OctoBot implements Loop to meet user demand for crypto payments

TL;DR: OctoBot has implemented Loop Crypto to make it simple for its users to pay in crypto for access to its crypto trading platform.

Introduction

We are excited to announce that Loop Crypto is powering crypto subscription payments for OctoBot, the popular platform for automated crypto trading strategies. OctoBot is highly focused on bringing simplicity to the crypto trading experience and ensuring their platform is easy to use end-to-end. In early 2024, they surveyed their users and discovered that 62% would prefer to pay in crypto for their subscriptions. This prompted OctoBot to begin a search for a crypto payment solution that could be embedded seamlessly within their user onboarding flow and enable their customers to pay for their subscriptions with crypto autopay.

Background on OctoBo

Founded in 2018 by Herklos and Guillaume, OctoBot was built from the ground up by its founders who consistently incorporated user feedback along the way to build an optimal trading platform for its user base. That user base is now more than 25,000 and over 10 million trades have been processed through OctoBot. Notably, the platform is open-source providing visibility into the underlying code that drives the crypto trading strategies OctoBot offers.

To use OctoBot, users connect their exchange account to the platform for funding. They can then select from a range of themes and strategies to invest in. For example, they may want to simply buy a basket of the top 10 cryptocurrencies, or they can invest in strategies that are more active with movement in and out of positions.

Two of OctoBot’s core values are simplicity and accessibility. OctoBot is designed to make it easy for customers to understand, visualize, and test investment strategies. The founders have always believed it is important to provide access to investment strategies for investors at every level, regardless of how much capital they have available. As a result, they’ve designed their product offerings to meet crypto investors where they are so that they can serve the diverse needs of a global investor base trading in crypto.

Demand for crypto payments

OctoBot has a subscription-based pricing model. Each tier of their platform unlocks additional access to functionality and trading strategies. The team has historically focused on just accepting fiat payments for its subscription model; however, in early 2024, they ran a survey among their user base to understand what their preferred payment method would be. The results showed a strong demand to pay in crypto. Of those surveyed, 62% indicated that their first preference would be to pay in crypto for their subscription.

OctoBot has a global user base of crypto traders. These traders earn in crypto and want to spend in crypto, rather than having to go off-chain to make subscription payments in fiat. As OctoBot started investigating crypto payment solutions, finding a provider with a simple user experience (UX) was critical.

Ease of use is a key value proposition of the OctoBot brand, so the experience of paying in crypto for a subscription on their site needed to align with that value. The team understood that managing payments for subscriptions in crypto can quickly become complicated. Having users manually send funds each month for a subscription payment does not scale. They debated just offering crypto payments for annual plans; however, this would create friction for customers who preferred a monthly payment plan.

Implementing Loop for crypto subscription payments

The team at OctoBot came across Loop Crypto and determined that our crypto autopay functionality would address the UX challenges of enabling their customers to pay in crypto. OctoBot users could simply go through the Loop checkout once, authorize a monthly recurring payment, and then have the crypto funds automatically withdrawn and sent to OctoBot each month. There was no manual intervention needed. The crypto payment automation Loop offered aligned perfectly with the experience OctoBot and its customers valued.

Another important consideration for OctoBot was Loop’s integration with Stripe. The integration allows customers to pay in crypto using Loop and then syncs that payment information with Stripe. This functionality allowed OctoBot to utilize Stripe as its single source of truth for customer payments regardless of whether the customer paid with fiat or crypto. This makes managing their database of active users significantly easier. It also meant adding support for crypto payments was simple. There were no additional webhooks to configure since they could leverage the existing setup they had with Stripe.

In the end, OctoBot has a crypto payment experience that aligns with the simplicity their customers value, and it reduces the effort the team has to expend to manage inflows of crypto payments. We are excited to see OctoBot continue to grow as the team focuses on providing crypto traders with a simple yet powerful platform for trading, testing, and discovery.

To learn more about OctoBot and their crypto investment strategies, check out their website or follow them. Their platform is growing quickly as they make it simple for users to bring automation to their crypto investing.

If you’re serving crypto traders and need a recurring crypto payment solution, let’s talk. Efficient companies choose Loop to save time and simplify their payment processes.

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About Loop

Loop Crypto is designed for companies, DAOs, and projects that need to get paid or make payments in crypto. Whether the payment is one-time or recurring, Loop supports a broad range of payment use cases: subscriptions, one-time charges, recurring bill pay, loan repayments, and donations. Loop has processed millions of dollars in on-chain transactions and powers crypto payments for the leading brands in web3 like ENS, Privy, Alchemy Subgraphs, Paragraph, Neynar, and many others.

Are you ready to supercharge your payments? Book a call with Jeff, our Head of Business Operations, or head to our docs to learn more.

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© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.