Cryptocurrency adoption is growing, but most people still prefer receiving payments in traditional currencies. They need fiat money in their bank accounts to cover daily expenses and financial obligations.
To address this need, we're proud to introduce Crypto to Fiat Payments, a transformative feature for organizations and individuals using Colony.
This innovative solution offers two key capabilities:
- For Organizations: Pay contributors directly in USD or EUR from your USDC balance.
- For Individuals: Convert your USDC to fiat and transfer it directly to your bank account.
By bridging the gap between cryptocurrency and traditional banking, Crypto to Fiat Payments simplifies financial operations for decentralized organizations and provides flexibility for individual users.
Whether you're managing payroll for a global team or need to access your crypto earnings in fiat currency, our new feature streamlines the process, saving you time and reducing complexity.
Let's explore how Crypto to Fiat Payments can revolutionize your financial management on Colony.
Use Case 1: Nautilus DAO
Nautilus, an unincorporated DAO with contributors across three continents, faced significant challenges in managing payments:
Before Colony:
- Couldn't obtain a bank account or centralized exchange account due to lack of incorporation
- Limited to paying contributors in stablecoins
- Restricted talent pool to crypto-savvy individuals
- Struggled to attract diverse talent due to payment limitations
After Implementing Colony's Crypto to Fiat:
- Maintained full control of funds within the DAO structure
- Enabled direct fiat payments to contributors
- Significantly expanded available talent pool
- Attracted contributors who prefer traditional currency payments
Key Benefit: Increased access to global talent while maintaining decentralized operations.
Use Case 2: Mustard Ltd
Mustard Ltd, a UK-based software development consultancy specializing in web3, encountered several obstacles in managing crypto and fiat transactions:
Before Colony:
- Struggled with UK regulations on business accounts for centralized exchanges
- Couldn't meet high asset requirements for most exchange accounts
- Faced high fees and poor liquidity when converting USDC to EUR
- Risked mainstream bank account closure due to crypto transactions
- Incurred hefty fees with specialist crypto-friendly banks
- Spent significant time and resources managing complex payment processes
- Relied on trusting individuals to handle centralized exchange and banking transactions
After Implementing Colony's Crypto to Fiat:
- Streamlined payroll process to a single advanced payment through Colony
- Employees receive EUR directly in their personal bank accounts
- Reduced payroll management from a monthly headache to a two-minute task
- Minimized trust requirements and simplified financial operations
Key Benefit: Dramatically simplified payroll management while reducing costs and risks associated with crypto-to-fiat conversions.
Looking Ahead
We're committed to continually improving our Crypto to Fiat Payments feature. In the coming months, we plan to:
- KYB: If the colony is incorporated, it can complete compliance so recipients worldwide can receive payments without completing KYC.
- KYC Free: US users off-ramping less than $10k per transaction, and $100k per month won’t require KYC.
- Expand Currency Options to include GBP.
Get Started Today
Experience the future of payroll management with Colony’s Crypto to Fiat.
Request early access by joining our waiting list below!
