New York, NY, February 29th, 2024 - Crossmint, the leading enterprise blockchain platform, announced today its acquisition of Y Combinator-backed start-up Winter, and the launch of a new cross-chain payments product.
In just 2 years, Crossmint has built the leading enterprise web3 platform powering over 30,000 companies and developers, including major Fortune 500 brands and companies like Mastercard, Etihad Airways, Johnny Walker, and AC Milan.
Crossmint allows companies to integrate digital assets into their business without requiring any blockchain experience or holding cryptocurrency, consolidating all their needs into a single enterprise-grade solution, instead of having to tape together many different vendors.
The product suite includes embedded wallets, tokenization, payments, token-gating, and identity infrastructure, and allows companies to build scalable products in hours instead of spending months and millions of dollars building and maintaining that infrastructure in-house.
Today, Crossmint announced the acquisition of Winter, a start-up founded in 2021 and which offers NFT payments products for hundreds of companies like Fox Corporation, the NFL, and Mythical Games. With this acquisition, Crossmint expands its chain and feature coverage for its checkout, and times it with the launch of a new cross-chain payments product.
One of the main challenges to web3 user experience today is blockchain fragmentation. This problem is only increasing with the cambrian explosion in Layer 2s and roll-ups. Users wanting to interact with one chain, must acquire cryptocurrency in that blockchain, which is slow, expensive, and cumbersome.
Crossmint’s new cross-chain payments product allows users to purchase NFTs from any chain paying with any cryptocurrency, in one single transaction. For example, users could buy a Polygon NFT paying with ETH or SOL directly. The product eliminates the need for bridging, reducing the time it takes to purchase an NFT from 15-30 minutes to seconds, while also bringing down transaction costs significantly.
“User experience remains one of the main bottlenecks to mainstream adoption of blockchain. The improvement here is so remarkable that it often results in most transactions going through the checkout. Some of the first users increased their conversion over 3x.”, said Rodri Fernandez, co-founder at Crossmint. Jack Butcher and Salvino Armati, who recently used cross chain payments for their phygital collection Oviators, sold around 75% of the NFTs through Crossmint.
This feature will be incorporated into Crossmint’s existing fiat NFT checkout, providing a complete checkout experience targeting all customers. Crossmint’s checkout already powers marketplaces with billions of dollars in transaction volume, like Tensor, and Magic Eden, and most major launchpads and NFT drops. Crossmint also powered all fiat payments for On Chain Summer, Base’s flagship campaign.
For more information, visit Crossmint.com.
The story first appeared on The Block.
