Weld Money is a service that offers users cryptocurrency debit cards: they can be used to pay for goods or services through the user's familiar POS-terminals. The startup's distinctive feature is the presence of a legal agreement between the developer, financial services providers, and regulators in the CIS, as well as Estonian registration under the legal name Weld Europe OÜ, so Weld products will be fully legal.
Other problems solved by Weld Money in the long term:
- Quick and easy payment;
- Cheaper and more affordable transactions, lower card replenishment fees;
- Creation of a bridge between DeFi and traditional finance.
Moreover, Weld is integrated with Crystal by Bitfury. The latter evaluates the trustworthiness of the project's blockchain tools and offers the following real-time features:
- Screening the risk levels of legal entities;
- Tracking customer relationships;
- Monitoring transaction templates;
- Geographical and source of funds assessments;
- Mitigating the effects of potential fraud.
In other words, the project is at least secured.
The CEO and co-founder of the project Alexei Meretsky has more than 13 years of experience in the financial sector. Alexey Bobo has experience with fintech projects as well, whereas Irina Lawrence has spent 6 years directly in the cryptocurrency trading sector. The team of project managers jointly launched a combined product, and they were supported by:
- Marcello Mari, CEO of SingularityDAO and Director of Communications of SingularityNET, an independent project that combines DeFi solutions and AI in the cryptocurrency niche.
- Magnus Capital, a digital asset fund founded in 2018 to provide support and growth to the entire industry, including young conceptual projects.
In fact the Weld service offers to connect fiat and digital currencies in one payment card: the conversion will take place immediately during the payment, which will allow making purchases by usual ways without any problems.
The payment will be supposed to go through Google Pay and Apple Pay: at the moment of charging the bank transfers the fiat transaction into overdraft (interest-free credit), and the intermediary represented by Weld carries out the transaction in the right amount at the rate of the selected exchange from the user's account to the corporate account of the company and repays the bank. It all takes a matter of seconds.
The project's service token can be used for:
At the initial stage the company will support only Visa/MasterCard debit cards, but in the future users will have access to loans, deposits and insurance using similar technology.
A little bit about the fees for using the service:
- Issue of plastic or virtual card - free of charge;
- Monthly card maintenance - free of charge;
- Withdrawal of funds from ATMs and payment through a terminal - 3% of the transaction amount.
The card is issued after filling in a standard form.
IDO on Uniswap and Pancakeswap DEX took place in September 2021, with a listing price of $0.075.
The total offer of 250,000,000 WELD according to the project blog on Medium is distributed as follows:
The project partners with major cryptocurrency exchanges, Bisbank and other partners, has a European license and is generally legal. However, the use of native token has the same risks that arise in the case of any other (especially new) cryptocurrency:
The legal status of crypto tokens and digital assets is currently uncertain, varies from jurisdiction to jurisdiction, and is subject to considerable ambiguity.
Up to date, Weld Money has partnered with the following exchanges:
Listing on BitFinex, KuCoin and Kraken, as well as other smaller platforms, is in the near future. The platforms on which the asset is already sold today, according to the developers themselves, cover about 70% of the entire cryptocurrency market.
Quite rapid recognition on the part of trading platforms is not the only factor that speaks in favor of the prospects of this project. A large number of functions can also interest the audience:
- Full integration with ApplePay/GooglePay;
- Tax-free cryptocurrency transactions;
- An opportunity to add any non-exchange or exchange wallet;
- Payment by Visa/MC cards;
- Tools for fiat and digital funds management;
- Built-in cashback and many more.
And where the audience's interest is, so is the demand.