Over the last several years, there has been a vision of Web3 being an incredible, decentralized future. However, the actual user experience has been far from easily accessible. With crypto wallets that are often very technical and gas fees that can confuse anyone, getting into cryptocurrency has often felt more like the challenge of having to learn a new piece of technology rather than simply using a new financial system. What if that was just about to change?
Due to a new integration between Mixin and Coinbase, many people are calling it the “Apple Pay moment” of Web3; it could possibly be a game changer. How?
Essentially, Mixin has integrated the fiat on-boarding infrastructure of Coinbase into their multi-asset network and wallet ecosystem. This means that you can now:
easily convert from fiat (USD) into cryptocurrency and
immediately inside of Mixin without having to go through multiple steps or utilize another platform.
Thus, one of the largest points of friction in the crypto industry has been eliminated — quickly and easily getting money into the ecosystem.
Why the term "Apple Pay moment"?
This describes how Apple Pay was disruptive to the payments market by allowing for instantaneous transactions using a mobile device—when you have your card, you’re done. We are using the same concept to make crypto onboarding easier, with Mixin and Coinbase providing:
o Easy ways to get started using crypto;
o Simple 1-2 tap processes for transactions;
• Seed phrases are complicated for end-users to manage
• Gas fees are complex for end-users to calculate
• Multiple chains create fragmentation in the user experience
• Users often need technical ability to use Web3 applications
By integrating Mixin’s infrastructure with Coinbase’s regulated fiat on-ramp, we are able to remove many of the barriers that prevent mass adoption of distributed ledger technologies:
• Enables users to buy crypto instantly.
• Every transaction occurs in a single application.
• Crypto transactions will be completed almost instantly.
🌍 Importance to the Future
This merger focuses on more than just speed; it also provides ease of access.
If the addition of cryptocurrencies provides:
The ease of mobile payments
The speed of instant messaging
The intuitiveness of traditional banking
Then Web3 will finally expand to include more than just developers and early adopters.
🧠 Conclusion
The "Apple Pay moment" for Web3 involves more than just technology; it's about providing a better experience to the user.
Although connecting Mixin and Coinbase may be viewed as a minor milestone in terms of technological advancement, it represents a large advancement in usability. Usability is the most important aspect to achieving adoption.
If this trend continues at the current rate, we will soon see a new era where sending cryptocurrency will be as easy as sending a text message using WhatsApp.