[PIP-13] Fiat on-ramp, off-ramp implementation

VaultCraft Improvement Proposals VaultCraft Improvement Proposals [VIP]
1

Summary

This proposal aims to allocate resources for developing an infrastructure to transact seamlessly between fiat and crypto on Popcorn, allowing users to bypass exchanges, bridges, and custody providers. This means users would be able to exchange fiat and cryptocurrency, and move money in seconds, via wire, ACH, or crypto.

Desired outcomes:

  • On-ramp fiat and make deposits into the protocol
  • Off-ramp crypto and withdraw it as fiat back to a specified bank account
  • Initiate multisig transactions and approvals, using a built in non-custodial wallet (web3auth) + gnosis safe
  • Both business and retail will be able

Motivation

The motivation here is to optimize the user experience with easy on and off-ramps between fiat and crypto that can be immediately deposited into Popcorn smart contracts, rather than purchasing from third-party exchanges, bridges, and custody providers.

Approach

Partner with a vendor for implementation.

Options:

  • Transak - $5K limit on/off ramp
  • Thresholds - no limit on/off ramp

Transak is a Web3 onboarding infrastructure provider.

Thresholds is a bank account that allows web3 businesses to easily interact with smart contracts. It is an on / off ramp for smart contracts.

Budget

$25K in USDC

Timeline

Target implementation by March 2023.

Summary:

The goal is to to build the infrastructure that allows Popcorn lenders to deposit and withdraw fiat into the Popcorn’s smart contracts, eliminating necessary steps of purchasing crypto outside from popcorndao.finance and optimizing the app as a one-stop shop.

Please indicate if you approve or disapprove the proposal.

  • Approve
  • Disapprove

0 voters

1 Like
2
  • The idea is to integrate either Transak or Threshold on POPcorn website, right?
  • Do you have a more detailed budget?
  • Who is going to work on this?
3

Transak’s API is free and here are the instructions:

Widget integration:

  1. Create the partner (http://dashboard.transak.com/)dashboard (http://dashboard.transak.com/) to get a staging API key and you can start the testing immediately.
  2. Submit your KYB application (Form) > our compliance team will reach out if additional info is required
  3. once KYB is approved, you get a production API key on the dashboard and go in production!

Threshold has a price tag and also has a much higher limit. They would create the infrastructure.

4

Thanks!
Can you specify what the requested $25K are used for? And what address they are planned to be transferred to?

Also, why was this proposal moved to Snapshot if it only has 10 favourable votes?

From POPcornDAO governance Guide :point_down:

image
image693×223 9 KB

5

Good catch. I believe this should be reduced to majority approval at poll closing in order to be submitted on snapshot.

1 Like