In a significant move to make the cryptocurrency market more accessible, Web3 infrastructure company AAG has announced a major update to their MetaOne wallet app. This update includes two key new features: asset swap and crypto off-ramping (converting crypto into fiat). They are designed to make the process of exchanging cryptocurrencies and converting them into fiat money that can be spent in the real world more user-friendly and efficient. Together, they can change the way users interact with their digital assets in their day-to-day lives.
Asset swap enables users to exchange one token for another within the MetaOne app, bypassing the need for an external exchange or third-party service. This streamlined approach will allow users to capitalize on market movements and make timely decisions about their investments, even if they are outside with just their phone. In addition to the convenience factor, asset swap provides a secure environment to perform these transactions, as the money never leaves the user’s custody.
The second feature, crypto off-ramp, has the potential to be a game-changer. This feature allows MetaOne users to directly convert and withdraw their assets to a fiat currency of their choice and then receive the money directly in their bank accounts. Making access to the value of digital assets has far-reaching implications for both the users and the ecosystem at large, helping pave the way for using crypto in day-to-day payments.
Previously, users needed to go through a cumbersome process to use their cryptos in the real world. They had to transfer their digital assets to an external exchange, convert them to fiat currency, and then withdraw the funds to their bank accounts. This process took time and exposed the users to potential security risks associated with external exchanges. In addition, because most exchanges aren’t mobile-friendly, the process could usually only be done sitting on a desk in front of the computer.
Crypto-to-Fiat for Beginners
The introduction of the crypto off-ramp feature within the MetaOne wallet application is meant to simplify the process of crypto-to-fiat. Users can now convert their cryptocurrencies to fiat and access their funds with just a few taps, allowing a secure and user-friendly process. This feature aims to open the door to increased mainstream adoption of cryptocurrencies, as users can more easily integrate digital assets into their everyday lives.
For example, MetaOne users can set up internal groups with their close social circles and pay for shared bills using the crypto app. Then, if necessary, bringing the money back to the “fiat” world to pay for expenses is just one tap. While many wallets focus on crypto on-ramping (converting fiat into crypto) to fuel speculation, off-ramping is what can help people truly adopt crypto use cases, such as remittances and foreign exchange.
Both asset swap and crypto off-ramp will be integrated into the MetaOne app to provide a comprehensive user experience. Overall, the wallet is designed for the average person who doesn’t want to deal with the intricacies of setting up multiple centralized crypto exchange (CEX) accounts just to play with DeFi, GameFi, or NFTs.
Building Infrastructure for Web3
AAG is a web3 infrastructure company that, according to its website, “focuses on simplifying interactions with blockchain applications and the Metaverse for both mainstream users and traditional companies.” Besides the MetaOne wallet, AAG offers infrastructure software, including a cross-chain search engine and the Saakuru blockchain for enterprise companies.
With a belief in education as the key to unlocking the potential of web3, AAG is also an advocate of Learn-and-Earn, pursuing the economic opportunities of the Metaverse economy. The company’s goal is to bring one billion people into the Metaverse economy by 2030.
As the world continues to fracture, more people will seek to return to unity through the digital realm. Developing simple apps that allow people to use crypto just as they’d use their local e-wallet apps can define the next large cycle of crypto adoption, setting the stage for an even more interconnected and accessible digital economy than before.
