Exscudo: ‘Scam projects and poor fiat support are the barriers hindering crypto adoption”

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Web search data indicates that inflation fears increase people’s interest in buying Bitcoin – and yet mass crypto adoption is still far away. The industry urgently needs better integration with fiat channels and stronger security – at least that’s that standpoint of Exscudo, whose FinTap wallet and MultiAcquiring gateway support ten fiat payment systems. 

Analysis by Exscudo: price inflation fears stimulate interest in Bitcoin

The ongoing inflation crisis in the US has once again attracted attention to cryptocurrencies’ potential as a hedge against the depreciation of fiat money. As pointed out by the analysts at Exscudo exchange, GoogleTrends data for the past 3 months shows a correlation between the search volume for the queries ‘inflation rate’ and ‘Bitcoin buy’. Exscudo experts also note the growing interest in using Bitcoin as a means of payment and in ways to buy BTC with a bank card. 

Credit: Google Trends

The number of people using cryptocurrency doubled in the first half of 2021 to reach 200 million, but it’s still small compared to the 1 billion MasterCard card holders, for example. What stops more retail users from joining crypto? According to the executives of the crypto-fiat payment platform Exscudo, scams and a lack of fiat support, especially in DeFI, are the main issues.

Exscudo reviews show that wallet users place a lot of importance on security

Exscudo provides fiat-friendly solutions for regular crypto users, traders, merchants, developers, and project teams. Its FinTap wallet leverages the proprietary OTC Exchange Core and the Exscudo EON blockchain – an extremely fast permissioned network with 12 layers of cryptographic protection.

FinTap supports 60+ currencies  features a secure instant messenger with built-in crypto transfers. Judging by the Exscudo reviews posted in App Store, Play Store, and other locations, users value FinTap’s safety features above all else – even fiat deposits and conversions. 

Here is a comment by a member of the team: 

‘We carefully read all Exscudo reviews – and as soon as we see a comment about a technical issue, we intervene to fix it and provide assistance. It can be difficult for a beginner to distinguish between a simple bug and a real security vulnerability – one user even called Exscudo a scam because the wallet didn’t open due to a conflict with another app. 

Too many users have been burned by scammers before, and unfortunately it causes a lot of them to leave crypto for good. Scams cause damage not just to their victims but to bona fide projects, too, robbing them of potential audiences. This is why conmen, not regulators, are the biggest threat to the industry’.

As stressed by Exscudo, scam has to constantly evolve. In 2018, when the team held the original Exscudo ICO that allowed it to build the OTC Exchange Core and FinTap, the Bitconnect Ponzi stole $2 billion in BTC from users. Today their scheme wouldn’t work, but there are new ones, such as Uniswap rug pulls or fake crypto giveaways on YouTube, which swindled users out of $9 million in October 2021 alone, according to Tenable cybersecurity firm

FinTap provides the easiest crypto entry point for fiat users

Fiat-crypto interactions are another challenge that fintech projects have to solve to achieve a wider adoption. Few blockchain wallets allow users to deposit fiat funds – and even those that do usually accept only bank cards. Beginner users are left without an affordable on-ramp and have to register on external exchanges to buy their first batch of Bitcoin. 

Here, just like in matters of security, Exscudo goes further than most crypto projects. Users can deposit and withdraw funds via 10 fiat channels, including MasterCard, SEPA transfers (for European residents), and PayPal. The OTC Exchange Core supports USD, EUR, and RUB in addition to more than 50 crypto coins and tokens, for a total of 600+ swappable pairs.

When a user looks up a currency pair in the FinTap wallet by Exscudo, coin prices are sourced from various exchange brokers integrated into the Exchange Core. They compete to provide the best quotes, so the resulting conversion rate is more favorable than on most platforms. Next, using a risk hedging algorithm designed by Exscudo, coin conversion rate is locked for 10 minutes, so that the user doesn’t have to worry about slippage. 

While users do pay a small commission on depositing and withdrawing fiat, all in-app transfers are completely free thanks to the EON blockchain. Users can send BTC, ETH, USD, DOGE, XRP and 50+ more coins and tokens to other FinTap members in a few seconds and without any commission.

‘Merchants need to see practical reasons to accept crypto’

The same combination of security and extensive fiat support characterizes Exscudo’s second main product, MultiAcquiring. This payment gateway allows businesses to accept both crypto and fiat payments – and choose how they want to be paid. 

Here’s what the team has to say: 

“Too often, merchants have to use one gateway to accept crypto and another to process card payments and e-wallets – or even several, because customers in different countries use regional payment apps. But if we as the blockchain community want crypto to be accepted everywhere, we have to come up with ways to let merchants accept crypto and fiat with equal ease and using the same instruments. 

More than that – a merchant should have the option of converting crypto into fiat currency – any fiat currency – on the spot. We can’t expect businesses to join crypto because it’s ‘the future’ – we have to give them practical reasons to do so, and that’s what MultiAcquiring does’. 

Exscudo’s focus on safe and easy-to-use crypto and fiat solutions is clearly working: in 2021, the company has processed over $250 million worth of transactions. The project is currently preparing for an IDO of its FTP token and further expansion into the DeFi industry. More information is available on the official website

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