The founder of Zap Solutions, Jack Mallers, has announced that Zap will offer “a Lightning-enabled fiat on and off-ramp service”, Olympus, that will allow instant delivery of BTC purchases, without a need for waiting for Coinbase, BitPay or other parties, to offer the same. Service implies a minimal KYC procedure, which remains optional.
Zap’s ambition, in Mallers’ words, is to achieve mass adoption, which is why since 2017, the company has been working on further simplification of the user experience:
“Previously, the user story read like this: take fiat, buy bitcoin, wait until you’re allowed to withdraw, withdraw and wait for confirmations, deposit bitcoin onto the Lightning Network, open channels, wait for more confirmations, scan QR code. Not anymore. Download, buy, scan”
For Mallers, anyone, even a customer who “has never experienced bitcoin before should be able to swipe their debit card, get bitcoin delivered to them directly onto the Lightning Network, and make inexpensive instant micropayments within seconds of purchase”. And the Zap Solutions founder insists that to do that the market might not need such giants as Coinbase or BitPay, not choosing nice words to describe these companies:
“Do we wait for Coinbase and BitPay to come around to Lightning? Leave it up to the closed-source elites that have misrepresented bitcoin for years to take the baton and run to the finish line? No. F*** that”
To bring this simplification to a 3-step-process, Zap is launching a dollar-denominated bitcoin buying feature inside the wallet. The feature will be available in beta-release this September for testing.
Interestingly, Olympus is a “standalone component”, meaning that it “will be available to any external app, product, business, etc. to use” and there is no need for Zap wallet. To use this feature, customers will have to undergo a minimal KYC procedure, which remains totally optional.