TL;DR
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Revolut (a banking app) is working with MetaMask, allowing users to quickly move their cash into crypto (smooth crypto-to-fiat on-ramps are boring, but needed!).
Full Story
Let’s. Get. Slippery!
Wait — no! Don’t leave. We’ll make it normal with context — promise…
Web3 is creeping its way into traditional financial (TradFi) tech products, in the most boring way possible: via payment apps — and that’s exciting!
Why?
Cause it takes the flat & grippy surface we know as ‘traditional financial services’ (aka banking/investing) → turns it on a steep angle → lathers it up with extra soapy water → and points it towards Web3.
What the hell does that mean?
Talk to any marketer or product manager for more than 2 minutes and there’s a good chance they’ll lecture you on ‘slipperiness.’
Aka: how easy is it for new users to start using your product?
The more slippery a product, the cheaper the marketing/user acquisition cost.
Problem with moving users from TradFi to Web3 is: it’s grippy as hell.
Banks will limit how much can be moved into crypto, centralized crypto exchanges pose risk of collapse, understanding best practices for storing crypto/exploring different apps is an endless rabbit hole…
So whenever we hear about new tech that makes the whole transition more slippery, our ears prick up.
Revolut (a TradFi banking app) is teaming up with MetaMask to allow its users to quickly move their fiat cash into crypto.
(And store in a self custody wallet).
Boring? On the surface — absolutely.
But if you’ve ever tried to quickly move a significant amount money from fiat to crypto, this sort of thing will bring you body-tremor-levels-of-excitement.
(We’ll definitely be sending this one to our mate Greg).
