Today, more and more people are trying to figure out how to turn their fiat currency, such as euros, into a digital currency like Bitcoin. This is where exchanges come in. Now, enabling people to change one crypto for another is relatively straightforward, but if you throw traditional currencies in the mix, the regulations, infrastructure and liquidity get complex fast.

Building a fiat-to-crypto exchange, though, is increasingly becoming the bare minimum to tap into the market. Exchanges now allow their customers to use traditional payment methods such as a debit card, credit card, or bank account in order to make their initial purchase of cryptocurrency. That said, once fiat goes in, pretty much all users can do is hold it or convert it to crypto. If they want to go back to fiat at some point, and use it for anything other than buying crypto again, they have to take the money out.

There’s the main challenge: even if a company managed to go from crypto-crypto to fiat-crypto, once a user needs to use their fiat money, they are out of the ecosystem.