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Cryptocurrency Payment

Faster | Cheaper | Decentralized

For Chainlink Hackathon

Version 1.0

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Thesis

High demands from enterprises
Benefits using cryptocurrency payment.
Extra overheads setting up and operating on multiple chains.

Hi everyone, this is harry from the OxPayment team. And today I want to demo our product for the cryptocurrency payment.

Our initiative comes from an increasing number of companies worldwide are using bitcoin and other digital assets in their daily operation and transaction. As of 2022, more than 15-thousand businesses accept crypto payments. Compared with credit card payments, crypto payments have faster settlement cycles and can be cheaper due to lower transaction costs. However, the nature of price volatility makes the crypto payment hard to settle with an agreed value to the merchants. Thus, merchants in the paycheck domain, e-commerce, apar, etc., still expect to settle transactions in fiat-equivalent currencies. Also, online merchants accepting crypto want to avoid extra overheads setting up and operating the addresses on one or more chains.

Therefore, we are here to build a product called 0xPayment that accepts customer payments in stablecoins like USDC on various chains. The merchant users of this product can choose their money to be settled either on a preferred chain or even entirely off-chain.

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