Blockdaemon, a crypto infrastructure provider, has partnered with Bitcoin sidechain VerifiedX to simplify everyday crypto transactions for non-technical users.
This collaboration, covering everything from earning yield to transferring money internationally, will integrate Blockdaemon’s staking and blockchain infrastructure into VerifiedX’s consumer applications: the Switchblade self-custody wallet and the Butterfly social payments platform, as announced to CoinDesk on Thursday.
The experience aims to resemble the simplicity of popular apps like PayPal’s (PYPL) Venmo or Block’s (XYZ) Cash App, rather than the conventional Web3 processes. Users can earn yield on bitcoin and stablecoins, borrow against their assets, and access on-chain credit markets without needing to rely on exchanges, custodians, or managing seed phrases, as stated by the companies.
Blockdaemon provides the technical infrastructure, including node operations, staking systems, and liquidity management, while VerifiedX focuses on the user experience, facilitating payments, merchant transactions, and straightforward asset transfers. This partnership aims to introduce self-custodial DeFi features to users uninterested in complex dashboards or on-chain wallet connections.
Many crypto/DeFi/Web3 platforms face challenges with mass adoption due to user experiences that can be clumsy and intimidating for average users, largely stemming from unfamiliar concepts like wallets and seed phrases, which involve a steep learning curve and the risk of irreversible mistakes.
This underlines the necessity for such platforms to adopt the ease of popular fintech applications, which conceal technical complexities from the user and simplify processes to actions akin to email logins and two-factor authentication.
