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AMA: VISA CYPTO Card by THORWallet DEX & FIAT24
Recorded: July 6, 2023 Duration: 0:58:39Space Recording
Full Transcription
Hello, everybody.
Just getting started, giving some time for people to join.
Welcome those that are already here.
We're happy to host this space, answer your questions about ThorWallet.
We have here our good friends from Fiat24.
We will also answer questions.
Yeah, we are super excited about the space and all the news coming up.
So we just give a few minutes to more people to join.
Can you hear me now, Karen?
Yes, I can hear you.
Perfect. Welcome.
Thank you for joining.
Thank you. Thanks for having us.
Yeah, you're welcome.
All right, I just posted the link on our Twitter again.
See if some more guys join.
Well, while people join.
We can start just by saying it has been nice all this.
I mean, now the announcement was done from your side recently about the card.
But actually, the work has started several months ago.
First, first getting to know you guys, the team at Fiat24, the integration.
It has been a pleasure to work with you guys.
And we're really excited, actually, because it's a very nice solution that is in place.
And there are not a lot of alternatives.
We are seeing a big crackdown also on the few alternatives that were there.
And yeah, I think this will be a nice new upcoming option.
And hopefully, we are making the right UI so that people can enjoy and spend their crypto easily.
Yeah.
So, thank you.
And it really has been a nice journey that did start quite a while back.
Even if, like you said, we just announced it on Monday.
Yeah, you guys are also a great team.
And we really like Thor Wallet.
And I think it's what will happen for the users, your users, is I think you are making this significant step towards offering a more complete crypto neobanking experience.
And we are really excited to see what the Thor Wallet debit card, like, you know, how people are going to react and use it.
And yeah, it's really exciting.
Yeah, thanks.
Awesome.
Yeah, I think then, yeah, we can start and then people can just jump in as we move along.
So, yeah, I would say then let's start it off with a short intro.
Maybe some guys do not know or have not heard about Fiat 24 yet.
So, we can have a short intro from your side and maybe they can also go to your website, have a look that they understand a bit more what you guys are doing.
Okay, thanks, Pedro.
Sure.
So, I would start off by saying that just like Thor Wallet, Fiat 24 is based in Switzerland.
And I would approach this answer in kind of three different ways.
So, first of all, we are a Swiss regulated financial institution and we are governed by the Swiss banking law supervised by the bank regulator.
Secondly, technically speaking, we are the only licensed fintech bank that has fully abandoned servers and instead uses the public blockchain to book client ledgers.
Specifically, we are using Arbitrum to run our core banking system.
And thirdly, what it means for users from you guys perspective, we are a global payment debt, which can be accessed via your Thor Wallet directly and allows you to easily convert your crypto assets into fiat money,
which you can then spend using the Fiat 24 Thor Wallet card, which is connected to your Apple Pay or Google Pay.
So, that's kind of a little brief overview.
I'm sure we will get deeper into this as we go.
So, yeah.
Awesome.
Yeah.
Thanks for the intro.
I think one thing that is very interesting, at least from where how I see it and maybe in a bit we can expand into that.
But the fact that you guys like you solve the problem with blockchain because many times I see that, you know, you build a solution where blockchain is not needed and then kind of just put the token or something around it.
But I think the real interesting part is what you mentioned that using the blockchain to take over the kind of the accounting and all these user debits, credits and all of that is just leveraging the ledger of the blockchain.
That's pretty nice and also enables a lot of, yeah, you know, cost savings and so on.
So, that's very interesting, I think.
Yeah.
Thanks.
We think so, too.
And we also believe that in the coming years there will be more people using DeFi and leaving CeFi and Fiat 24 is ultimately the Fiat gateway for the DeFi world.
Because you can imagine that we are the fiat layer on top of DeFi protocols such as Uniswap and we make them accessible directly in your non-custodial wallet.
So, yeah, I think we are the off-ramp solution for DeFi right now.
And interesting what you said in the beginning of this conversation that, you know, even though there is like, I guess we can use Binance card as an example.
Yeah, we see that they're retreating from many countries.
So, actually, it is a good time because a new solution is quite necessary.
Yes, yes, indeed.
We'll go into that because I think that Binance, we have heard from a lot of users that this is a concern.
I just see now we have our good friends for Toilchain as well.
I just invite them to be speakers.
We are mega excited also to kind of put the different, connect the different ecosystems together.
So, yeah, welcome, guys.
All right.
So, what I will then say is before moving into a bit more questions about the wallet, how it works, all of that, for those that are not aware of ForWallet, I mean, I hope everyone is, but we are a non-custodial wallet.
And our vision actually has been the same since we founded 2021 in November, which was to bring all the services that a person needs, but based on DeFi, which is fair, transparent and open.
So, that's why when we got to talk to you guys and we saw what you were building, that the payment infrastructure is based on blockchain and so on, smart contract based, we were very excited.
I think people sometimes, you know, see it as a more, you know, white or black, but I think we will make progress where there's some KYC, but, you know, there's still a lot of things that are innovative using smart contracts.
And you can still be fully DeFi with multi-wallet and then just have a different wallet for the card.
So, that's interesting.
And, yeah, we are one of the core projects in the Torchin ecosystem, swapping multiple coins without having to use bridges.
So, and that's one of the functionality also I think users will find interesting because, as you said, the card will be using Arbitrum, but what if you have Bitcoin, what if you have other coins like Conson, we will be able to use what we have already built as infrastructure to power those swaps and then later top up using USDC.
So, we see all of this coming together very nicely.
So, we're very excited.
So, that's, yeah, a short overview about Thor Wallet.
Happy to answer some specific questions once we open to the Ask Me Anything.
But, yeah, now we can go into, like, the core of the call, going a bit more in-depth about the card offering.
Where is it supported?
And then also, like, everything related to Thor Wallet.
What are the benefits that we will offer?
But, yeah, we can start with the first part, which is, like, the Visa card offering, telling a bit more what it is, what it is not, stuff like that.
If that's fine.
Yeah.
So, did you want me to touch on some points?
Yeah.
Yeah.
So, the card is a Visa debit card, which you can top up once you're connected to the Fiat 24 DAP.
And the card is issued to you in a given currency, and your card balance will be shown in that currency.
In terms of who can use this card, there are, it's available to residents of the EEA in Switzerland at the moment.
But we will be expanding these regions step by step.
It's not a physical card, but a virtual card, and currently enabled with Google Pay and Samsung Pay.
And Apple Pay will be supported very shortly as well.
And you don't need to do anything to order it inside our DAP.
If you're eligible for the card, you will automatically see the option to get one.
What else did you want to know, Pedro, specifically?
So, I think there's a couple of things that is important.
So, for example, they were saying it's a debit card.
That's clearly an interesting part because I remember in the past, some of the offerings were more like, kind of, yeah, different ways.
So, the ones that you can buy in 7-Eleven, you know, just different offering, but this is basically Visa debit card.
It's not a credit card, but yeah, it is going to be working in an interesting way.
We have already actually done a few transactions, but we are very excited.
So, it's very fast.
You just send the money and then you can start spending.
And you can also use it to withdraw money from ATMs, which support NFC technology, which is also pretty cool.
Yeah, that's really nice.
And the other thing also is, which is something we tried to emphasize, is that you also get the Swiss bank account, right?
So, that's very cool.
Yes, it is something quite interesting.
It's on the roadmap for September of this year, will be the linkage of the Fiat 24 account NFTs with a Swiss IBAN, which is the international bank account number.
So, to enable this, we have opened an account with a Swiss national bank and also become a member of SWIFT, which essentially means that once the system goes live, the movement of fiat currencies will also be booked on the Arbitrum blockchain in real life.
So, I think that's also something very exciting for sure.
Yeah, definitely.
And the last part is also that you will be able to withdraw to your bank, right?
Like you have, as you say, you will get the IBAN and then I send whatever $2,000.
I will be able to withdraw that to my bank of preference via IBAN, right?
Correct.
Yeah, that's right.
Yeah, that's right.
Yeah.
So, as you guys hear, it's going to be quite a comprehensive offering.
Spend Swiss account plus transfer out.
So, kind of can be thought as well as crypto off-ramp service as well.
So, very, very nice, very, very nice system you guys have.
I'm very happy to be collaborating with you guys.
From our side, what we were thinking of is, or what we have been working is to integrate in a very native way.
So, you will see already those that have the updated application, we have already a card button.
And that will be enabled already very soon.
First for Community Plus members, we will have early access and then later we will open for everyone.
A couple of things that are important is, first of all, the card is going to be free.
So, you don't need to pay anything to open the Thor Wallet Visa card with Fiat24.
The only thing is, you need to mint an NFT, but that will be done automatically on Thor Wallet.
You need just some arbitrary ETH.
And then from there on, we do need to complete the KYC with you guys.
And then after that, basically, it is ready to go.
Is there something from the onboarding process that you would like to mention?
Well, before that, I have a question.
You mentioned about your Thor Wallet card offering.
Can you tell me about the different levels of the card?
Because I saw you have three, right?
Yes.
So, we're going to have three different tiers.
So, one is going to be the free tier, which is what I mentioned everyone gets for free.
They get access to the card, the bank account, and it is going to be free.
The thing that it gives you the silver and the gold card is we're going to have affiliate fees.
So, like a small affiliate fee for people topping up the card.
And that will have a reduction depending on the card that you have.
And the other thing is, these fees that we're charging are going to be pulled.
So, basically, we want to return part of these fees to the users.
So, there will be a multiplier, reward multiplier.
So, we will announce with more details and a medium post how that's going to work.
But basically, let's say we accumulate the 50,000 fees on the card.
And then those are percentage of that we will send.
So, let's say 50%.
And from that, there will be a reward based on your card.
So, if you have the gold card, then you will have like 2.5 the rewards that the Community Plus will have.
So, based on your spend, that's something that we will be allowing people to kind of also participate on the fees that are generated while people either top up or make foreign transaction swaps.
So, that's a big idea.
And we will also get feedback from the community and then make changes if necessary.
But that's how we want to start.
We want to make it free.
And we also want to kind of distribute rewards for people using the card.
I just also brought up Jang.
So, welcome with us.
Hello.
Hello.
Hi, Pedro. Can you hear me?
Yeah, we can hear you.
Good afternoon, everybody.
My name is Yang, the team member of Fiat24.
I just want to add on one comment in terms of the collaboration between a store wallet and Fiat24.
So, you know, Fiat24 by design is kind of a standalone D-app.
So, we build a core banking system on blockchain and then we build the client interface in the form of a D-app.
Yeah.
So, originally, we thought that, you know, a client can just use our services through our D-app.
But since we are built on blockchain and, you know, crypto wallet is the best interface to be to communicate with a client.
And, luckily, Thor wallet decided to, you know, integrate our D-app in their wallet as a native function.
You know, this kind of integration, for this kind of integration, you need a lot of trust.
So, I do appreciate the trust that, you know, Thor wallet, you know, have on us.
Hopefully, you know, through this integration, we can give a much better client user experience than, you know, using our own D-app.
Yeah, since it's organic and native function in the wallet.
So, basically, we bring e-banking into a wallet.
You can use this Swiss bank account directly in a crypto wallet.
I think it's very meaningful and I believe it's a milestone.
Thank you, Pedro.
Yeah, yeah, definitely. Thanks. Yeah.
I think that is an important thing.
Yeah, you guys have built a nice app for people to access.
And as we continue moving forward, then the user experience, it is key as well.
And then we have seen it now.
Changes are happening while it connects us on.
And we always try from Thor wallet side to kind of bring the tech to the background.
And that's where we said we want to make it as native as possible.
And that people just kind of trying to get similar experience they get, as you mentioned, on e-banking.
But on the blockchain using Arbitrum and using smart contracts and actually being able to pay with their Visa card.
So, yeah, that is a nice clarification.
And to our previous point about the Visa cards, the different tiers, we will also be doing some marketing activities for people to help us expand our world, expand the reach of the message.
And feel free to connect with us.
And feel free to connect with us.
We will be doing some competitions where we will offer a silver card, gold card, and you will get rebates and participate in the reward multiplier.
So keep an eye for that from both sides, from our side.
And also we're working together with Fiat 24 to expand the message.
Cool.
Then related to the next thing, maybe a bit more technical.
I don't know.
We can talk about how it works.
You mentioned, yeah, it's powered by Arbitrum.
A bit on touching on the smart contract side and how the USDC is being used to later being able to pay from a user.
Just a very top level so people see, okay, how does it work that I sent crypto and I'm able to spend?
I think for many people that's an open question.
Either, I'm not sure if Karen or Jan, feel free to jump in.
Can you hear me?
Yeah.
Well, it's a very simple process because, you know, we have a booking or internal stablecoin.
But the stablecoin is not the same as like UADC or UADT.
It's an internal booking stablecoin.
So what we are doing is basically just move all those ledgers from server to blockchain by issuing the stablecoin.
But the stablecoin can only be used in combination with our signature NFT so that we can fulfill all regulatory requirements like the travel rule, anti-money laundering stuff.
Yeah.
So we try to verify clients on the NFT level because we know that most of DeFi players prefer to stay anonymous in the DeFi world.
And I highlight the fact that the KYC is done on the NFT level.
It's not done on the wallet level.
So store wallet doesn't have the client information.
Yeah.
But we, as a Swiss regulated financial institution, we do have the client information, but we follow the confidentiality law strictly.
So please don't worry about the privacy issues.
So in terms of the crypto to fiat conversion, so we have a smart contract.
Whenever the fiat money or the crypto money comes in, in this case is the UADC.
So you can swap whatever token in store wallet very conveniently.
But finally to UADC, once you sell your UADC, we get the UADC and we give you equivalent amount of the fiat money.
Yeah.
So, but on the back end, we get the fiat money back from the circle because they are the issuer of the stablecoin.
And then once we get the fiat money and, you know, you can withdraw the fiat money either via international bank transfer, you know, withdraw the money back to your own bank account, or you can spend the money instantly via the Visa card.
So this is how it works.
So this is how it works.
Thanks, Jan.
That's a very good overview and a couple of points there to highlight.
First one is what you said that the client information is at fiat 24.
So that's an important thing because, as you guys know, for a while it does not store user information.
We don't have any sort of like login.
We don't know, you know, emails or stuff like that.
And that also kind of stays aligned to that core values that we have where, yeah, KYC in this way, it's kind of a necessity, right, to stay compliant because you guys are Swiss regulated.
But I think, on the other hand, that also gives a lot of confidence because, honestly, like the other cards that were available, I don't think it's very clear where the money lies.
And thinking, okay, my money is in a Swiss account gives confidence to users that, you know, it's in a safe bank.
And the other thing about how the money goes from USDC to your internal accounting fiat and to then later being able to be extracted or like withdrawn to EVAN or spent via the card.
I think that sums it all very nicely.
And from our side, basically, all of this will be available in the interface from Thor Wallet.
So you will see the card, you will see the tier of your card, you will see your transactions, you will be able to, it's going to be available in Android Pay, Apple Pay.
So basically, you will be able to just say, I need 10 bucks, make a quick swap, or if you already have USDC, send it and spend immediately.
So that's what we're looking for. And that's what we're excited about.
Yeah, so moving on, talking a bit about the off ramping, is there something, I know this is an important topic for you guys as well, for Fiat 24.
Basically, off ramp options are limited and offering at a larger size or larger scope is kind of not available right now.
Do you want to spend a bit on that?
So, do you mean on ramp or off ramp?
So, meaning that converts crypto into...
Yeah, exactly.
Well, this is exactly what we are offering.
So there are two channels.
One, if you have a bigger amount, you can do the off ramp via international transfer.
But it takes one or two days depending on the receiving bank.
Yeah.
So let's say if your bank is located in Switzerland or in Europe, the money will be transferred via SEPA system.
It takes like maximum one day.
But if your bank is located outside the European Union, let's say in Singapore, the money goes via SWIFT.
Yeah, it takes one to two days.
So this is for the bigger amount of money.
But for smaller amount of money, you can top up your Visa card instantly, as I mentioned.
So you sell your UADC and you get your Fiat money top up to this card instantly.
And you can, you know, for example, if you are in a restaurant and you just need 100 bucks to pay the bill, you can do it, you know, while you are having your dessert.
So those are the two ways to off ramp crypto.
Yeah.
Yeah.
Perfect.
So, yeah, I think those are the main topics I wanted to discuss with you guys before opening to questions from the audience.
And then also telling people how can they, how can they get started?
Is there anything special that you want to, that is missing?
You would like to do a special topic before moving on to audience questions?
Yeah, I would be happy to jump in.
And again, I think this is something that came up in the beginning.
But as we said before, I mean, I'm sure that you're all quite familiar with other crypto cards such as crypto.com, Coinbase and Binance cards.
But these are all built on Web2 structures and enable to access these cards.
You need to be logged into a CEX platform first.
But what's really different about what we're doing is that we are really built on Web3 infrastructure.
And like Yang said before, the Fiat 24 NFT becomes your account.
And whatever wallet you choose to put the NFT in is the wallet which becomes your e-banking tools, your e-banking tool.
So that is something that makes us stand out a little bit.
And also the fact that all transactions are booked on Arbitrum and that only the owner of the NFT has access to that related account and is able to make transactions.
So I think that's something important to highlight because I think when you think about maybe like having a kind of like crypto fiat card, it's not novel or, you know, but yeah.
Yeah, if you look at the way that we're approaching it and our infrastructure, you'll see that it is actually different.
And we believe also perhaps better, of course.
One thing that I do like from being a, it is funny to be, you know, founder, crypto user, crypto enthusiast, everything.
But from using other services before, one thing that was a bit frustrating for me is you, you send the money to the card, but then that money was kind of, let's say it was a black hole, right?
Once it goes in, it was like you needed to spend the money in that card.
And what I like is you could still decide to then later on off ramp it to your bank or whatever.
So it's not, it's not that, you know, it's in the cards forever.
You can still move it later.
If you decide it was too much, you want to use it or something.
Maybe you don't want to have it in the card.
Pedro, exactly.
This is a very crucial point.
So the card that you just described is cut.
Even though on the card, they put debit card, but officially the definition or the official name of this kind of card is prepaid card.
So you need to top up the card and then spend the money.
So there is no way to get money back if you have prepaid already.
Right.
So what we are offering is cut debit card.
The difference between prepaid card and debit card is that for debit card, you need a cash account.
And the cash account is connected with the card and you can spend the money in the cash account either through the card or you can move the money away via bank transfer.
So this is the difference between debit card and prepaid.
Yeah, I think this is massive.
Honestly, I think this is one of your USPs.
I really like this.
I disliked a lot being able to, you know, sometimes you sent, you thought you're going to need it, but then no.
And it's not that, you know, it's just a matter that you're locked in and then it's in the card.
You cannot do it and then maybe not accept or something that that's a big, big difference.
Yes, indeed.
So we believe that, you know, the fiat functionality of a centralized exchange has been developed very well in the last few years.
So I don't think you have any pain points in this respect.
I have been using Kraken and Coinbase for many years.
And if I keep using centralized exchange, there isn't any need for, you know, any other crypto fiat solutions.
But with the recent development of DeFi protocols like Uniswap, like OneInch, and also the increasing usability of crypto wallets, of course, I feel like I don't need centralized exchange anymore.
So I can swap token, you know, from A token to B token directly in the wallet.
And I grab my phone and open the wallet and put all my crypto assets in the non-custody wallet.
And I feel more comfortable and safer.
And I can convert tokens.
I can do the staking and investment.
The only missing puzzle is the fiat functionality.
Yeah, of course, you have like MonPay or Transit, but those are, you know, a compromised solution.
First, they offer only on-run.
And second, they are extremely expensive.
And third, the usability is very, very poor.
So we try to use a native Web3 way to solve this issue for the DeFi ecosystem.
So this is our goal.
Perfect.
Yes, definitely.
One question, moving on to a bit of questions from the audience.
And I see the first one here was, is the card available in the UK?
And the second is, is it based on a personal nationality or country of residence?
Yeah, I can take this.
So I saw these questions too, actually, I was just looking in the meantime.
So the question was, is it available in the UK?
The answer is not right now, but it should be added quite soon.
And the second question was, is it based on the personal nationality or country of residence?
Exactly.
Exactly.
So it's based depending on where you're domiciled.
So where you live, apart from just a couple of countries that it is passport based, but otherwise it is related to where you live.
And part of the process is to verify your, your home address.
Okay.
Okay.
Okay.
Okay.
Um, other question is when community answer for that is soon.
Uh, I think around two, three weeks we will be fully, fully live, but that's, we'll be, we'll be announcing.
And then, um, as I said, early start for community plus members.
Um, so now, yeah, I will open now for, uh, for people in the audience, please.
Uh, if you guys have any questions about the card, about, uh, Thor wallet, Fiat 24, how the card will be, uh, working, uh, raise, uh, request.
And I will bring you up for, for you to ask the question.
Okay.
Okay.
I think there's not too many questions.
Either it was a very good explanation by, by you guys, um, or, uh, yeah, just, uh, feel free to, to contact us as well in, in, in, in the telegram group, um, or here in Twitter.
Um, last few options for, for guys to ask questions.
If not.
Yeah.
Yeah.
We'll just, uh, then say thank you to you guys, to you, Karen and Yang for joining us for, um, being here, answering questions.
We will try to do a few extra more as we move forward with the launch.
Uh, people might have more questions as we progress.
And as once we are live, one other important thing is for those that are in Switzerland, um, feel free to join us.
We will have an event coming up on the 19th of July at, uh, the crypto Valley with our friends from CV labs, where we will be, um, having a small conversation about how we are revolutionizing, uh, crypto payments, uh, for wallet and Fiat 24.
So, um, feel free to join us if you're around.
Thank you, Pedro.
Yeah.
And if anyone has, uh, questions, we're also happy to step in and answer.
I mean, I'm also part of your telegram group.
So happy to support if needed and thank you so much.
Yeah.
We're looking forward to the launch of your card and also to the event, which is coming up really soon.
Yes.
Awesome.
Thank you guys.
Thank you, John.
Um, thank you for the space.
And, uh, yeah, um, any questions, send it over and, uh, happy, happy Friday, happy Thursday.
And, uh, talk to you guys soon.
Oh, wait, there's one guy requesting.
Let me see.
All right.
Last.
Okay.
Now I think should be working for you guys.
How are you?
I'm sorry if I'm asking the same question that's been already answered.
Um, but for a, to get a card, uh, for a resident, uh, resident of Europe, do that resident needs
to open a, an account, uh, in a bank to request a card or the user can request a card and use
that card up until certain amount without KYC.
Yeah.
So if in order to open an account, you will need to first mint the Fiat 24 NFT as it's your
access key, um, to all of our services.
Um, what was the next part of your question?
Sorry.
So, uh, for, so let's say I'm, I went and I minted this NFT.
Yeah.
Uh, what would be the next step to receive the card?
Okay.
Yeah.
Sure.
Without KYC.
Oh, well, you have to do KYC in order to, yeah.
In order to access the card, because as we said before, because we do have a regulatory
system, since we comply with the local requirements.
So, I mean, if you consider the amount of effort it would take you to open a Swiss offshore
account, our process is short and easy.
And we do, we have worked on it to make sure that it's simple, you know, and make, we aim
to make it as straightforward as possible.
Okay.
So where do I, uh, where can I have the information, the links on how to open an account?
I assume that can be done remotely, right?
Well, you need, so the process is that first of all, you mint the NFT and then the KYC process
is as simple as answering just a few questions in a form.
And then you have to verify your home address by physically being at your home address and
turning on your GPS or location settings on your mobile or desktop and, um, confirming
that you are where you live.
And then the final step is, um, to scan your, uh, to do like a passport scan to verify your
identity and that's it.
And after that, once you have gone through that process, you don't have to request anything.
There's no cost.
You will just see the card inside your dashboard.
So I can, I can add a few things.
Um, so what we have tried to do is, and, and, uh, just kind of simplify or embed the process
into Thor wallet so that it is, it might sound a bit cumbersome, but it is not very complicated.
So basically in Thor wallet, you will see this button that says card.
And then when you see the button that's, uh, you click on the button that's card in a few
weeks, we will just enable that.
And then you will be able to see, um, complete registration.
We on the, on the background mean the NFT for you.
And then you, of course you need to have a bit of arbit room.
Oh no.
50 cents, $1, something like this.
We are, we mint the NFT for you.
And then within Thor wallet app, you are, uh, it opens the, uh, the web view for the KYC
process where you start answering like some few questions about where do you, where is your residence
and all of this that, uh, current explained.
Then, uh, this takes maybe three minutes.
And then after that, uh, it will prompt you to open another app.
And the other app is where you do the past, the password, passport verification.
Uh, then the, once the passport verification is done, then you will be, uh, redirected back
to Thor wallet.
And if everything went well, then you will be, um, ready to use the card.
But all, all the process will be kind of embedded, um, into the, into the native, uh, application.
I see.
So it's not, so you don't really need to open an actual bank account with Swiss and all
that stuff.
You just need to verify, get the NFT, verify through the process that you actually live in
Europe, uh, with the GPS location, which confirms that you are in that location that
you're staying in, and then you put your passport information and you get verified pretty much.
That's how it works.
Yes.
Uh, well, one, one, one, one more, uh, um, explanation is that we hold a Swiss fintech bank license.
So by going through the KYC process, you are opening a, an account with us.
The account is a Swiss bank account.
So meaning that you don't have to have, uh, another account, uh, to hold this card.
So the account that you are going to open with us is associated with, um, the, the card.
So this is how it works.
I see.
But my question is, um, will I have credentials to log in into my Swiss bank account and use
that account for other purposes as well?
Uh, or I will just kind of by default, by having the card, uh, somewhere in the background,
I will have that card to a, an account that will be used only for that card.
Uh, no, you, you can use the account for other purpose.
So for example, right now we, uh, we allow only, uh, money transfer from the same name account,
meaning that let's say if you are living in Germany and you have a Deutsche Bank account,
you can send money from Deutsche Bank to this, uh, account.
Yeah.
And also you can withdraw money from this, uh, account to your bank, Deutsche Bank account.
So this is, this is actually the main purpose of the account.
Of course, on top of the account, there is a card associated with the account.
Yeah.
But going forward in Q4 this year, uh, we will open up the, you know, different name money transfer.
For example, if you sell, let's say 10,000, uh, UADC and you get your account,
get let's say 10,000, uh, Euro or, or, or, or U S dollar, you can send this money to, for example,
your parents' account with, uh, another German bank.
Let's say commerce bank, for example.
Yeah.
You can do it.
So this is the ultimate, uh, uh, fiat off ramp solution.
Wow.
That is amazing.
That, that is really, really cool.
Um, the fact that you guys, uh, build it like that in a simple way.
That's just, that's just crazy, crazy revolutionary, advanced, uh, advanced, uh, technology.
I'm surprised that, uh, um, not many people actually know of this and not many people use
store wallets.
I'm very surprised, but I'm, uh, I'm sure that, uh, as the market's going to turn, you
know, turn around in the next couple of months.
Yeah.
We are very, very confident with it because we are very cautious by natural.
You know, the, I think it's in general, uh, the character of Swiss companies.
We are conservative and cautious and, uh, luckily we have store wallets around us.
So we are not only, you know, partners, but we are neighbors.
So, you know, we can visit each other, uh, um, very easily.
And since of, uh, uh, uh, because of these, uh, you know, the trust is there.
So, uh, I, I do appreciate that.
So while it, uh, decided to integrate us in the, in the wallet.
So this is a big step.
That is huge.
Okay.
So just to make it a kind of, uh, um, to summarize what we discussed is.
So in order for me to, to get the card, a digital card, it's going to be a digital card.
Nothing.
It's not going to be a physical card.
It's going to be digital cards in the wallet.
Correct.
Yeah.
It's the, well, it's the virtual card, which you can put in your Google pay or Apple pay.
Perfect.
Perfect.
So, uh, to receive that card, uh, I need to go and mint the NFT.
Well, normally you, you, you do, but since store wallet has simplified the process.
You just go through the, the, the, the, the, the, the process within, you know, in the, in, in store wallet, uh, uh, uh, you know, the store wallet, uh, um, and has done, um, and perfect job to improve and simplify the, the, the, the, the process.
Yeah.
So basically you just need to have store wallet installed, uh, in about two weeks, uh, you will be able to, now we have like a small banner and get more information that will go away.
And then you will see another, another screen that basically just says, you see the card and said, get card now, click that.
And then the onboarding process starts.
And it's just like, uh, it will tell you step by step, but the only thing you need is, uh, to have the store wallet, uh, app installed and then you will be able to onboard, um, with, uh, with the card.
Okay.
Uh, you said I need to have a little bit of arbit room inside of the wallet in order to mint the NFT once it's available.
Okay.
Uh, so that's going to be available in two weeks.
Uh, yes, around two weeks.
Yes.
Okay.
So once that, once the card appears in the wallet, you go, you click it, you follow the process.
You get a pretty much, uh, and the question that I wanted to ask, once you do the process, once you, um, uh, open the location, the GPS location in your phone and you verify that you are in the address that you're saying, and you open the account, um, in order to use that account, that bank account, do I have in that process of opening the card?
Will I create also credentials to open, to enter that bank account?
So basically the credentials is your NFTs.
So you will see that also in our wallet, but let's say, for example, you say, I want to use another wallet, right?
You can transfer that NFT to other wallet.
You can transfer that NFT to other wallet.
And that basically the NFT contains all your information.
So if you use the DAP of, uh, Fiat 24, there is like, that's like your login, right?
But this is the web three.
So you will use NFT to log to their DAP or to us that we kind of are the interface.
And then there you can see like your card number, your CV, CVV or whatever is these three numbers.
Uh, so like that, that's your login and you will be able to access directly through through our wallet or also in their DAP as well.
But the NFT basically is becomes your login, like your email and password and all of that.
And once I, that is, that is phenomenal.
So pretty much the NFT is your login to your, to your account.
That's right.
So the NFT equals two things.
So one is your account ownership.
So whoever owns this NFT is the owner of the account.
That's why we don't recommend that people give the NFT to the third party because any activities related to this account, uh, the owner is liable for it.
Yeah.
Let's say if you sell your NFT on OpenSea and this guy who bought the NFT and do money laundering with your account, you will be liable for that.
Yeah.
Wow.
That makes sense.
Yeah.
NFT is your ownership of the account.
Second, technically NFT is the access key to the e-banking.
So we don't have, it's like, uh, you know, logging into Uniswap.
You need a Uniswap NFT to, to get the, you know, the interface of your stakings.
You know, the NFT is everything.
Wow.
Yeah.
That is amazing.
That is amazing.
Okay.
Uh, so once I, once I created this NFT and I have my login in my wallet, if I wanted to change wallets after some time, can I transfer the card to a new wallet by sending that NFT to a new wallet?
Well, the NFT is transferable.
You can easily transfer the NFT to your metamask, let's say, but if you put the NFT in the metamask, you need to use our D app.
Yeah.
But from usability perspective, it's not as good as, you know, in store wallet, which you, you have like native functionalities.
So, you know, D app is always, uh, um, kind of, uh, rely on wallet connect and this and that.
You have always to sign and confirm.
Um, but on the opposite side in store wallet, uh, uh, you have native function like using web two applications.
No, no, no.
Thank you so much.
But my question was different.
My question is, was if.
Yeah.
Just, just.
Yeah.
Yeah.
Thor wallet is non custodial.
So basically.
Yeah.
You can just take your seat, put it somewhere else, and then you have access in another wallet.
So, uh, that, uh, that is no, that's, that's why we are.
No, no, no.
That wasn't the question.
My question is, let's say I have a wallet right now that I'm using.
I have multiple wallets that I'm using in Tor wallet and I wanted to transfer that card to a different wallet.
Like I don't want to use this wallet.
I want to use wallet B in Tor wallet.
So I need to transfer the card, send the card to a new wallet, to, to the secondary wallet address.
And by transferring that car, by transferring the NFT there, the card will follow it automatically.
Meaning I will open my wallet in Tor wallet in wallet B and the card will be there because I send it to the NFT there.
That's the question.
Yes.
The whole account and the card, uh, are, you know, uh, associated with the NFT.
Wherever the NFT is or in which wallet the NFT is, uh, um, you, you can only open the e-banking in the, in that wallet wallet.
If you move NFT out of, uh, a store wallet, all those functionalities, uh, become inactive.
But do I have to, do I have to do the process again of, uh, of the first wallet?
No, you don't have to.
You don't have to.
All that stuff to get a card in the second wallet?
No, no, you don't have to because the, the information stored in the NFT, there are 24 parameters stored in this NFT.
One of which is the status.
So if you have done the KYC, the NFT, the, the, the status become from inactive to active.
And, uh, this information goes together with the NFT.
Amazing.
So all I have to do is wanted to change wallet after some time.
All I have to do is just send the NFT to a new wallet into our wallet.
Cause I understand that, uh, using the, the application, uh, of the original, uh, creator would be the best.
And I actually love, uh, the interface of the new Tor wallet.
It's just phenomenal.
It's so much easier to use.
It's much, uh, it's much less clouded like the, like the previous version.
So I love the interface of the Tor wallet.
And it's like, it's like you have a bank in your hand.
It's crazy.
It is.
It is.
This is, this is, um, the, the goal of this, uh, experiment.
So we try to bring, um, a kind of revolute into, uh, a crypto wallet.
Yeah.
And, uh, give you the access to convert crypto to, um, to, um, to fiat money instantly.
Yeah.
So this is, uh, this is what we are doing.
Wow.
This is phenomenal.
Okay.
So, yeah, that's what I wanted to kind of understand.
Uh, actually you, you guys outdid it.
Uh, the process that you guys just described, it's so easy and I'm really looking forward
to, to getting this done.
This is phenomenal.
Thank you so very much.
I have no more questions.
Thank you for your question.
All right.
Yeah.
That was pretty comprehensive.
Uh, thanks, uh, Yang for helping to clarify some of the more technical parts.
Um, well, I think that that's it for now.
It was, uh, one hour long.
We will post again the recording for people to, uh, hear it later.
Thank you guys again.
Uh, Karen Yang, uh, happy to have you here and happy to host another one.
And awesome.
Thank you so much.
And thanks to everyone who tuned in and for your great questions.
Yes.
Thank you everyone.
Have a nice day.
You too.
Bye.
Bye.
Bye.
