Imagine navigating through a maze of limited edition collectibles on an NFT dApp and finding a rare digital artwork. But, oh, the complex wallet set-ups and addresses, sneaky gas fees, and token transfers.
Now, wouldn’t it be nice if this whole process were seamless and if you JUST had the instant gratification of buying the artwork with ease? With traditional payment systems, you have the familiarity of push and pull transaction mechanisms. Efficient, convenient, and fairly reliable.
But as you move to a decentralized future, you don’t have the luxury of pull payments, i.e., payment transactions triggered by the payee (you) that make it easier to spend cryptocurrency and for businesses to accept it. Well, not until Fetcch swooped in.
Fetcch streamlines the whole payment process by simplifying the aforementioned complexities of the blockchain payment experience.
Read on to find out how Fetcch aims to be a decentralized and unified payment infrastructure for all payment applications.
Fetcch: One Infrastructure for All Payment Applications
By using a pull payment mechanism, Fetcch lets the receiver (you) start the payment process by approving a list of transactions and sending a payment request to the sender/initiator. This allows the receiver easy access to funds at predefined intervals, enabling the sender to automatically bill them for the resources or services consumed. This minimizes the burden of managing and initiating payments for each usage instance for the receiver.
Each payment request is digitally signed, which ensures authenticity and minimization of fraudulent activities. All in all, both senders and receivers find a clear and easy way to handle transactions, no matter the payment application.
Universal Identity Layer: Seamless User Experience with Cross-chain Transactions
Cross-chain transactions are known to be complex, with a lack of efficient cross-chain markets, scalability, and high computational load.
Powered by Fetcch’s Identity Layer, users get to attain a self-sovereign identity and have seamless asset transfers between disparate blockchains. This system introduces the concept of Universal Transactional Identities (UTI) where diverse blockchain addresses are consolidated into a unified format, denoted as username@wallet. This helps you to forgo a bunch of complicated addresses for different blockchains and manage your digital identity.
With the introduction of unified identity, Fetcch enables cross-chain, peer-to-peer (P2P), and business-to-consumer (B2C) payments, while offering simplified cross-chain management. By integrating with cross-chain solutions like LayerZero, Axelar, Wormhole, CCTP from Circle, and CCIP from Chainlink, it handles backend settlements with ease, thereby simplifying cross-chain interactions. No more switching between multiple addresses and identities across chains.
The solution empowers users to oversee all interactions and transactions across different applications and wallets to minimize reliance on external entities. They also enjoy the luxury of personalized wallet identities, along with preferred usernames and wallet branding, for better user recognition.
Identity Layer supports blockchains like major EVM Chains, Solana, Aptos, SUI, Fuel, Near, and others. And what’s more, you can easily integrate Fetcch with various platforms, including payment gateways, wallets, exchanges, e-commerce sites, and crypto banking.
More than meets the eye
Fetcch is more than just a project. Within a few weeks of getting launched, it showed incredible performance and has integrated with 23+ wallets clocking daily transaction volumes reaching $35,000 worth of weekly volume through their pull-payments protocol.
Selected as part of Graviton’s first cohort in 2023, it marked its presence among over 350 applicants and is now paving the way to simplify and enhance the Web3 journey for users worldwide.
Its latest win is raising $1.5M in pre-seed funding, led by AppWorks Venture and Hashkey Capital with participation from LD Capital, Compute Ventures, M6 and GravityX Capital, NGC. With its decentralized payments connectivity network, Fetch will use the funds in product development, expand in the Web3 sector, and simultaneously build Web2.5 use cases.
There’s a dire need for projects like Fetcch today to tackle the complex nature and current vulnerable state of cross-chain transactions (to high-profile exploits and attacks) along with multiple structures such as custodians, debt issuers, and oracles. Not to forget the incredible growth of the Web3 payments market (CAGR of 69.4% from 2023 to 2032).
The current fragmented nature of the blockchain ecosystem is such that each blockchain operates independently with its own protocols, standards, and consensus algorithms. Fetcch strives to address this issue through pull payments and unified identity.
The features enable users to maintain single digital, interoperable, and chain-agnostic identities that connect to a wide range of addresses on any chain, eliminating challenges tied to multiple blockchain interactions.