me offers a novel solution to this conundrum. Unlike traditional on-and-off ramps that often involve complex processes and intermediaries, P2P.me leverages a decentralized network of intermediaries.

In this system, a user initiates a payment in USDC (a stablecoin pegged to the U.S. dollar), and a designated intermediary accepts the USDC, subsequently transferring the equivalent fiat amount to the intended recipient.

Remarkably, this entire transaction is completed in approximately 90 seconds, providing a swift and efficient means of converting crypto payments into fiat currency.

Innovative Approach to User Verification

In an era where data privacy concerns are paramount, P2P.me distinguishes itself by implementing zero-knowledge proofs for user verification.

This advanced cryptographic method allows the platform to authenticate users without storing sensitive personal information. The system assesses the authenticity of a user’s social media presence and may also verify government-issued identification, all without retaining this data. This approach not only streamlines the verification process but also enhances user privacy and security. ​

According to reports, the Base-built platform plans to launch a token within the next 12 months, aiming to transfer control to the community.

P2P.me’s emergence comes at a pivotal time in the evolution of digital payments.

The platform’s ability to seamlessly integrate stablecoin transactions into existing fiat-based payment infrastructures addresses a critical bottleneck in the adoption of cryptocurrencies for everyday transactions.

By facilitating rapid and secure crypto-to-fiat conversions, P2P.me not only enhances the utility of digital currencies but also fosters greater acceptance among vendors who have been hesitant to embrace crypto payments.

Final Thoughts

Thus, with its recent infusion of $2 million in seed funding from industry heavyweights like Multicoin Capital and Coinbase Ventures, P2P.me is poised to make significant strides in the crypto payment landscape.

y addressing the longstanding challenge of crypto-to-fiat conversions, particularly in QR code-centric economies, P2P.me stands to play a crucial role in bridging the gap between digital currencies and traditional financial systems. As the platform progresses towards its goal of community-driven governance, it exemplifies the innovative spirit driving the next wave of financial technology solutions.

Disclaimer: The content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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