Loop Crypto

Loop Crypto provides autopay functionality in the Web3 environment by providing a suite of application programming interfaces (APIs), tooling, and smart contracts. The company offers a payment gateway loop based on a Web3-native, non-custodial payment processor to facilitate autopay for non-custodial cryptocurrency wallets. Loop is available on Ethereum, Polygon, Arbitrum, BNB Smart Chain (BSC), and Optimism networks.

The Loop Crypto protocol does not lock up funds and does not necessitate withdrawals, meaning that users can maintain control of their assets without the need to sign every recurring transaction. Loop Crypto markets its solution particularly to Web3 companies, Web3 company partners, decentralized autonomous organizations (DAOs), and cryptocurrency communities.

Using the token allowance function, users can limit the amount of funds a company can bill and change or revoke this amount at any time. The allowance function is the only transaction that requires signing. Users may edit this amount in the wallet before the transaction is signed and anytime afterwards. Loop works similarly to other solutions of this type but differs in that it uses a smart contract layer to process transactions on the blockchain.

When users reduce their wallet's allowance with the Loop smart contract to 0, it becomes impossible for the platform to process a transaction, as there is no authorization from the user. Conversely, users have the option of limiting the maximum amount for a Loop contract by setting the allowance to a specific amount.

Users only pay gas fees to manage their authorization (i.e., set or modify their token allowance). Users never pay gas fees for automatic transactions.