Dan Romero
@dwr.eth
In the US (the most valuable fiat-to-crypto market), onramp is about fraud. Specifically: 1. Stolen payment method fraud 2. "Friendly" regret-based (i.e. price goes down) fraud It's different than e-commerce fraud since doesn't require a physical shipping address (you can use spoofed KYC and get the good you're purchasing if it's crypto). You're also delivering the asset instantly and in a non-reversible way. And then you have a chargeback risk 30+ days later. It's a problem that requires a specific consumer data set and proprietary machine-learning model. Can Stripe build one here? Yes. Does that happen quickly? No. https://x.com/realitywarp/status/1932907314937246128
9 replies
85 recasts
443 reactions
greg
@gregfromstl
How does Coinbase offer no KYC and 0% fees for USDC onramps? Is their fraud detection just that good?
4 replies
0 recast
5 reactions
christopher
@christopher
I believe Coinbase already uses KYC ML through multiple vendors. Ramp uses Alloy. All they need is an email or phone number. It's super easy nowadays to implement this. Google just bought Wiz for 32 billion. Wiz does AI identity security. No one has talked about that acquisition at all lol. http://alloy.com/
1 reply
0 recast
4 reactions
Joe Petrich 🟪
@jpetrich
Low approval rates and low dollar amounts
1 reply
0 recast
3 reactions
Dan Romero
@dwr.eth
when you say no kyc -- do they require a phone number?
1 reply
0 recast
1 reaction
Jasper Disney
@secgov
that's why it's max 500 per month
1 reply
0 recast
1 reaction
