[HN Gopher] Ask HN: MoonPay vs Stripe - who will become the web3...
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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
Author : ck_one
Score : 5 points
Date : 2021-10-20 20:52 UTC (2 hours ago)
| aliswe wrote:
| web3?
| ck_one wrote:
| web3 == crypto. People use this term more often lately since
| crypto has a bad reputation.
| colesantiago wrote:
| Why Stripe? Can't they just acquire MoonPay and be done with it?
| ck_one wrote:
| I think the situation will be similar to when Zuck tried to
| acquire Snapchat. MoonPay is sitting on a gold mine and they
| know it.
| Arvand wrote:
| Stripe 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.
| buchanaf wrote:
| This plus the fact that accepting crypto payments is relatively
| trivial compared to processing and handling the VAT and sales
| tax for a billion jurisdictions that also happen to change all
| the time.
| ck_one wrote:
| I 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 wrote:
| Under 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 wrote:
| I 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.
| NicoJuicy wrote:
| I'm not saying it's uniform, as always you only need a
| couple of integrations.
|
| And the ones you missed out, you're probably never going
| to receive a payment from them either way.
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(page generated 2021-10-20 23:02 UTC)