In this section, we will cover what a fiat gateway is and why it's important.
Let's start with the terms:
📙 Fiat money is government-issued & central bank controlled currency like USD, EUR, RNB etc.
📙 Fiat Gateway is any service that converts between digital cryptocurrency and fiat.
Gateways are an important piece of Mosendo's functioning across the world. While we envision a world where people can hold and spend only their digital currency, we recognize that most of the world is not ready for that. It is very important that people are able to change between fiat and cryptocurrecny in the meantime. Consider these examples:
Noi needs to convert DAI to Thai Baht to buy ingredients at the market.
Noi owns a restaurant in Chiang Mai, Thailand. She uses Mosendo to store value and enjoys her access to the decentralized finance world. She keeps as much of her money as she can on Mosendo so she can earn interest through integrated lending services.
Noi accepts Mosendo at her shop, and more clients have been using Mosendo to pay. Noi needs to buy more supplies, but not everyone at the market uses Mosendo yet. Noi must use a fiat gateway to change between her DAI on Mosendo and the local currency so she can restock!
Lily moved from Taiwan to the United States and needs to send money home. She is earning US Dollars and wants to send that home to her family. Lily uses a fiat gateway to transfer the money from her bank account and change it to DAI on Mosendo. Then, she uses Mosendo to transfer the DAI instantly to her family's Mosendo account in Taiwan. Her family pays some rent using Mosendo, but also converts some DAI to local currency to use at merchants who are not yet accepting it yet.
Lily needs to convert USD to DAI to send it home using Mosendo.
Gateways are an important piece of Mosendo's expansion, as people need to be able to change between currencies before the network is suitably extended.
Mosendo has partnered with fiat gateways all over the world, making it simple, easy and accessible to convert between fiat and cryptocurrency
A detailed list of Mosendo's fiat gateway partners can be found here. A table of Mosendo's partnerships, including fiat gateways, can be found here.
World map of Mosendo's fiat gateway partnership coverage
