As the crypto industry continues to grow, it becomes increasingly intertwined with traditional finance (TradFi) to the benefit of end users. TradFi is notoriously slow, inefficient and expensive. International wire transfers, which take days and double-digit dollar fees in most cases, are a perfect embodiment of the current state of traditional finance.
By comparison, decentralized finance (DeFi) has the potential to provide similar services, including fund transfers, payments and storage, much quicker and at lower costs. However, the majority of financial technology (fintech) applications offered by TradFi services win the users in terms of user experience and simplicity, leaving the unnecessarily complex and obscure DeFi apps with limited adoption.
Mainstream users require a friendly experience and easy-to-use applications to dip their toes in decentralized waters before becoming full-fledged crypto users. Similarly, DeFi users need a bridge to utilize their crypto funds in their everyday lives. They seek a fintech solution that is free from the complexity, logginess and expensiveness of traditional finance services.
Renegade, a Web3-ready financial services platform, aims to bridge TradFi features with crypto and DeFi by providing users with a clean, easy-to-use interface through its mobile apps developed for iOS and Android.
On top of a standard TradFi experience, which includes payment solutions, an IBAN account and personal finance management, Renegade adds Web3 functions, including a non-custodial and custodial wallet, fiat on-ramp through a Visa debit card, and crypto exchange — bringing the DeFi and TradFi spaces together.
Integration with crypto exchanges and wallets
Key crypto industry players such as crypto exchanges and wallet providers integrate with the Renegade platform to offer their solutions in a more TradFi-friendly environment. As more partners join the Renegade platform, users will be able to use a diverse range of direct, in-app conversions and enhanced liquidity options.
On the fintech side, the company is building RenegadePay and preparing a Renegade Visa debit card. Both will give users the ability to spend crypto in everyday shopping. Renegade users will also get a Swedish IBAN number thanks to a partnership with EMI Intergiro, opening up a range of traditional banking services and also a very attractive spending rewards programme.
Renegade provides users with a Visa debit card, which can be used for crypto payments. Source: Renegade
Talking about the vision of the company, Renegade CEO Daniel A. Strele-Ramonis explained that the team aims to dissolve the barriers between fiat and crypto, offering everyone the tools to harness the full spectrum of financial opportunities. “As the future unfolds, we aspire to lead this fusion, ensuring that financial empowerment is accessible, intuitive, and without compromise,” he added.
Renegade joins Cointelegraph Accelerator
Renegade has joined Cointelegraph Accelerator as a participant to benefit from the media reach and marketing opportunities provided by the program. Cointelegraph Accelerator selected Renegade given the user experience the project is developing for both TradFi and DeFi users.
The platform aims to integrate with major payment services, including Apple Pay and Google Pay, by the end of the year. When its mobile app is launched, Renegade can serve the TradFi needs of DeFi users while providing access to crypto and Web3 for the fintech market, effectively bridging the two worlds.