No Fiat? No Problem! Breakpoint Attendees Pay in Crypto Using Ripe
During the Solana Breakpoint, attendees are able to use cryptocurrencies to pay from stores in Singapore that only accept fiat money, made possible using Solana-based Ripe.ย
Key Details: Ripe is a project on Solana that can facilitate everyday crypto payments across Southeast Asia.ย
- The Function: Basically, it serves as a crypto off-ramp service.ย
- The Process: The wallet that contains the cryptocurrency should be connected to Ripe. From Ripe, scan the QR code of an e-wallet or digital bank where the payment should be sent.
- Technically, Ripe will be the one to automatically convert and send the crypto to fiat money for payment.ย
How Ripe Worked During Solana Breakpoint 2024?ย
- Step 1: Attendees should have a Phantom wallet.ย
- Step 2: Attendees should buy $XSGD, a stablecoin pegged to Singaporean Dollar, on their Phantom wallet.ย
- Step 3: Attendees should connect their Phantom wallet to Ripe.ย
- Step 4: Go to the merchant where they have to buy goods.ย
- Step 5: In Phantomโs browser tab, search for โRipe.โ
- Step 6: Choose the โPay Nowโ option.ย
- Step 7: Scan the QR code of the merchant for payment.ย ย
- Step 8: Fill in the required information needed. (The amount to be paid, etc.)
Ripe was also involved during the PayFi Summit, a side event of the Token2049 event.ย
Ripe in the Philippines: Ripe ranked fourth in the payments category during the Colosseumโs Renaissance Hackathon, all while representing the Philippines and Southeast Asia.
Key Quote:
โOf course, we’re Philippines-born, and the Philippines remains our primary go-to-market. But similar to the “product showcase” or “activation” event that we ran during Breakpoint, we’re looking to throw a few events here in the Philippines where people can pay with their crypto in places where traditionally only fiat is accepted.โ
Sam Silver, Co-Founder, Ripe
Whatโs Next? According to the Ripe team, they are planning to throw a few product showcase events in the Philippines over the next few months.
This article is published on BitPinas: No Fiat? No Problem! Breakpoint Attendees Pay in Crypto Using Ripe
What else is happening in Crypto Philippines and beyond?