Project name: Copperx
Copperx enables web3 businesses to accept blockchain payments using our powerful suite of APIs that work on multiple networks and currencies. We provide the safest way for businesses to accept & manage crypto payments with features like multiple networks & currencies, automatic swaps, transaction privacy, AML detection, and powerful integrations with existing accounting tools. Our product offering includes Payment API & SDKs, Recurring Billing, Invoices, Marketplace Payments, etc. It’s like Stripe for Blockchain.
At Copperx, we are focused on providing the right set of tools & APIs to developers to enable swift crypto payments. Copperx works/will work seamlessly with protocols/tools including Superfluid, 0x, Coinshift, Safe, Wormhole, etc.
Here are the important milestones we have achieved in the past few months:
- Jan 2023: Ethereum Mainnet support
- Feb 2023: Checkout APIs
- March 2023: Recurring Billing with streaming tokens by Superfluid
- April 2023: Currency conversion with Uniswap
- April 2023: BNB Chain Mainnet support
- May 2023: WooCommerce Plugin for merchants
- May 2023: Solana Mainnet support
- May 2023: Invoicing
- June 2023: Zapier integration to connect apps like Crossmint, Quickbooks, Xero, and more.
- June 2023: Recurring Billing with interval-based subscriptions using EIP-5827
Read our customer testimonials: Copperx Testimonials
Point of contact:
- Twitter: https://twitter.com/TarunMangukiya
Experienced founders with 1x exit with 2 million+ registered users from 250+ countries and 800K monthly active users.
- Tarun Mangukiya - Co-founded Iconscout (acq. by LottieFiles). He has worked with Polygon, Merkle Science, ETHGlobal, Timeswap, Scallop on various projects. He has 10+ years of experience in engineering, technology & team building.
- Dalpat Prajapati - Ex-Head of Design, Polygon. Co-founded Iconscout acquired by LottieFiles. He has 7+ years of product experience in the blockchain space and has been an advisor to Polytrade, Trace Network, and Mahadao.
- Rahul Kalkani - Ex-Tech Lead & System Architect, KNEIP. Experienced in building new products and revitalizing legacy solutions. In 7+ years of experience, he played diverse roles from tech lead to product owner, and system architect at Sixense, Kneip, Mazetec, and more.
- Rajani Ladumor - Ex-Frontend Engineer, LottieFiles. He is a pixel-perfect front-end engineer with 7+ years of experience in building high-quality products.
- Saddam Hossain - He has worked with an IT Consultancy company as a full-stack engineer previously. He did his engineering at VIT-AP, India’s renowned institute.
- Naimish Lukhi - He is currently a full-stack engineer at Copperx. He is a bright student from one of the well-known universities of India - PDPU. Previously he was an intern at Priori Capital & Iconscout. He is helping Copperx with blockchain development & building our powerful checkout engine.
- Dhruvil Lathiya - He is currently a full-stack intern at Copperx. He is also from PDPU. He is working on building powerful integrations for Copperx that can help simplify crypto payments for the masses. He has worked on WooCommerce Plugin, Zapier Integration, Gnosis Safe App, etc.
- Alvish Baldha - Ex-Senior UX Designer, 46 Labs. He has also worked with Trucking Systems, Cerbos, and Red Software previously. He is the guy behind the Simple, detailed, and elegant Copperx Interface.
- Sujal Kalsariya - Ex-Lead 3D Designer, Scallopx. Specializes in 3D Motion Graphics and 3D modeling. He is the guy behind our every launch video.
- Aditya Sharma - Ex-Marketing lead at TPH (India’s biggest Web3 community) & worked as a marketing executive with Mamaearth (D2C Unicorn). Worked with 5+ NFT projects and Protocols.
Other sources of funding and approximate amounts (grants, VC, etc.):
- We are fully bootstrapped.
- We have received grants from Push Protocol & Unstoppable Domains.
Describe the problem being solved:
Despite numerous payment gateways entering the crypto space, none have successfully solved the problem to become the go-to solution for businesses and startups, leaving a gap in seamless multi-network, multi-currency payment acceptance. Additionally, there is a lack of robust APIs that can handle complex tasks such as invoicing, recurring payments, integrations into existing online commerce platforms, and accounting tools.
Our goal is to enable businesses to accept payments in the currency of their choice (mostly stablecoins) and allow users to make payments in any ERC20 token that they hold in their wallets.
In the current platform, we utilize Uniswap contract calls for swapping and rely on the Uniswap smart routing API for obtaining quotes. However, we are seeking to enhance the system by integrating 0x Contracts, enabling direct swap calls from smart contracts, and facilitating seamless integration with improved pricing and liquidity for end-users across multiple decentralized exchanges (DEX) markets.
This transition will not only streamline the integration process but also provide end-users with more competitive pricing and better liquidity options. By leveraging 0x contracts for swapping, we aim to enhance the overall payment experience.
With this proposal,
- We are aiming for an on-chain integration with 0x, where our contracts will send trades to the 0x Proxy.
- We will replace the Uniswap V3 Router with 0x calls in our Payment Handler smart contract, that receives user funds, validates it, performs the swap, and withdraws tokens to the end user.
- Expand payment support to more networks
Explain how the funding will be used:
The use of funds has been divided into 2 parts.
- Backend: Integrating 0x Swap APIs in our backend for price quotes
- Smart Contracts: Replacing Uniswap with 0x Exchange Proxy contract calls
- Automated Testing: Ensuring the robustness and reliability of smart contracts is of utmost importance to us. As part of our commitment to quality, we will develop comprehensive automated end-to-end (e2e) tests for all possible token pairs that can be swapped on the supported chains by Copperx.
- Adding support for more networks BNB Chain, Arbitrum, Avalanche, Optimism, and more.
Developer Incentives: Incentivizing developers to use Copperx APIs to build new use cases like event ticketing, accounting & treasury management, marketplaces, fintech, and more.
Indicate whether your solution/product will integrate directly with the 0x Protocol contracts (such as the 0x Exchange Proxy) or via APIs. If APIs, please list them (if known):
- 0x Swap API for price & quote
- 0x Contracts for Swap
Here is how the integration would look like:
List any critical milestones and dependencies (if applicable):
- From July 10: Replacing Uniswap with 0x Swap API and 0x Contracts in testnet
- Updating APIs to get quotes from 0x API for Polygon & Ethereum
- Upgrading our smart contracts to use 0x Contracts for swap
- Writing end-to-end test cases for contracts for forked networks
- Integrating new contracts in our Payment API & Checkout Flow frontend
- Integration test for the full payment flow with 0x
- Deploying our backend with 0x support to Mumbai testnet
- By July 29: Testing on Testnet
- Monitoring transactions on Testnet for 1 week period
- Rectify any issues/bugs in the payment flow
- By Aug 12: Deploy on Polygon
- Deploy backend with 0x swap support on Polygon
- Monitor currency conversion for 1 week on Polygon
- Enabling automated monitoring for APIs
- By Aug 26: Deploy on Ethereum
- After successful testing on Polygon, deploy Copperx APIs with 0x support on Ethereum
- Monitor Ethereum Mainnet for transaction status
- By Sept 2: Deploy on BSC
- In the future: Add support for more networks like Arbitrum, Optimism, and Avalanche with currency conversion support in the Copperx Payment flow
Describe how the solution/product benefits the 0x Protocol Ecosystem:
Tapping into new use cases: Enabling crypto payments & swap via 0x in novel use cases of Payments & Fintech. Copperx has powerful products including APIs, Payment Links, Invoicing, Recurring Billing, and more.
Growing user base & volume for 0x:
All the Copperx businesses and their end users will be able to swap using 0x. With each new business onboarding on Copperx, they will bring 1000s of their users to make payments via our Checkout API.
- Supporting Web3 businesses for payments: Our target businesses include Node/RPC providers, blockchain APIs, blockchain data & analytics tools like 0x, Chainstack, Ankr, Alchemy, Dune, Nansen, Bware Labs, etc. This will grow the overall user base of 0x significantly.
- Enabling payments for Web2 businesses: We have partnered with e-commerce businesses like crypto gift cards, event organizers, and IT/Design/Brand Consulting Services to help them accept payments via blockchain for faster and cost-efficient transactions. Additionally, we have plans to pilot our services in many more segments in the upcoming quarters. By tapping into these customers, 0x will be processing millions of dollars in swap volume.
Be an integral part of the future of payments: As Copperx is tapping into the future of blockchain-based payments, 0x will be a market leader in enabling currency conversion, cross-border payment, and eventually mass payments.
Do you agree to tag your solution/product for visibility in 0x Explorer: Yes, it would be an honor.
What are the actual and/or target usage metrics (such as users and volume) for your solution/product:
We are currently in the beta stage and onboarding businesses selectively. Our businesses have already processed $70,000 in volume in the last 2 months as they are testing out our product. We are aiming to process $2M in payment volume in 2023.
Provide links to any of the following for the project (if available):
Demo: Copperx - Blockchain Payment APIs for businesses
Changelog: Copperx - Blockchain Payment APIs for businesses
I think the grant can be divided into 2 parts as performance-based milestones as below:
Product Development: $23,200
Developer Incentives: $6,200
Grant amount requested (in fiat): $29,400
Grant amount by token (ratio of tokens): $29,400 USD of ZRX
Receiving address and chain:
0x796fC6401705Ce6358196fCDF20C7d9F6a0eD8f8 on Polygon