Web3 must bridge back into Web2 for real cash flows

“The seamless payments infrastructure and user experience derived from Web2 will be the backbone of Web3’s success,” said Max Rothman.

The real economic utility of Web3 — a broad term that refers to some future iteration of the internet — can only be realized by utilizing existing payment onramps and offramps, according to Max Rothman, vice president of crypto and digital assets at Checkout.com.

In an interview with Cointelegraph, Rothman explained that companies operating in Web2 and Web3 are largely sioled from one another, which means they cannot access each other’s benefits. “Web2 companies have mastered seamless online payments and the user experience,” he said, referring to businesses that operate in the current state of the internet. “For Web3 companies to continue to grow, they need a steady supply of new and existing users providing them fiat currency conversions into crypto.”

While crypto payments remove middlemen and offer higher security, merchants still have to manage volatility and apply for tax, among other issues.
An executive for Checkout .com claims mass adoption will be inevitable when those issues are dealt with. https://t.co/CpLyrRj3QU
— Cointelegraph (@Cointelegraph) July 27, 2022

While the value proposition of Web3 lies in blockchain technology and the tokenization of the internet, the industry lacks payment processing capabilities. According to Rothman, this gap makes it unlikely that cryptocurrency ever becomes a viable everyday payment method: