- You built Fuse to address the many flaws in the global payment system. Which are they?
The global payment system, as it stands today, is riddled with inefficiencies and barriers that hinder both consumers and businesses. Its outdated infrastructure causes payments to be fragmented and localized. Regions with high penetration of VISA still rely a lot on cash whereas regions that lack the infrastructure to support credit/debit card payments almost have no cash usage. There’s the issue of high transaction fees, especially when dealing with cross-border payments. These costs can be prohibitively expensive for smaller businesses or individuals. Also, settlement times are far too slow—sometimes taking days—which is out of step with the immediate nature of modern commerce. Another significant flaw is the lack of financial inclusivity. A vast portion of the global population remains unbanked or underbanked, making it difficult for them to participate fully in the global economy. Finally, there’s the issue of interoperability. There is a strange contradiction – in countries where VISA is a common payment method, consumers still heavily rely on cash whereas in countries with no debit/credit card infrastructure payment systems even in the web3 space remain siloed, making it difficult to transfer value seamlessly across different platforms and jurisdictions.
- How does Fuse address these flaws?
Fuse’s modular architecture is purpose-built to address the challenges facing today’s payment systems, with a unique approach that sets us apart. We believe that blockchains should not be consumer-facing, unlike other chains that prioritize direct consumer interaction. Currently, blockchain technology is primarily used by investors, not everyday consumers, due to its complexity and inaccessibility. Our philosophy at Fuse is different; we’re leveraging blockchain to compete with traditional payment systems like Visa, rather than competing with other blockchains like Ethereum. We use Ethereum technology as a foundation but our goal is to create a scalable, efficient, and inclusive payment infrastructure that’s accessible to anyone with a mobile device.
One of the biggest barriers to broader adoption of blockchain by businesses is the middleware—it’s often unstable, difficult to use, and fraught with friction, leading to service level agreement (SLA) issues. Fuse is designed to overcome these obstacles by providing a stable, easy-to-use platform that simplifies the integration of blockchain technology for businesses, even those without native blockchain developers. Our recent upgrade and Layer 2 migration have enhanced the Fuse ecosystem’s interoperability, enabling seamless transfers of value across different networks, including both crypto and fiat currencies.
We are pioneering the first blockchain specifically focused on business users and their customers, offering a comprehensive middleware bundle and the first non-custodial B2B2C model for payments. This approach makes it easier for businesses to enter and scale in Web3, ultimately driving the mass adoption of blockchain technology in a way that benefits everyone, not just investors.
- Can you provide examples of real use cases of cooperation between blockchain and Web2?
Digital wallets are a hot topic in crypto because many platforms and protocols use them as gateways into Web3. They are also the easiest to adopt when it comes to users who have no prior knowledge of blockchain technology. One use case we’re particularly excited about is Bitazza’s Freedom Wallet -a non-custodial mobile wallet on Fuse Network. The app is designed to make crypto fun and frictionless, making it accessible to everyone. Freedom Wallet leverages Fuse’s mobile SDK to pack several value-adding features to the app, such as NFT minting, social recovery in case of lost passwords, and the availability of escrow services to appeal to a wide range of merchants that want fast, low-cost transactions and tokenized loyalty to increase user engagement. It’s about building a simple and reliable bridge between consumers and businesses, making digital payments more accessible to both parties to drive adoption.
- Western Web3 companies are looking to expand to emerging regions, where
crypto adoption is usually higher. Which jurisdictions would you recommend?
Emerging markets present a unique opportunity for Web3 companies, especially in regions where traditional banking infrastructure is lacking, but mobile and internet penetration is high. Africa, in particular, is a hotbed for crypto adoption, with countries like Nigeria, Kenya, and South Africa leading the way. Southeast Asia is another promising region, with countries like Vietnam, the Philippines, and Indonesia showing strong growth in crypto adoption. Latin America is also rapidly embracing crypto, especially in countries like Brazil, Argentina, and Venezuela, where local currencies can be unstable. When expanding to these regions, it’s crucial to work with local partners and navigate regulatory landscapes carefully to ensure compliance and build trust with users.
- Fuse advocates for user-friendly development tools focused on mobile integration in order to achieve mass adoption, but isn’t the concept of “user-friendly” subjective to each user? How can a client know objectively which Web3 platform offers the best UX?
You’re absolutely right that “user-friendly” can be subjective, but there are objective metrics that can help gauge the usability of a Web3 platform. One way to measure this is through the platform’s onboarding process—how easily can a new user set up an account and start using the services? Another key indicator is transaction simplicity—how many steps does it take to complete a transaction, and how transparent is the process? User feedback is also a valuable tool, as real-world experiences often highlight usability strengths and weaknesses. At Fuse, we emphasize the importance of iterative design and user testing to ensure our tools are as intuitive as possible. Our mobile SDK facilitates mobile-first development of apps and products that meet users’ needs with robust features like multi-currency support, smart account management, and supporting functions. Recently, we held our second hackathon for 2024 – the Fuse Summer Hackathon – with an emphasis on supporting innovative projects that build web3 financial solutions with the Fuse mobile and web SDKs. We’re happy to say we saw many inspiring submissions and the ones that made it to the final round solve existing issues in the web3 space with great UX and real-world utility for a seamless, frictionless experience that feels natural and efficient. Ultimately, this is a step in the right direction of making on-chain products more integrated and interconnected within the Fuse ecosystem, so new blockchain-based solutions can integrate seamlessly with major web2 platforms like Shopify and React for one cohesive, secure experience.
