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Ask HN: MoonPay vs Stripe - who will become the web3 payment solution?
I am wondering about what HN thinks about web3 payment solutions and if Stripe is already too late after the huge MoonPay funding round.
MoonPay funding: https://cointelegraph.com/news/crypto-fintech-moonpay-reportedly-aims-for-3-4b-valuation-in-first-vc-funding
- tolulade_ato 5y agoStripe IMO
- altdataseller 5y agoWhy would the regular Joe use MoonPay to pay for stuff online? Why not the regular way?
- ck_one 5y agoStripe is the preferred way if you want to pay by CC no doubt. But at some point in the future the regular Joe might want to pay with his crypto wallet. Then MoonPay might be the preferred way.
- atmosx 5y agoRegular Joe will use a crypto wallet managed by the US gov and won’t need a payments processor or a bank. All transactions will be managed centrally. Exactly the opposite of what Satoshi foresaw :o) Source: https://www.economist.com/leaders/2021/05/08/the-digital-currencies-that-matter https://www.economist.com/leaders/2021/05/08/the-digital-cur...
- ck_one 5y agoHm I doubt that developers on Ethereum will switch to such a system. At the end developer/product adoption will decide how the future will look like.
- trompetenaccoun 5y agoIdeals can be compromised though. I'm increasingly pessimistic about cryptocurrencies bringing us positive change. The digital ledger, which was intended as a tool for democratization, can also be used to monitor and oppress. Which is just the kind of thing those in power like to do.
- atmosx 5y agoCurrencies are not adopted. Currencies are enforced. All the gov has to do is “accept taxes in eUSD with 5% cut compared to alternatives” for 10 years and the game is over. China banned eCoins overnight, it’s as simple as that, for better or worst.
- decentralizeme 5y agohttps://cointelegraph.com/news/new-multi-chain-defi-payment-protocol-allows-vendors-to-accept-any-token https://cointelegraph.com/news/new-multi-chain-defi-payment-...
- decentralizeme 5y agoDePay it is ;-)
- ck_one 5y agoAlready far behind MoonPay. MoonPay has KYC data of > 1 Mio users.
- decentralizeme 5y agoCannot really be compared to MoonPay, sorry.. Moonpay by nature is not permissionless. DePay is chain agnostic, permissionless & trustless as they just route payments via DEX pools
- tofukid 5y agoNeither. The purpose of cryptocurrency is peer-to-peer transactions. No central bank, no retail banks, no payment processors, no KYC, no gatekeeping. A few days ago there was a thread about Stripe locking a business’ account for no reason, with no support, grinding their entire business to a halt. That’s not the future of cryptocurrency I want.
- ck_one 5y agoI doubt governments will allow payments without KYC. I think even for citizens that's a bad trade off. I feel much safer if I know whom I am doing business with.
- tofukid 5y agoSure, but then there’s no point to a peer-to-peer decentralized cryptocurrency. Cryptocurrency is a peer-to-peer decentralized network. The government can’t stop me from sending or receiving cryptocurrency.
- colesantiago 5y agoWhy Stripe? Can't they just acquire MoonPay and be done with it?
- ck_one 5y agoI think the situation will be similar to when Zuck tried to acquire Snapchat. MoonPay is sitting on a gold mine and they know it.
- aliswe 5y agoweb3?
- Arvand 5y agoStripe has incredible distribution. For the many merchants already using Stripe, enabling cryptocurrency payments could, depending on its implementation, be as easy as toggling a switch. That's a lot easier and less costly than integrating a new payment processor from scratch. For new merchants, adopting Stripe would mean being able to accept cryptocurrency payments AND benefitting from Stripe's existing product suite and experience. They've solved a lot of difficult problems really well. Despite the head start other crypto payment processors may have had, imo none have yet been able to produce a developer experience (or even just documentation) anywhere near the quality of Stripe. Also, that "head start" might be a head start in accepting crypto specifically (though Stripe did do this at one point), but it's not a head start when it comes to accepting payments, more generally. I think the things that make Stripe the best payment processor will translate pretty smoothly into making them the best crypto payment processor, too. I'm not certain that Stripe will become the number one cryptocurrency payment processor, but I think it's likely. I certainly wouldn't put it past them.
- ck_one 5y agoI am not sure if the relationship to merchants will be enough here. MoonPay has relationships to 250+ wallets - this is where lucrative on and off ramp is happening.
- NicoJuicy 5y agoUnder 5 million revenue / year for Moonpay. That's 20 k. / Wallet integration. Let's not get carried away here, that's peanuts. Even BitPay, that runs since 2011 only has 23 million revenue/year
- ck_one 5y agoI doubt that revenue per wallet is a uniform distribution. At the end there will only be a few wallets left. If you sign them now you will get all their business. Phantom has already announced to use MoonPay. OpenSea, the biggest NFT marketplace, also uses MoonPay.
- ArtWomb 5y agoWow, Congrats to MoonPay! I was curious about their fee structure, and after digging was able to find the following chart: https://support.moonpay.com/hc/en-gb/articles/360011930117-What-fees-do-you-charge- https://support.moonpay.com/hc/en-gb/articles/360011930117-W... Is the API public? Looking for a list of MoonPay's webhook endpoints & events a la Stripe...
- ck_one 5y agoI think you will get access to the documentation after you signed up as an enterprise customer. Maybe when you look at older versions with the wayback machine you find a public documentation.