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Built on blockchain rails. Works like a 1-click bundle of debit sender account --> buy stablecoin --> send stablecoin --> (optionally) convert to fiat and disbu

Built on blockchain rails. Works like a 1-click bundle of debit sender account --> buy stablecoin --> send stablecoin --> (optionally) convert to fiat and disburse to receiver bank.

ChrisRR 4y ago
Is there a reason it wouldn't work with any other imaginary asset? I guess I just don't really under stand why you can't just can't cut out the crypto part in the middle
bfeynman 4y ago
Well this is the first time I've ever been impressed by an application of crypto, notwithstanding some major concerns. Thing is though that this is not a wire transfer, and lot of places where wire transfers are used are specifically used because of the infrastructure and guarantees around it. Would be interesting to a shift in adoption though Do you guys just eat cost of minor fluctuations in stablecoin prices?
- zachrosen23 4y ago
  Thanks! Fortress can also slot into legacy infrastructure. Finality guarantee is also actually stronger with a stablecoin payment (cryptographically irreversible) vs a wire (99.9% irreversible, absent a bank mistake or court order).
  - zachrosen23 4y ago
    Fully backed stablecoins are redeemable from their issuer 1:1, regardless of what they're trading at on secondary markets
    - pffft8888 4y ago
      But Binance just stopped all USD withdrwals. Circle is the only other issuer and requires you being licensed in every state as an MSB, plus compliance. And the fact that there is nothing to it tecnologically speaking. The whole moat is in having regulatory approval.
      - pcthrowaway 4y ago
        I don't believe they stopped USDC withdrawals, just actual USD
        pffft8888 4y ago
        I meant to do a wire in the US you need to get USD out.
  - PCP7 4y ago
    Which stablecoin are you using and any particular reasons for choosing it?
    - zachrosen23 4y ago
      USDC. Audited + backed by cash and US treasuries
dildoswaggins 4y ago
if my recipient is okay with receiving crypto and I was doing a high volume of transfers, why wouldn't I just make a wallet buy some stablecoin and send it to them directly and not pay you n*$1
- zachrosen23 4y ago
  Definitely could if you're more technical (not our customer segment). Also want to note that receiver can either keep funds in Fortress or just route to their usual bank account.
pffft8888 4y ago
How can you do $1 per transfer if the off-ramps and crypto exchanges charge a percentage to withdraw to fiat? Unless you're using Circle which then requires you to be licensed in every state (unless their KYC failed) Something not adding up here. Money movement (if you touch fiat on the way in or out) is highly regulated, and you would put Western Union and MoneyGram out of business if it wasn't. Moneygram already uses USDC, but it's not that simple.

Built on blockchain rails. Works like a 1-click bundle of debit sender account --> buy stablecoin --> send stablecoin --> (optionally) convert to fiat and disburse to receiver bank.

ChrisRR 4y ago

Is there a reason it wouldn't work with any other imaginary asset? I guess I just don't really under stand why you can't just can't cut out the crypto part in the middle

bfeynman 4y ago

Well this is the first time I've ever been impressed by an application of crypto, notwithstanding some major concerns. Thing is though that this is not a wire transfer, and lot of places where wire transfers are used are specifically used because of the infrastructure and guarantees around it. Would be interesting to a shift in adoption though Do you guys just eat cost of minor fluctuations in stablecoin prices?

zachrosen23 4y ago
Thanks! Fortress can also slot into legacy infrastructure. Finality guarantee is also actually stronger with a stablecoin payment (cryptographically irreversible) vs a wire (99.9% irreversible, absent a bank mistake or court order).
- zachrosen23 4y ago
  Fully backed stablecoins are redeemable from their issuer 1:1, regardless of what they're trading at on secondary markets
  - pffft8888 4y ago
    But Binance just stopped all USD withdrwals. Circle is the only other issuer and requires you being licensed in every state as an MSB, plus compliance. And the fact that there is nothing to it tecnologically speaking. The whole moat is in having regulatory approval.
    - pcthrowaway 4y ago
      I don't believe they stopped USDC withdrawals, just actual USD
      - pffft8888 4y ago
        I meant to do a wire in the US you need to get USD out.
- PCP7 4y ago
  Which stablecoin are you using and any particular reasons for choosing it?
  - zachrosen23 4y ago
    USDC. Audited + backed by cash and US treasuries

dildoswaggins 4y ago

if my recipient is okay with receiving crypto and I was doing a high volume of transfers, why wouldn't I just make a wallet buy some stablecoin and send it to them directly and not pay you n*$1

zachrosen23 4y ago
Definitely could if you're more technical (not our customer segment). Also want to note that receiver can either keep funds in Fortress or just route to their usual bank account.

pffft8888 4y ago

How can you do $1 per transfer if the off-ramps and crypto exchanges charge a percentage to withdraw to fiat? Unless you're using Circle which then requires you to be licensed in every state (unless their KYC failed) Something not adding up here. Money movement (if you touch fiat on the way in or out) is highly regulated, and you would put Western Union and MoneyGram out of business if it wasn't. Moneygram already uses USDC, but it's not that simple.