What is Bridge: Bridging The Blockchain Of Finance!
Bridge is, in essence, bridging the gap between blockchain technology, cryptocurrency and traditional finance in one amalgamated application exclusively built on ICON. Instead of having to go through the consistent and tedious hoops in the traditional form of cryptocurrency investing, Bridge makes it incredibly simple. Bridge will onboard new users via their email address; these email addresses will be given an ICON address where they can deposit USD or other fiat currencies. In-app payments will always be supported through this notion of enabling fiat deposits. Any website that supports bridge will be able to support that particular users ICON wallet that is given to them at the time of sign up, whether it be on desktop or a mobile device.
"Bridge leverages Prime Trust’s KYC, AML, and bad actor checks to help you meet your regulatory obligations.
Before someone can deposit or withdraw USD from Bridge, they’ll need to provide details about their identity and address, upload proof, and pass the verification checks. This usually only takes a few minutes, and they can transfer assets from another wallet before they're verified."
It is important to mention that that anybody will be able to deposit USD into bridge from a US bank account and wire transfers and cards will be accessible in the near future. The funds will then be converted into a stable-coin known as Bridge Dollars which will be an IRC2 token. This IRC2 token will be compatible with any application on ICON which in return, will allow users to accept it as a currency for in-app payments.
Bridge is truly setting the stage for easy, seamless and interoperable finance on the ICON Blockchain. Bridge is expected to release in Q2 2021 alongside many other DeFi d'apps in the ICON Ecosystem which include, but are not limited to, BalancedDAO and OMM (Open Money Market).
Bridge
