Alex Fine, CEO of the payments startup Fun, predicts that the current fiat-to-crypto on-ramps and bridges will become obsolete in the next 12 months. Instead, he envisions new deposit products tailored to fintech companies, leveraging behavioral data and chain-specific defaults to streamline users' transition from fiat to crypto without the usual friction.
According to Fun, their deposit flows outperform existing setups by delivering over eight times the fiat volume and conversion rates between 3.4 and 8 times higher than popular aggregators like MoonPay and Stripe. This marks a dramatic shift from the early days of centralized exchanges, where users had to navigate multiple steps, to the rise of iframe aggregators embedded in apps, and now towards fully customized on-chain payment pathways.
Fun recently raised $72 million in a Series A round led by Multicoin Capital and SignalFire, planning to grow its engineering team and expand operations to Singapore. The company’s approach is unique in that it doesn’t rely on tokens or governance coins revenue comes purely from facilitating these high-conversion fiat-to-on-chain transactions.
This change could force players like MoonPay to rethink their strategies, as the market moves away from generic widgets to specialized infrastructure designed specifically for fintech firms. Stripe’s position remains somewhat distinct since it already integrates crypto payments deeply through its Bridge acquisition.
Fun’s journey began with wallet infrastructure but pivoted to focus on what they call high-conversion deposit rails, reflecting the broader trend of refining user experience in crypto payments. As the industry adapts, this could reshape how everyday users access cryptocurrencies, making the process more smooth and less reliant on traditional conversion intermediaries.
This content is for informational purposes and does not constitute financial advice.
