ETHplastic

Pay with crypto anywhere using pre-paid VISA card

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Inspiration

I couldn't find any crypto-fiat off-ramp that would be as easy as "connect your wallet" and "send money to my payment card". Besides being slow and complex, every off-ramp was really expensive. It can cost up to 8% to move crypto to fiat.

What it does

ETHplastic lets people off-ramp their crypto to prepaid VISA gift cards. The process is as simple as connecting the wallet and choosing the amount on the VISA card. First-time users must do KYC, but we save it in Metamask Snap so you'll never have to repeat it again.

Because we use gift cards, we could innovate on the business model front and make this system free to use. It means that if you send $100 in USDC you get $100 pre-paid VISA card! The business model assumes that pre-paid cards are never used fully. There is always some leftover money, that comes to us as soon as the gift card expires.

How we built it

We are using MetaMask Snaps to store all the user info, including gift card information. We are using Authologic to provide the best KYC experience on the market. Users can choose between gov issued digital IDs, Open Banking ID, Bank ID, or legacy biometrics/document scans. We use Wegift.io for VISA gift card issuing.

Bounties we are targeting

MetaMask Snaps bounty

Payment processing is done via smart contract. As soon as we get the payment, we automatically send the gift card information to the user.

For the MVP we have a bunch of gift cards in the database that we can push to the MetaMask Snap after the transaction is booked.

Challenges we ran into

Frontend development is really hard if you are a backend dev. It's hard to build something having so little time ;)

Accomplishments that we're proud of

We are very proud of creating MetaMask Snaps that extend crypto wallet with Identity wallet and Payment Card wallet!

What we learned

MetaMask Snaps are super powerful and hold so much potential! We want to learn more!

What's next for ETHplastic

We would like to explore further the connection between identity, MetaMask Snaps, and the potential it holds especially for the on/off-ramps.

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