It has been a very exciting start of the year for Dexlab as we are working on a new product that, together with DexWallet, is going to be part of a larger ecosystem of decentralized finance products for both businesses and consumers.
Today we introduce Dexpay, a Point Of Sale for physical stores and online shops that accepts Ether and many other coins and converts them instantly to DAI so merchants will never have to worry about volatility again.
We are in fact very proud to announce that MakerDAO believed in us and supports the development of this project with a Stable Fund Grant.
At Dexlab, we are particularly fond of our collaboration with the Maker team. We integrated the DAI stable coin into our platform very early days and we have been the first wallet integrating xDAI as a first-class network.
The aim of this collaboration is to build an MVP of a business-ready (both in terms of branding and customer needs) POS, create various occasions of testing and learning and develop a go-to-market strategy for a second phase of the project.
So what’s Dexpay and what’s under the hoods?
The app is being developed right now and is constantly updated, you can already try it (at your own risk) here.
Dexpay is an open source project so you can find both design and code on this repository.
At the moment the app allows you to put your public address, insert an amount, generate a QR code and let the customers select the currency they want to pay with (DAI, xDAI, ETH).
Merchants only have to put a public address (with support for ENS name) so the POS is completely secure, trustless and unstoppable.
Here’s an unordered list of features:
DAI Auto Conversion: as mentioned before, this will allow merchants to sleep tight and never worry about volatility again.
Fiat Off-Ramp: we’re putting some effort into finding the right partners that could provide this service to integrate into the POS. Please contact us if you know someone who might be interested.
Item management: merchants will be able to create and edit product name, prices and categories.
Dashboard: an easy to access recap of all transactions and basic sales statistics.
Desktop, tablet & mobile ready: Dexpay is a mobile-first progressive web app.
Other ideas we are exploring.
E-commerce Support: we’re already discussing the possibility of creating a widget for online shops with potential partners.
Integrations: i.e. with existing third-party inventory systems that our merchants might already be using.
Compound: once merchants are onboard, why don’t make them enjoy the benefit of DeFi? One example would be an automatic investment of their assets (i.e. DAI>Compound Supply) so they can earn interest until they decide to withdraw or convert to fiat.
Remote workers: as more professionals are entering the remote workers (and blockchain) space, more and more companies are using crypto for compensating their work (both for salaries or bounties). We want to explore the possibility of building services specifically for this target too.
In the following months, we are going to announce a calendar of testing events, most likely between Berlin and Den Haag. Stay tuned!
Thanks so much to everyone who’s supporting us on this journey. If you are interested in hosting a user testing event, you have questions, feedback or you’re simply curious, join our telegram or send us an email.
Dexlab is an open source infrastructure with an array of added value financial technology services to foster global adoption of cryptocurrencies while preserving the original cypherpunk, decentralized ethos.
We are an international group of developers and designers, working to accelerate the adoption of blockchain technology by shipping great products.