Blockchain technology has not ceased to impress its users. Earlier this month, Wawllet announced his new project, which aimed at creating a network to link all financial operators together. A seemingly simple idea that has massive potential.
The initiative would give users access to a one-stop shop to connect bank accounts, regulated financial exchanges and the cryptographic currency exchanges.
It is important to note that harmonization of different monetary systems is still a very difficult feat and far beyond the reach of ordinary consumers. However, the implementation of such a network would allow the average user access to all the benefits of digital currency.
Essentially, Wawllet is seeking to link new blockchain platforms and new commodity exchanges with tradition exchanges and banking systems.
Its main objective is to set up a system which would facilitate the management of personal funds and monetary transfers. In other words, it proposes an effective and inexpensive solution that would simplify transactions for companies and simple consumers alike.
The proposal would bridge the gap between the world of cryptocurrency and financial institutions. However, the situation tends to penalize to the banking system and favors the rapid development of blockchain technology.
A Position on the Market That Doesn’t Harm Others
According to Mihail Lala, the founder and creator of Wawllet, the project would soon be open to financial service providers such as Paypal and Coinbase, without being one of their competitors.
Of course, there are certain financial providers that offer the same products as Wawllet who may become indirect competitors, but direct competition is not their goal. This is largely due to its dependence on a provider chain as opposed to a service chain.
The Simple Life and Efficient Service
The new project truly promise to offers a dream life for the user. By using its network of providers, users can easily store all their capital in fiat currency or reserves of cryptocurrency, all from a single portfolio.
Even then, the possibilities are not limited to this. Consumers can also instantly transfer funds internationally, for free and without any hassle. The company is aiming at completely changing the way money circulates throughout the world. This applies not only to regular people, but also to major banks and financial institutions.
This new type of portfolio offers many advantages to cryptocurrency enthusiasts and everyday users alike. Among its benefits are the 180-second KYC approval, a multi-crypto wallet, 60-second approval with a linked debit card and the possibility of exchanging merchandise.
Wawllet’s Main Components
Wawllet mainly consists of two distinct elements, the Wawllet network and the multi-asset portfolio. The network would support the global ecosystem of financial institutions, market exchanges and banks and would allow all members of the network to easily interact with them.
Whereas, the multi-asset portfolio would make it possible to manage user assets in a simple and efficient way via desktop or mobile application. The wallet would be both powerful and flexible enough to act as an individual’s financial passport.