Wawllet has just announced its plans to develop the world’s first multi-asset wallet, creating a global network that connects banks, cryptocurrency exchanges, and other regulated financial institutions to provide users with a one stop shop for all their asset-management needs.
Wawllet seamlessly connects the traditional banking system, new crypto and blockchain-based platforms, new and traditional commodity exchanges and online payment processing. The company’s goal is to make personal money management and transfer completely hassle free, efficient, and inexpensive.
Wawllet provides both storing your assets from fiat, cryptocurrencies, or even gold, and lets you transfer funds across borders instantly with almost no cost. The company aims to change how money flows around the world, not only between people but also between banks and financial service providers. The pocket system offers a variety of benefits to both the everyday user and crypto enthusiast, include 180 seconds KYC approval, a 60 second approval for a debit card that will be linked with the system, commodity trading, a multi crypto wallet, and more.
Wawllet has two major components: A Multi-Asset Wallet and the Wawllet network. The multi-asset wallet is powerful and flexible enough to allow users to manage all their assets from a mobile or desktop application. The wallet would have different “pockets” for the different currencies: fiat, crypto, and commodities (like gold), as well as one to facilitate card payments online. The multi asset wallet would function as a Personal Financial Passport that is recognized, respected and valued by all the entities connected to the Wawllet network.
The Wawllet network would support a global ecosystem of banks, exchanges, and other financial institutions, bridging the gap between legacy mechanisms and blockchain technology as well as between traditional markets and crypto markets. The platform would enable individuals to interact with banks and financial service providers and conduct transactions in a fast and easy way.
Besides providing security and competitive pricing, the multi asset wallet consists of four different pockets:
- FIAT Pocket – Holds and manages the balances of all FIAT currencies. It allows users to receive/transfer money from an external account, deposit money at any branch of a partner bank, transfer assets between pockets, and exchange currency within the multi-currency account
- Card Pocket – Allows Wawllet users to spend their assets in any store that accepts international payments. Following KYC compliance, the partner card issuer will automatically issue the user a VISA/MASTERCARD/AMEX debit card.
- Crypto Pocket – Supports all available cryptocurrencies, as well as the WIN token, which is used exclusively to pay Wawllet fees. The user can access the Crypto Pocket instantly, without any KYC protocol.
- Gold Pocket – Manages the user’s gold commodities. All gold commodities will be physically backed-up by third-party regulated Vault Partners.
Wawllet connects the various forms of currencies, from fiat and debit cards, to crypto and gold, giving users seamless and complete control over their assets.
Wawllet creates a solution to many of the problems we see in asset management today. From providing full control over assets to fast international transfers without fees, and a highly secured ecosystem, Wawllet will enable customers to receive a variety of financial services that are tailored to their financial history, needs and preferences,” stated Mihail Lala, Founder of Wawllet.