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One of the biggest crypto payment issues is the need to swap assets, sometimes more than once, to pay for a purchase. This is because there's often a mismatch between the tokens merchants are willing to accept and the assets held by a potential customer/payer. What’s more, the fees from these swaps can add up quickly on both sides of the purchase equation.
The introduction of stablecoins, such as USDT, USDC, BUSD and Dai, was supposed to solve these problems. However, these coins only partially addressed the issue, as different merchants still have various stablecoin preferences. In addition, cryptocurrency in general still struggles to move beyond the realms of blockchain and decentralized finance (DeFi). The quest to make crypto as common as fiat money for payments is still ongoing.
Slash fintech (SVL), or simply Slash, is a decentralized project working to solve both issues. Slash aims to facilitate effortless, streamlined crypto payments both within and outside the DeFi domain, facilitating transactions in cryptocurrencies preferred by merchants and payers.
Key Takeaways:
Slash (SVL) is a decentralized crypto payments solution provider that offers a number of products to facilitate efficient and flexible cryptocurrency-based payments.
Among the platform's key products are a stablecoin-collateralized credit card, and a new crypto payment solution that lets payers and payees transact in their preferred assets.
The platform's native SVL token acts as both a governance and staking asset, underpinning the operations of the entire Slash ecosystem.