The Graph integrates on-ramp to enable direct fiat payments

Decentralized infrastructure protocol The Graph teamed up with web3 fiat-to-crypto gateway Banxa, enabling users to pay with fiat currency rather than just crypto to access its indexing and querying data from blockchains. 

The integration aims to lower the barriers to decentralized protocols, making it easier for developers to access blockchain data in a similar way to traditional software-as-a-service (SaaS) products. Users can now directly engage with The Graph’s user interface without having to deal with centralized crypto exchanges prior to using the service.

The collaboration marks the first use of Banxa’s OpenRamp product, enabling fiat payments to interact with smart contracts. In this case, it fulfills all fiat transactions directly to The Graph’s billing contracts.

The Graph argues the integration provides new possibilities for B2B2C projects in web2 and web3, allowing payments using a wide range of methods familiar to SaaS platforms. By creating a user experience comparable to traditional enterprise models while maintaining the advantages of decentralized technology, The Graph aims to unlock an ecosystem that supports both fiat-to-crypto and crypto-to-crypto interactions.

“Integrating Banxa as a fiat on-ramp opens The Graph to an even broader audience, making the decentralized network as easy to use as a traditional SaaS,” Tegan Kline, chief business officer and co-founder of The Graph’s initial developer Edge & Node, said in a statement.

Accelerating blockchain adoption

Banxa’s integration with The Graph should open up web3 to more users, according to the CEO of Banxa, Holger Arians. “We believe the future of crypto lies in interoperability — a prime example of which lies in enabling seamless value movement in fiat and crypto across The Graph Network,” he said.

The partnership marks the latest step in The Graph’s roadmap to improve the billing process for developers and data consumers. The Graph allows developers to efficiently access and extract data from 39 blockchains using GraphQL, an open-source query language developed by Facebook. The Graph enables developers to build and interact with decentralized applications more easily by providing a way to access and organize blockchain data. The protocol serves as an important infrastructure layer in the web3 ecosystem across DeFi, gaming and other sectors.

Last month, Metis also integrated with Banxa to reduce the complexity of onboarding to the Ethereum Layer 2.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.