Crypto Payments for Routine Expenses Using USDC

Crypto Payments for Routine Expenses Using USDC

Ecosystem Spotlight

Using cryptocurrency in the real world can be complicated today. Off-ramping crypto usually requires users to transfer on-chain assets from their wallet into a centralized exchange (or first complete swaps on a decentralized exchange), where they can sell their crypto for fiat cash, then finally transfer funds to their bank account. The process can be costly and time consuming, as users often have to pay fees for each transaction they make with their crypto on-chain. If they have to swap their tokens multiple times, the process can become even more costly by triggering multiple taxable events. 

We founded Spritz with the idea that using cryptocurrency should be simple and accessible for people in the real world, while making their lives easier. Where most consumers think that they need to wait for banks and businesses to use cryptocurrency for transactions and payments, we saw another path to creating real-world financial utility for crypto.

Spritz is a Web3 lifestyle app that provides real-world value for crypto users. Our mission is to make crypto more useful in the real world by connecting personal finance to Web3 capabilities for millions of people. The Spritz app, currently in private beta, makes it easy for U.S. residents to pay real-world bills directly from their digital wallets, without having to off-ramp into a bank. 

Our early users are paying their phone bills, credit cards, mortgages, utility bills, auto and student loans with stablecoins like USDC, the most popular asset used to make payments on Spritz today. These customers are unlocking real-world value from their crypto holdings by paying their bills each month - and putting the value of their digital assets towards everyday use cases. 

With nearly 60 billion in TVL (total value locked) on DeFi protocols today across the entire blockchain ecosystem, the need for streamlined off-ramping continues to grow. As Web3 expands to new users, a platform like Spritz will enable easier day-to-day financial transactions around the globe as users will be able to spend their crypto earnings on real-world bills for goods and services. 

 

How it works

Traditional checking accounts require several days to make transfers from one account to another. Web3 and DeFi protocols represent freedom for many people, and I wanted to create a product that would enable users to keep their assets on-chain as long as they want to, withdrawing only what they need to seamlessly pay their bills and expenses.

Play-to-earn gamers can pay their bills with their in-game achievements and rewards. Web3 builders and DAO members will be able to take care of monthly expenses using their crypto income. And traders in the crypto and NFT spaces will be able to easily off-ramp their returns without costly fees and multiple steps.

The Spritz community is made up of the crypto believers who are passionate about the future of cryptocurrency and the potential of Web3. Our community includes everyone from Bitcoin miners and NFT creators to liquidity providers and retail investors who each see something unique in what public blockchains can do for the world. We decided to launch on the Polygon network, which enables easy access from the Ethereum blockchain with low transaction fees and quick access to a robust and growing DeFi ecosystem. 

The Spritz app works by connecting your wallet and bill pay accounts to one app, where it then acts like a bridge to make bill payments with crypto possible within seconds. Currently, over 80% of bill payments sent via Spritz are made in USDC.

When a Spritz user triggers a bill payment from their crypto wallet with a stablecoin, the payment is sent to our Spritz account which triggers an immediate fiat currency payment to their bill-pay account. The process is safe, and uses 2FA phone authentication and a soft credit check to assure the right bill pay accounts are connected to the user’s non-custodial wallet. 

Today, Spritz lets users pay bills with multiple tokens straight from any major crypto wallet on Ethereum, Polygon, and Binance’s BNB Chain, such as Metamask, Ledger, or Coinbase Wallet. Spritz also plans to add payment support for more blockchain networks soon, including Solana and Avalanche. The Spritz app is still in private beta, and we continue to provide early access to qualified users in the U.S. so that we continue to improve the user experience and learn which features our users want next.

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