FCS Proposal - C14 - Fiat <> Crypto Payment Flow for Firo Ecosystem

A new proposal has been posted to the Firo Crowdfunding System.

  • Title: C14 - Fiat <> Crypto Payment Flow for Firo Ecosystem
  • Author: Patrick_C14
  • Proposal type: Miscellaneous
  • Link: click here

Use this topic to discuss this proposal!

Funding target changed from ‘24.0 FIRO’ to ‘24000.0 FIRO’

Funding target changed from ‘24000.0 FIRO’ to ‘1.0 FIRO’

I have had numerous informal discussions with C14 https://www.c14.money/ and they’re making inroads in providing fiat on and off ramps for cryptocurrencies. Their legal has cleared for Firo to be added as I initially was worried there were risks on being a privacy coin. For e.g. we were actually meant to be added to crypto.com but had issues last minute due to their partners expressing concerns on privacy coins.

Integration costs they prefer to keep confidential but it’s a bit hard for CFC to weigh in without it so I may just inform the CFC directly in private and people can see the amount that gets funded for this later.

Ultimately, the CFC has to weigh in whether C14 is the ideal partner among fiat onramp/offramp providers and whether it’s something the community values or is it the right time to seek this. For e.g. while Coinrabbit has seen some uptake in usage in crypto loans using Firo, Guardarian’s integration and credit cards have not been popular despite core team funding those integrations due to our long term relationship with them and getting favorable integration rates.

C14’s claimed advantages over other competitors such as Moonpay, Simplex or Stripe:

  • We move way faster in terms of listing new assets and geographies
  • Coverage plan is focused on local fiat ramps in emerging markets (most ramps just blanket the world in credit / debit)
  • Ramp UI is optimized for repeat purchases.
  • We are building partner dashboard with helpful data points (user geography, etc)
  • We’re actively improving UI and finding creative ways to reduce burden
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I checked C14 website and maximum one can exchange is €459.84 ($490). Is it daily limit? Is limit increased when user is KYC?

After purchasing crypto, will it be send to user’s self hosted address or C14 acts as wallet?

Is there some list of websites using C14?

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Given the jurisdiction you are operating in (US), how susceptible are you?

Can someone at C14 speak to the risk/probability of being de-listed within 1 year

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Yeh I’d like to test the service first also with the coins it currently supports.
And as @devwarrior mentioned. Getting delisted after a year or so could be a significant risk (considering the likely cost). I’d be interested to hear some assurance on this point, and what recourse if any, we would have in the event this happened.

Hi there - thanks for your questions!

We do currently have a $500 maximum per user per week. We have not had any requests to increase this from users to-date. However, this is something we can consider adjusting as we move forward.

We do not custody any user tokens/funds. Users will input their wallet address during the transaction process and the purchased tokens will be sent there.

We have a range of embed partners. We will add them to the website - thank you for suggesting this.

Great point! We do everything we can to maintain any integrations. We have not delisted any tokens to-date and would give every opportunity to prevent delisting if there were any concerns from either side.

Yes - happy to speak to this. We have no plans to de-list any of our integrations.

I tried testing a transaction. It appears users are directed to use a 3rd party to verify KYC details. So it appears the limit is $490 regardless of verification levels.

If I’m not mistaken, the fee on exchanges is 6% + the network fee.

You may not have plans, but what happen if you will not be allowed to give service to privacy coins by law?

Definitely discontinued :slight_smile:

why?what’s up?

Hi there - thanks for testing the widget out!

Our fee structure is 2.99% for credit/debit cards and 3.99% for alternative payment methods. We also pass the network fee on to users. However, in all cases but eth mainnet this fee is very small.

You are correct in the limit - we impose a $500 weekly limit for each user at this time.

Thanks for your question!

Can you elaborate on what you mean by “susceptible”? We have taken many steps to protect our system from fraudulent actors. However, if you are referring to something else I am happy to answer. Thanks!

Can we do a community poll to get the communities feedback?

Considering the substantial expense to the CFC and the $490 weekly user purchase limit, it would be good to know if the community would use such a service.

Speaking for myself I probably would not use the service as $490 weekly is too restrictive, and I think there are times when users will want to load up on their Firo stacks quickly. However others may have different wants/needs.

If many people would use the service, or think they know someone who would, maybe it’s worth the cost. If the service however is under used, then the expense probably isn’t justifiable.

Personally I would not. Its a nice idea but like you said, the amount is restrictive, I personally have other ways to turn crypto to fiat and visa-versa.

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@sproxet @Fiendish @rasikhmorani @rehrar @RyanApeFiro @OhGodAGirl @nrsimha

Latest update on the C14 fiat-crypto payment flow for Firo ecosystem proposal:

5 out of 7 CFC members have weighed in and the majority of the CFC members decided not to go through with this proposal. Therefore, this proposal has not passed. Thank you.

Voted NO:






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