Last year proved that the Web3 space is not just a phenomenon but rather the future of digital interactions. However, while space has become ubiquitous, many remain skeptical about how it can and will be part of their lives.
Many developers are looking for ways to bridge the gap between these two web-based iterations. Cointelegraph had a conversation with bruno guez, Chief Executive Officer of revelator, to understand why he believes that existing web2 financial tools such as credit cards may in fact be gateways for introducing new users into web3.
Revelator, which works in the music industry that provides labels and distributors the infrastructure to run their businesses, recently announced that it integrated Stripe to help fans seamlessly purchase digital collectibles with their credit cards.
??Guez stated that making these new digital tools available through web2 user tools are already familiar with, Credit cards, for example, is the link between these two versions of digital reality.
Most developed countries use credit cards in their day-to-day shopping. If we want to introduce new users on web3, we need to provide those web2 users with a familiar and "safe" means of payment.”
However, he spoke about how the use of familiar Web2 financial tools helps to reduce obstacles that plague the industry, such as the lack of education on decentralized money management.
"If we facilitate access to Web3 resources, we can slowly educate them about the power of decentralisation, and everything that that implies."
He continued to say that this additional education includes informing users about confidence practices so that they can "embrace Web3 to the full, make their digital portfolio work, and never lose access to their online resources."
Lack of knowledge has created barriers to self-sufficiency that have often made centralized exchanges popular because of easy access and user experience. Though, as Guez pointed out, and as has recently been seen in cases like FTX, when the centralized exchanges go out of business, customer trust and confidence in the industry as a whole is damaged.
Related: ‘Wall of worry’ led to digital wallets, blockchain tech ignored: Cathie Wood
Revelator isn’t an anomaly in the Web3 space for utilizing credit cards to help onboard new users. Many other companies see how to continue to promote mass adoption using tools. At the beginning of 2022, Stripe announced partnerships with FTX, FTX US, Blockchain.com, Nifty Gateway and Just Mining to launch a crypto business suite.
In 2022 it also partnered with Twitter to offer USDC payments to content creators on the platform, along with integration on a Solana-based market maker to offer a fiat-to-crypto onramp.
Guez said credit cards effectively on the ramp of users on web3, while smart wallets already work in the background. This allows a "clean way" to perform blockchain transactions without requiring users to have previous knowledge of blockchain.
"That way, the Web2 and Web3 tools work together; subtracting complexity from the user experience."
According to reports which surfaced on Jan 26., Stripe is working with JP Morgan professionals to advise toward a potential public offering after its fruitful reemergence onto the crypto scene.