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Cointelegraph recently stated that the strategic cooperation between the Web3 Banking Agreement Fiaat24 and SafePal Dapp Wallet: FIAT24 launched the Web3 bank gateway and virtual encryption payment VISA card for the SafePal Dapp wallet to enhance the easy use of the DAPP wallet and further open up with reality and reality.The interaction of the world.
1. After moving the business logic of the bank to the chain, the protocol layer can be seamlessly connected with DAPP/DEFI;
2. Bring a U -based web3 chain bank service for users;
3..Bring the innovative logic of the fiat currency business for DAPP/DEFIEssence
This article will first introduce this strategic cooperation between Fiat24 and SafePal, and then further explain the infinite reverie of the web3 banking agreement to open the DEFI Lego game.
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(Singaporean Fintech Launches USDC-Powered Visa Card with Swiss Bank Fiat24)
1. Seamless grafting SafePal Dapp wallet
On March 8th, the SafePal Dapp wallet, which was strategically invested by Binance Labs, has been connected to Fiaat24 as its default fiat currency protocol layer. Users of the Safepal wallet can create the Fiat24 bank account on Arbitrum through the web3 bank entrance of IN-DAPP to achieve the realization.The
1. Based on U -based bank banking services, the account self -custody, all related transactions are recorded safely and transparently on the chain;
2. Crypto and fiat currency FIAT in the wallet;
3. French currency transfer remittance on the bank account and the physical bank account, the fiat currency exchange of EURO/USD;
4. After accessing the virtual encryption payment VISA card, use the seamless consumption payment of encrypted assets in the real world.
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(Https://www.safepal.com/en/bank)
The founder of SafePal & amp; CEO Veronica Wong said: “After creating a FIAT24 chain in the Safepal wallet, the user can exchange any encrypted assets in the wallet into USDC in the Fiat24 chain bank account.It can also link with third -party payments such as Paypal, Google Pay, Apple Pay, Samsung Pay, to enhance the convenience of user payment. “
Second, web3 bank protocol FIAT24
FIAT24 is a fintech company issued by the Swiss Financial Market Supervision (Finma).The first web3 banking protocol driven by smart contracts on the public blockchain (Arbitrum), which is completely driven by smart contractsCreate a chain bank account for users, provide a series of web3 banking services such as access to exit, encrypted consumption payment, savings, transfer, and exchange exchange.
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(Temperature Check- [Issue A Visa Card with Uniswap Logo])
Fiat24 can be imagined as the dapp/defi fiat currency protocol layerEssenceAt the French currency agreement, Fiat24 creates a Cash Account (Cash Account) for the user of the KYC. On the one hand, the account can integrate Web3 payment services, such as users directly realize the payment of money payment and encrypted consumption payment through the bank account;On the other hand, relying on the financial technology license, the bank account on the chain can be connected with the Swiss National Bank, the European Central Bank and the VISA payment network, and can achieve traditional banking services such as savings, exchange, and merchant settlement of fiat currency.
Fiaat24 moves the bank’s core operation logic (Core Banking System) to the chain, which is the perfect practice of Fintech in blockchain innovation, To the greatest extent, the decentralized ledger technology of the blockchain is integrated, while strengthening the convenience, it also strengthens the security and avoids the risk of single -point failure.
What is even more valuable is that this innovation approach has been recognized by Swiss regulation. Swiss regulatory principles based on Technology Neutral, ensure that Fintech has made bold technological innovation under the premise of satisfying business basic functions.Therefore, on the one hand, FIAT24 realizes bank account bookkeeping through the blockchain, and on the other hand, the KYC of the user status on the chain through the NFT to meet the requirements of anti -money laundering.
The blockchain banking structure of FIAT24 seamlessly integrates traditional bank financial services with the Web3 blockchain innovative, and has won the favor of many top capitals. At the same time, it has also been awarded the 2022 best emerging bank (Specialized Players of the 2022 Best New Bank (Specialized Players) Award.
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(Qorusand Accenture Announdce Winners of 2022 Banking Innovation Awards)
Third, bring the innovative logic of the fiat currency business for DAPP/DEFI
Fiaat24’s previous innovation lies in losing the logic of the bank and was recognized by Swiss regulation.After that, the innovation of FIAT24 lies in opening new fiat currency business logic for DAPP/DEFI.
Due to the restrictions on Fintech licenses, FIAT24 cannot conduct loan business, and can only do suction and payment business.However, these restrictions brings huge advantages to Fiat24 using the web3 bank architecture:
A. Global card payment based on Debit Card.Credit Card is essentially loan. Because the FIAT24 license limits cannot exhibit the industry, and the breach of breach of contract is huge, which is generally limited to fixed regions.The DEBIT CARD for the recharge payment can realize the card issuance of the global network, and there is no breach of breach of contract.
For those who want to invest in encrypted assets into daily use, the revolutionary ability of FIAT24, which provides DAPP/DEFI to provide in -expending funds and encrypted payment solutions, is an innovation of the traditional payment system.
B. Seamless grafting DAPP/DEFI.Because the license restrictions cannot conduct a loan business, it does not prevent the FIAT24 banking itself (Fiaat Layer Protocol) that can directly grafted on DAPP/Defi and realize the lending business on the chain through the DEFI intelligent contract.
The focus here is that its as an agreement can bring the business logic of the fiat currency to DEFI.Take the most common financial activities as an example:
1. Mortgage borrowing: Bob provides encrypted asset ETH as a mortgage to borrow stable coins on the DEFI platform.
2. Investment/pledge: Alice provides encrypted assets ETH to do pledge interest. The DEFI protocol can directly call the FIAT24 bank agreement to practice the issuance of currency interest assets. Can this really lie down?
3. Investment and wealth management: Will provides COINBASE, which provides encrypted asset ETH direct investment DEFI agreements, then the DEFI agreement can directly call the FIAT24 bank protocol and use the legal currency to buy stocks by Nasdaq.
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(X@fiat24)
Add the logic of the fiat currency to DEFI’s imagination!Similarly, as the protocol itself (Fiat Layer Protocol), it can directly grafted on DAPP/DEFI, and can also help Fiaat24 silk slide access the Blockchain Network and bring huge ecological value.
Imagine that the centralized Metamask wallet access centralized access gold MoonPay, how many contracts need to be signed, how many departments are required to discuss, how many leaders need to sign?Imagine how to sign a contract with the decentralized DEFI protocol with the centralized goldPay?There is no legal person at all, and there is no official seal at all.
There is no obstacle to the FIAT24 bank protocol and Defi Protocol. There is no friction, Just by One Click!
Everyone has no legal binding. Instead, it is the essence of web3 through smart contracts.
Fourth, write at the end
Now there are two waves of people doing the business of Web3 Banking/Payment. One wave is a traditional cross -border payment person. They still follow the idea of traditional cross -border payment. Crypto is just one more currency.The cost subscription fee makes money, and it is a cash flow business; the other is the person of the web3 native. They do not know the brains of cash flow business. Instead, they will directly use the blockchain to transform the old system and release a new new oneVitality, and embrace the community ecology, do something about Blockchain Network, and do ecological business.
