Swiss fintech company Fiat24 collaborates with ONTO Wallet, providing users immediate access to decentralized banking features.
Web3 technology is changing how we engage with the digital world, and decentralised identity systems are at the core of that. These solutions put users in charge of their digital identity, securing a level of privacy and security usually unachievable with traditional forms of IDs. DIDs do; therefore, they might play a huge role in the heartfelt future of banking and DeFi, enabling access to new financial systems safely.
Fiat24 will now integrate with the ONTO Wallet, allowing users to benefit from the first self-sovereign Web3 wallet - a Swiss fintech company. This is Application Foot for Web3 and DID as they integrate into everyday life, reaping real benefits for users showing the potential of decentralized technologies.
ONTO Wallet has over 1 million users in 156 countries. It is known for its all-in-one approach to digital identity, data, and asset management. With the new partnership, the firm enlarges its possibilities by integrating with Fiat24, a digital banking platform built on the Arbitrum blockchain, famous for its fast and low-cost transactions. Contrary to traditional banks, Fiat24 deploys smart contracts; client identities are managed through non-fungible tokens.
This integration will allow users to access multiple e-banking services within their wallets. It is possible to open one's Swiss IBAN accounts in the ONTO app and thus merge digital asset management with all the functionalities of traditional banking. One can mint an NFT—Fiat24—so that all account data, including KYC information, will be safely stored in a single place. This will ensure safe participation in DeFi activities.
The ONT ID acts as a form of digital passport, which makes it possible for users to control the on-chain assets and identity data by themselves. Through this decentralised approach, it is possible to enhance data privacy, one of the cardinal principles of Web3 that each user owns their data. ONTO also added a separate 'Fiat24' tab in the mobile app, where users can comfortably control all their finances in one interface.
The list of its benefits is long. It not only allows one the ability to manage digital and traditional assets from a single interface but also assures enhanced security through decentralized identity verification. This integration depicts how the technologies in Web3 have been applied in real-life use cases to return data to the owner.
The Web3 services will define a new way of engaging with digital and financial ecosystems in the future. These technologies return data ownership to users, empowering them more than ever over their identities and assets.
Through this cooperation between ONTO Wallet and Fiat24, the future is shown in how decentralised systems can provide a better level of autonomy to users and protection of privacy.
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