Fuse, a Layer 2 blockchain network known for its focus on Web3 payments, has introduced Charge, its first non-custodial bank for merchants. Charge is set to revolutionize payment services within the Web3 ecosystem by offering a wide range of solutions tailored to small and medium-sized enterprises (SMEs). The newly launched platform provides a full suite of payment services for Web3-based businesses, including fiat on/off ramps, invoicing, and payments, helping to bridge the gap between traditional financial systems and the digital asset space.
Expanding Web3 Payment Infrastructure
The CEO of Fuse, Mark Smargon, discussed the growth of Web3 infrastructure, noting that this development is paving the way for a larger market in digital banking. Although digital banking is still in its early stages compared to traditional banks, it is steadily expanding. Charge, being part of this innovative trend, is positioned to offer users neobank-level services while maintaining the benefits of decentralized finance. Smargon highlighted that Charge brings together key innovations into a single platform, allowing merchants to take advantage of non-custodial payments, invoicing, and seamless transitions between fiat and crypto assets.
Charge stands out as a pioneering bank in the Web3 space, specifically designed to offer enhanced payment systems to businesses and consumers. One of its key features is its low transaction fee of 0.5%, which enables businesses to efficiently manage payments, generate invoices, and facilitate cross-border transactions. As a non-custodial service, Charge provides users with full control over their assets, a significant first in the industry.
Addressing Challenges in Crypto Adoption
Smargon emphasized the fast-paced growth of digital asset banking and payment systems, particularly among younger generations who are increasingly adopting cryptocurrencies. Despite this growing interest, several barriers have slowed adoption, such as high transaction fees, security concerns, and the lack of user-friendly payment infrastructures. Charge aims to resolve these issues by providing a comprehensive, secure, and easy-to-use non-custodial payment solution that works seamlessly with both fiat and digital currencies. This integration allows users to leverage the flexibility of Web3 while maintaining a connection to traditional financial systems.
According to recent market data, the Web3 payments market was valued at USD 9.64 billion in 2023 and is expected to exceed USD 94 billion by 2032, growing at a compound annual growth rate (CAGR) of over 28.5%. Additionally, over 60% of businesses are reportedly open to adopting crypto and digital asset payments, provided the process is made more secure and simplified. The launch of Charge is aligned with this growing interest, offering a platform designed to meet these expectations.
Empowering SMEs with Seamless Crypto Payments
Charge was developed with SMEs in mind, offering a solution that allows these businesses to benefit from low transaction fees, the ability to transact in multiple cryptocurrencies, and easy access to fiat payments. By removing barriers to international commerce, Charge facilitates smooth cross-border transactions, which are often cumbersome and costly in traditional banking systems. As a non-custodial payment platform, Charge operates without requiring a banking license, giving clients full ownership and control of their assets at all times.
In addition to its low-cost payment features, Charge provides SMEs with a flexible and user-friendly banking service, particularly suited for crypto startups and e-commerce businesses. The platform offers full API support, enabling developers to integrate Charge into their existing technology stack. Robust security measures ensure that users maintain complete oversight and control of their assets, further enhancing trust and usability.
New Business Model for Web3 Payments
Charge’s launch also introduces a new business model that applies crypto-economics to address issues surrounding merchant reputation, privacy, and trust—factors that have previously hindered the mainstream adoption of Web3 payments. The platform is designed to simplify usability while offering the flexibility and privacy needed for businesses to thrive in a decentralized financial ecosystem. As part of its broader mission, Charge aims to become a vital component of the blockchain payment industry, empowering businesses to seamlessly navigate the digital asset space.
By providing a comprehensive, secure, and flexible payment solution, Charge has the potential to drive significant growth in Web3 payments and digital banking, particularly for SMEs looking to leverage both fiat and crypto assets in their operations. With the ongoing development of Web3 infrastructure, platforms like Charge are well-positioned to meet the needs of businesses and consumers alike as they transition toward decentralized financial systems.
