[ARCHIVED] Fiat Onramp Proposal for BitDAO - CoinInn

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Proposal Title: Adding Fiat onramp entrance on BitDao website &
community channels

Authors: Elyas from CoinInn

Date: 26th Oct. 2022

How will your proposal, if activated, benefit BitDAO?

By integrating this Fiat onramp API, it will allow users to purchase BIT directly from BitDao website or from BitDao community channels such as Discord server, Telegram channels, Twitter etc… this Fiat onramp is a bridge to fill the gap between web2 to web3, meaning that users will be able to pay with their Credit Cards, Apple Pay, Google Pay, Bank Transfer (SEPA, SWIFT, FPS, etc…)

What are the projected outcomes?

First of all, CoinInn itself has 300k users, and most of them are from the traditional investment market, they would love to purchase tokens with fiat, and this Fiat onramp is a plus regarding the selling channel for BIT.

How long will it take to complete your proposed changes?

if the proposal got approved, it will take no longer than 2 weeks to integrate it, it will be mostly frontend job for BitDao developers.

Who is involved?

for implementing it, frontend developers from BItDao and devs from CoinInn, for promoting it, marketing team from BItDao and CoinInn

What are the milestones?

increase the amount of BitDao holders by 2%-5% in first quarter.

Specifications:

  1. Timeline 2-4 weeks
  2. Budget free
  3. Add technical details and/or links to source documentation
  4. Include any other relevant details on how this proposal will be accomplished

Next Steps? If this proposal is accepted, what are the immediate action items?

To discuss the implementing process, and start testing.

Review Process

The BIT Community and delegates might discuss and verify the following before considering proposals.

Personnel

  • Is the team credible?
  • Are they qualified to do this work?

Technical

  • Does the proposal make sense technically?
  • Does this fit into, or compliment, other projects in the BitDAO ecosystem?
  • Yes, it’s a plus for BitDao ecosystem
  • No, we want no extra channels

0 voters

  • Build Fiat onramp for BitDao. In order to let users to buy Bit via Fiat currencies directly from BitDap website and all community channels
9 Likes

This is a huge help to BitDao. It can indeed facilitate the transactions of many users, especially new users. Currently, mainstream tokens such as BTC and ETH can be quickly purchased through legal currency, and BitDao also needs these services.

6 Likes

How much are the Credit Card / Bank transfer fees? Are they the same or do they vary?

Some exchanges like ByBit, Binance & MEXC for example take around from 0.25% up to 0.9%. Obviously they charge these for their Web2 services(hosting) , and legal teams etc… I expect your exchange to do the same. Kindly specify the numbers if possible. Thanks.

3 Likes

Thank you so much for your kind words

2 Likes

Hello, thank you for your question, the fees for Credit Card/Bank transfer do vary, depends on different gateways, but our own trading fee for crypto pairs is only 0.25%

3 Likes

Is this really necessary? Plenty of exchanges allow easy onramps for people, arguably easier than doing it through the main site.

2 Likes

Hello, thank you for your feedback, yes indeed, there are fiat onramps deployed on exchanges. But those are for the exchanges to receive fiat directly, or to buy major tokens like BTC, ETH. Adding a fiat onramp to the BitDao ecosystem is certainly not fundamental way to bring BIT to moon, but it is a necessary infrastructure for future development since web2 transforming to web3 is foreseeable.

4 Likes

Hello, thank you for your feedback, yes indeed, there are fiat onramps deployed on exchanges. But those are for the exchanges to receive fiat directly, or to buy major tokens like BTC, ETH. Adding a fiat onramp to the BitDao ecosystem is certainly not fundamental way to bring BIT to moon, but it is a necessary infrastructure for future development since web2 transforming to web3 is foreseeable.

3 Likes

Voted for you, Personal issues aside I hope you get what you need. Everyone show the support needed and vote let help CoinInn. @CoinInn is there a target for the amount of votes needed?

2 Likes

It would be great if this feature could open up the ecosystem for the dutch market.

We could do this with adding iDeal as a payment method. For everyone who doesn’t know this, it connects directly to your bankaccount-app and it let’s you pay directly with your bank account.

In Holland, there are not many people with creditcards. Mostly the wealthy people and company-owners. The mainstream and small crypto investers use bitvavo or blox, you can invest with small amounts without a creditcard using iDeal to pay.

Adding iDeal would be a huge step for the dutch market!

2 Likes

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1 Like

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