Empowering Web 3 Businesses to Overcome Banking Restrictions and Bridge the Gap Between Crypto and Fiat Operations
In the world of Web 3 Businesses operating in cryptocurrencies, there's a significant challenge they face - limited access to the traditional financial system. These businesses are considered high risk by banks and are often denied bank accounts. In turn, Web 3 businesses struggle to find solutions for offramping from crypto to fiat (Euros, USD, Pounds etc) for their operations. They also encounter difficulties in paying contractors who cannot accept crypto and attracting top talent that prefers traditional fiat payments. In a nutshell, Web 3 businesses face a huge problem because they are seen as unbankable.
As an unbankable business, Web 3 businesses struggle with the need to conduct day-to-day operations in crypto while dealing with fiat requirements. Many Web 3 businesses turn to crypto exchanges but the problem with that is that these exchanges do not allow third-party fiat payments, restricting the ability to pay contractors in traditional currencies. That means many web 3 businesses use their personal exchange account in order to pay contractors and business expenses in fiat which is not good business practice and adds unnecessary accounting complexities.
Finally, only 20% of contractors prefer to be paid in crypto, narrowing the talent pool for Web 3 businesses. Without a solution to pay contractors in fiat, these businesses face difficulties in attracting and retaining top talent.
Archway Finance offers a revolutionary solution for high-risk Web 3 businesses, enabling them to offramp to fiat without a bank account and pay their contractors in fiat while keeping their operations in crypto, bridging the gap between the two.
By offering payments in both fiat and crypto, Web 3 businesses can attract a wider range of talent, tapping into the 80% of contractors who prefer fiat.
Archway Finance serves as a crucial enabler for high-risk Web 3 businesses, allowing them to navigate the limitations of traditional financial systems. By providing a streamlined solution to offramp to fiat, pay contractors in traditional currencies, and attract top talent, Archway Finance is driving the fintech revolution for these businesses.
To learn more about Archway Finance and how we are bridging the gap for high risk, Web 3 businesses please visit our website at https://archway.finance/for-business
