Crypto infrastructure provider Blockdaemon and Bitcoin sidechain VerifiedX say they are working together to make everyday crypto use easier for non-technical users.
In a move that includes earning money by sending money overseas, the same staking and blockchain infrastructure Blockdaemon provides to banks and asset managers will be integrated into VerifiedX’s two consumer applications: the Switchblade self-service wallet and the Butterfly social payments platform, according to an announcement shared with CoinDesk on Thursday.
The experience is designed to feel closer to Paypal’s (PYPL) Venmo or Block’s (XYZ) Cash App social payment applications than to traditional Web3 workflows. Users can earn Bitcoin income The companies say they can lend against the assets they hold and access on-chain credit markets without having to park funds on exchanges, deal with custodians or deal with mnemonic phrases (long strings of random words that users need to back up and restore their assets).
Blockdaemon provides the technical backbone, including node operations, staking systems, and liquidity management, while VerifiedX handles the user experience, including payments, merchant transactions, and simple asset transfers. The portfolio aims to bring self-hosted DeFi functionality to those not interested in navigating a dashboard or connecting to an on-chain wallet.
Crypto/DeFi/Web3 platforms often struggle with mass adoption, primarily because their user experience is often clunky, complicated, and intimidating to the average user. With unfamiliar concepts like wallets and mnemonics, this process offers a steep learning curve and a high risk of irreversible mistakes.
This highlights the need for these platforms to mimic the simplicity of popular fintech apps, which hide the technical complexities of sending, receiving and managing money from users and simplify the process to features such as email and password login and two-factor authentication.
