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Sending crypto off platform is irreversible... Or is it?
Traditional finance has the safety net of reversible payments, but crypto doesn't. This creates a headache for onramps and others in the crypto world. Onramps, as the bridges between the old and new financial systems, constantly deal with fraud and credit card chargeback. To combat these problems, they set up preventive measures. But when those aren't enough, they get stuck in the time-consuming and costly chargeback process. This means users often face long wait times for withdrawals, tight purchase limits, and the costs of chargeback insurance get passed on.
Denota's idea is straightforward: make crypto transactions as reversible as traditional ones, thereby introducing a paradigm where the security nets of traditional finance and the innovative, decentralized world of DeFi harmonize.
Denota offers a revolutionary payment protocol that leverages NFTs to reverse and recover fraudulent transactions. With our easy-to-use API endpoints, merchants can seamlessly integrate this solution into their systems.
- 1.Fewer False Positives: Often, out of an overwhelming fear of fraud, merchants may decline legitimate transactions. This protective stance, while prudent, can unintentionally penalize genuine customers and reduce transaction volumes. Denota offsets this risk, empowering merchants to confidently enhance their approval rates and cater to more genuine users.
- 2.Less User Friction: When merchants are wary of potential fraud, they often instate protective mechanisms such as purchase limits and protracted withdrawal wait times. These measures, while protective, inadvertently complicate the user experience, creating friction. With Denota's risk offsetting solutions, merchants can confidently reduce these barriers, ensuring a smoother, more seamless experience for their users.
- 3.Yield Opportunities: Beyond user transactions, Denota offers another dimension of benefits. It carves out a unique yield opportunity for liquidity providers within the DeFi ecosystem. By channeling funds through well-curated DeFi protocols, liquidity providers can capitalize on enhanced returns, enriching the overall DeFi space.
By integrating Denota's innovative API, merchants can significantly enhance their risk mitigation strategies, safeguard their operations, and offer improved user experience, making them more resilient in the face of the evolving challenges of the crypto world.