Fuse, a blockchain that offers a fully customizable suite of financial products and payment solutions for businesses, announced the anticipated launch of Charge, a bank developed for blockchain businesses. Charge is the first non-custodial Web 3 merchant bank offering businesses and enterprises in the blockchain space a range of payment solutions for both crypto and fiat.
Over the years, the blockchain realm has transformed payments for individuals and enterprises alike. Advances in Web 3 infrastructure and tooling have made it possible to experience digital banking on-chain, complete with neo-bank-tier products and services, as Fuse CEO Mark Smargon explained.
With the launch of Fuse’s latest product, blockchain-based businesses will be able to leverage a full suite of payment services from invoicing, allowing merchants to set up e-commerce, accept online payments, and on-ramp/off-ramp fiat – all backed by a highly secure and non-custodial platform.
“Charge combines these innovations into a single platform that enables merchants to enjoy the benefits of non-custodial payments and invoicing, coupled with a fiat off-ramp for seamlessly moving assets to the traditional financial system,” Smargon added.
Charging Up the Crypto Payment Sector
Charge, a first-of-its-kind innovation in the Web 3 space, is designed to revamp the payment solutions for blockchain businesses. The platform offers low transaction fees in comparison to banks and other platforms, at just 0.5%, making it easier to accept payments, generate invoices, and manage cross-border transactions. In addition, the platform becomes the first to offer non-custodial Web 3 merchant payments and a banking ecosystem, removing the need for a middleman while paying or receiving crypto.
Crucially, Charge focuses on improving payment systems for small and medium enterprises (SMEs). It enhances payment for these businesses, making it easier for clients to transact in multiple cryptocurrencies and fiat, removing barriers to international commerce. As a non-custodial payment solution, Charge does not require a banking license to operate. Clients retain full ownership of their assets at all times.
Charge provides a flexible and user-friendly banking service for SMBs operating at the intersection of Web3 and Web2, including crypto startups and e-commerce stores. It features full API support, enabling developers to fully integrate Charge into their existing tech stack. Robust security features empower Charge clients to maintain complete oversight and control of their assets.
A Growing Need for Web 3 Banks and Payments
Web 3 payments are fast growing as a means of payment for merchants across the world, from big businesses like Visa and McDonalds to smaller ones. According to Statista, Web 3 payments are expected to reach a market size of $3 billion by 2025, with a CAGR of 40%. Notwithstanding, over 60% of businesses report being willing to accept crypto payments if the process were simplified and secure.
Many businesses and consumers are gradually accepting digital currency payments due to the ease of cross-border payments and e-commerce transactions. Apart from saving businesses and consumers from high fees, these solutions provide better security and faster transaction times which has positively impacted widespread adoption.
Charge aims to offer these solutions via its comprehensive, non-custodial solution that works seamlessly with existing fiat systems while leveraging Web3's flexibility. The platform will accelerate this trend by forming a vital component of the blockchain payment industry.
The launch pioneers a new way for businesses and consumers to leverage crypto and crypto economics for merchant payment services and enhanced usability, privacy and trust issues that have previously prevented mainstream Web3 payments adoption.
