The intuitive developers behind the Zap wallet raised the bar this week with the introduction of Olympus. Olympus is a protocol that allows users to purchase Bitcoin directly with a debit card. Crypto enthusiasts welcomed the news as firms such as Coinbase and BitPay have had a long-standing monopoly on the direct purchase of BTC via fiat. Now, users can circumvent these mega exchanges and buy crypto directly.
According to the Olympus development team, the firm sought to bring a new on-ramp to crypto investors. In a September 19 blog post, company executives explained the motivation behind the decision and some of the benefits the protocol brings to the market.
Easy to Use
The Olympus protocol provides investors with instant BTC purchases via the Lighting Network. Describing the signup process, Zap Wallet founder, Jack Mallers stated that anyone can use the protocol to purchase Bitcoin in seconds.
The Lightning Network makes the transfer process much faster than the competition. For example, it can take days for an individual to complete the account registration process on Coinbase. Additionally, purchases of crypto made on the platform can take up to three days to post in your account.
Minimal KYC – Olympus
Unlike Coinbase or BitPay, the firm chose to use minimal KYC requirements. This strategy simplifies the entire signup process considerably and enables users to acquire crypto without the traditionally long wait. Describing the new process, Mallers explained that with Olympus anyone can purchase crypto, with a debit card in mere seconds.
He also took a moment to discuss the rise in disgruntled CoinBase and BitPay customers. Many of these clients felt betrayed by the actions of CoinBase and BitPay over the last two years. For example, when Coinbase instituted its KYC protocols, it didn’t notify existing clients until after the institution of the new rules.
The problem with this strategy is that Coinbase then required all its users to comply with the KYC to be able to withdraw their funds held on the exchange. This left many in the cryptocommunity unable to retrieve their crypto. Consequently, Coinbase confiscated the unclaimed bounty which totaled millions.
Olympus Launch Date
Olympus developers have set a 2020 launch date. Currently, the firm is in the process of applying for licenses across the US. Each state requires a separate license for Olympus to accept fiat in exchange for crypto.
Zap Wallet users don’t have to worry about their funds meeting a similar fate to Coinbase users because the Olympus protocol won’t directly integrate into Zap unless a user chooses the option. In this manner, Zap wallet supporters get the power to choose when, and if, they want to add the benefits and regulations associated with fiat-to-crypto platforms.
The Future is Olympus
The Olympus protocol fills a much-needed niche in the industry. For too long, Coinbase and BitPay have held the only on-ramps to the crypto market in North America. Now, investors have a faster and less restrictive strategy to employ. You can expect to see Olympus gain steam as the protocol unveils throughout the country.