Introduction to Banking and Payments for Web3

Good banking is critical for a successful business. With the rapid rise of digital assets, the banking stack is evolving quickly. From stablecoins to facilitate faster and more cost-effective cross-border transactions to the flexibility and customization of programable self-custody of assets.

While the Web3 banking stack evolves fast, it must still connect with traditional financial rails to facilitate all services required to operate a business. This Blog introduces banking and payments for Web3 organizations, together with the steps to get started with the primary service providers.

This Blog is part of a series of Web3 Financial Operations guides and case studies produced by FinOps3. Explore all FinOps3 tools and content on the FinOps3 Platform.

Getting started with Web3 Banking and Payments
Until recently, the primary method of paying with and holding FIAT for any Web3 business was holding traditional bank accounts and selling digital assets through exchanges or brokers to acquire FIAT.

Now, services are offered that allow seamless payments through traditional payment networks without the need to cash out to FIAT first. In addition, digital organizations can now open IBAN accounts, greatly expanding their payment potential.

The best-in-class service providers
Gnosis Pay and Monerium are two primary solutions offering seamless payments and a bank-like experience for digital asset users. Both are powered by Safe under the hood, allowing FIAT payments through traditional payment infrastructures.

Gnosis Pay is certified by Visa and is compliant with EU regulations due to its partner Elliptic's banking and payments license.Monerium is an Electronic Money Institution that issues the EURe. Monerium issues on-chain fiat as infrastructure for web3 builders and has reached €100 million volume on-chain. Together, Gnosis Pay and Monerium partnered to execute European transactions. Users can pay for items in the real world and online with the Gnosis Card using Monerium's euro stablecoin, EURe.

You must set up a Safe Wallet for your business to access these services. If you don’t have one yet, follow this guide to get started with Safe and gain complete control of your digital assets in minutes.

Get started with Gnosis Pay

Gnosis Pay offers a Decentralized Payment Network, removing the barriers between traditional finance and DeFi. Its first product is Gnosis Card, a fully European-compliant Visa debit card that enables you to spend your digital assets in the traditional economy using the Gnosis Pay Network.

To start using Gnosis Pay and its Visa Card, follow these steps:

• Visit the Gnosis Pay website and connect your Safe Wallet.
• Fill in the fractal verification and share it with Gnosis Pay.
• Once verification is complete, you can personalize and order your Visa Gnosis Pay card.
• You will receive your card in two days and should be ready to transact using Gnosis Pay.

Get started with Monerium

Monerium is an Electronic Money Institution that issues the stablecoin EURe. It lets you directly connect your on-chain wallet to a SEPA bank account. You can seamlessly send and spend Euros from your wallet to your bank accounts and vice versa.

To start using Monerium, follow these steps:

• Connect your Safe wallet: Visit Monerium's website and use WalletConnect to link your Safe wallet.
• Complete KYC Process: Complete the onboarding process in the Monerium app to verify your identity.
• Create IBAN for the Wallet: You can obtain an IBAN by selecting your Safe EUR account, clicking "Add money," and then clicking "Get a Monerium IBAN."
• Send EUR to your IBAN and receive EURe: Transfer EUR to the newly created IBAN from another bank account, ensuring the details match your Monerium account.
• Send EURe to a bank account: Use your Safe EUR account to send EURe to any bank account via the SEPA standard by connecting your wallet and authorizing the transaction.

Supercharge your onchain finance
FinOps3 is a platform and knowledge hub for Safe-powered on-chain finance. It aims to accelerate the adoption and retention of Treasury Managers and Financial Operators in the Safe Ecosystem by providing resources and guidance that make setting up and running a Treasury Management System powered by Safe easy and rewarding.

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