The unpredictability of crypto transaction fees is a concern for large financial firms. Converge addresses this by introducing stablecoin fees.
Revolutionizing Transaction Fees
Financial companies are troubled by fluctuating crypto fees. Converge, in cooperation with Ethereum, introduces stablecoin-based gas fees, offering more predictability. This is crucial for firms handling large volumes. The platform will leverage stablecoins like USDe and USDtb, backed by ENA.
Implementation and Structure of Converge
Converge will comprise three layers: regulated apps for KYC, new financial products by Securitize, and open decentralized apps. The concept of stablecoin fees has been applied in other projects before, but Converge becomes the first platform tailored for institutional needs.
Support and Prospects for Converge
The project has been joined by companies such as Aave Labs and Morpho Labs. Custodian services Anchorage and Copper will offer asset management. Converge focuses on integrating traditional finance with DeFi, attracting new participants from large institutional players.
Using stablecoins for fees positions Converge as a pivotal point in integrating traditional finance and the crypto industry. With its partners and support from DeFi projects, the platform could change how large financial institutions engage with decentralized financial markets.
