Sending cryptocurrencies or digital assets to other people around the globe needs to be simplified. A Venmo-like service for the crypto industry would be a welcome addition.
The team behind Mopayd is seemingly developing such a tool. Albeit it is still in the early stages of development, the vision for this service might make cryptocurrencies a lot more mainstream in the years to come.
Mopayd Sounds Like Venmo for Crypto
The main objective of Mopayd is to facilitate the transfer of crypto assets. Additionally, the team also wants to make inroads in the point-of-sale industry, where cryptocurrency adoption remains at an alarmingly low level.
In its current iteration, the service allows users to send Ether or ERC20 tokens by username. This approach ensures the need for remembering Ethereum wallet addresses becomes obsolete.
The vision for Mopayd would effectively make it a Venmo for the cryptocurrency industry. That popular service works in a very similar fashion, and is often touted for its convenience.
Under the hood, Mopayd users deposit funds to a smart contract through a mobile application.
Anyone using this service will be able to create their personalized username for others to interact with.
Once a transaction occurs, the merchant balance is updated in real-time via the app.
This is despite the amount of time it may take until the transaction is effectively confirmed by the Ethereum network.
Withdrawal of funds will not occur until a transaction is fully settled, however.
Unlike Venmo, Mopayd will not be able to interfere with transactions all that much.
The team does mulll integrating temporary withdrawal delays if users owe money to others at that time, however.
No customer funds will ever be seized, as that is not part of the dApp’s smart contract.
It is advised that users always verify the smart contract code prior to interacting with it through financial transactions.