Hello, I’m looking to start out by building a crypto off-ramp using Algorand.
The idea is that a customer of a business wants to pay in a cryptocurrency, and the business wants to be paid in a regular fiat currency like USD.
The application would request the user to sign a transaction to spend a predetermined amount in cryptocurrency, then the business would receive a bank transfer of the same amount at the end.
In concept, the business would have a unique identifier linked to their bank deposit information, and the user would send money to that bank account via signing a crypto transaction.
The difficulty I’m having is conceptualizing how the middle part of this equation can be accomplished.
Do I need to figure out how to get a bank to make an API endpoint?
I hope not…
My idea is visualized in the below image.