Crypto infrastructure provider Blockdaemon and Bitcoin sidechain VerifiedX said they are working together to make everyday crypto usage easier for non-technical users.
The move, which includes earning returns by sending money abroad, will bring the same staking and blockchain infrastructure that Blockdaemon provides to banks and asset managers, integrated into VerifiedX’s two consumer apps: the Switchblade self-custody wallet and the Butterfly social payments platform, according to an announcement shared with CoinDesk on Thursday.
The experience is designed to be closer to the social payment apps of Paypal (PYPL) Venmo or Block (XYZ) Cash App than a traditional Web3 workflow. Users can earn returns on bitcoin BTC$93,047.95 and stablecoins, borrow against their assets and access on-chain credit markets without parking money on an exchange, dealing with custodians or juggling seed phrases (the long stream of random words users need to back up and get their assets back), the companies said.
Blockdaemon provides the technical backbone, including node operations, staking systems and liquidity management, while VerifiedX handles the user experience, including payments, merchant transactions and simple asset transfers. The combination aims to bring self-custodial DeFi features to people who have no interest in navigating dashboards or connecting wallets on-chain.
Crypto/DeFi/Web3 platforms often struggle with mass adoption, mainly because their user experience is often clunky, complex, and intimidating for the average user. due to unfamiliar concepts such as portfolios and basic phrases, a process that offers a steep learning curve and a high risk of irreversible errors.
This highlights the need for these platforms to emulate the simplicity of popular fintech apps, which hide the technical complexity of sending, receiving and managing user money and simplify the process down to features like email login, passwords and two-factor authentication.