Swiss fintech company Fiat24 has teamed up with the Web3-powered ONTO Wallet to offer users an easy way to access decentralized banking features. The Web3 technology has been changing the way people interact with technology, and one of its key developments is decentralized identity (DID) systems. These systems allow users to have control over their digital identities, ensuring privacy and security that traditional identification methods often lack. DID systems have the potential to become a crucial part of the future of banking and decentralized finance (DeFi), enabling users to safely access the world of decentralized finance.
In a significant move for the Web3 and DID space, Fiat24 has partnered with ONTO Wallet, a self-sovereign Web3 wallet, to bring enhanced banking capabilities to Web3 users. This collaboration demonstrates how Web3 is making progress in the real world, offering tangible benefits to users and showcasing the potential of decentralized technologies.
ONTO Wallet, with over 1 million registered users and a strong community across 156 countries, is known for its comprehensive approach to managing digital identities, data, and assets. Through its partnership with Fiat24, ONTO expands its capabilities by integrating with Fiat24, a Web3-meet-digital-banking platform built exclusively on the Arbitrum blockchain. Fiat24 operates entirely on smart contracts, with client identities managed through nonfungible tokens (NFTs).
The integration of Fiat24 into ONTO Wallet allows users to access a range of e-banking services directly from their wallets. Users can open Swiss IBAN accounts within the ONTO app, seamlessly merging their digital asset management with traditional banking functionalities. By minting a Fiat24 NFT, users can securely store all their account data, including Know-Your-Customer (KYC) information, ensuring safe participation in decentralized finance activities.
The ONT ID, acting as a digital passport, empowers users to control their on-chain assets and manage their identity data independently. This decentralized approach to identity management enhances data privacy and aligns with the core principles of Web3, where users retain ownership of their data. ONTO has introduced a dedicated ‘Fiat24’ tab in its mobile app to simplify the process, allowing users to manage their finances without leaving the same interface.
This integration offers numerous benefits. Users can conveniently manage both digital and traditional assets from a single interface while enjoying enhanced security through decentralized identity verification. It exemplifies how Web3 technologies can provide practical, real-world applications that empower individuals by giving them control over their data.
Looking ahead, the rise of Web3 services promises to revolutionize how individuals interact with digital and financial ecosystems. By restoring data ownership to users, these technologies empower individuals to take charge of their identities and assets in unprecedented ways. The partnership between ONTO Wallet and Fiat24 is a visionary step toward this future, demonstrating the potential for decentralized systems to enhance user autonomy and privacy.