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Help enterprises enter the Web3 world painlessly! What is WaaS?

2023-03-28
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In addition to using cash or credit cards to buy things at convenience stores or department stores, people are also accustomed to using mobile payment, which is also called “embedded finance”.

What is embedded finance?

Embedded finance refers to the use of financial instruments by non-financial enterprises. It allows any type of company or online store to integrate banking software directly into the company's own website or application without having to divert consumers to a third-party portal. Customers will no longer need to enter their credit card details for every transaction, for example, and will be able to make online installments, get insurance and so on.

The benefits of embedded finance include better consumer experience, which enables consumers to carry out related financial transactions while using products or services, reducing the trouble of switching platforms. Because of the convenience, consumers are more likely to linger on the website to buy goods or services, which brings opportunities to increase profits.

However, embedded finance is not just more convenient. It also brings financial services closer to consumers' daily lives, broadening the reach and popularity of services, and it is also a tool for better understanding of consumers and their spending habits and needs, data that can later be used to drive richer business development.

Under the general trend of embedded finance, and because of the increasing popularity of virtual currency and virtual assets, WaaS (Wallet-as-a-Service), a combination of the two, will be the next business opportunity in the field of fintech!

What is a wallet?

In the world of Web3, a wallet is a digital wallet that can be used to store and manage digital assets, such as cryptocurrencies, NFT, etc. Virtual assets are not actually stored in digital wallets, but are recorded in the blockchain, and users use a private key to prove that the virtual asset on the blockchain belongs to "you" or "this address". One form of wallet is an application that allows users to securely store and receive digital assets.

In principle, a wallet is a "container" that can generate a virtual currency address, manage all available currencies, and perform any transaction through the wallet. Just as in the real world there is a bank account that holds your money, from which you withdraw and deposit money, in the virtual world a wallet plays a similar role, only it holds virtual assets. The virtual wallet will have an address and private key, which also corresponds to the bank account number and password.

In short, the wallet can be likened to: a tool to connect to the Web3 world, but also a Web3 identity card.

What is WaaS?

So what is Wallet-as-a-Service in the Web3 world?
WaaS is a cloud-based financial service that provides a virtual wallet that enables users to securely store, manage and use digital currencies and assets over the network. Usually provided by a third-party provider, users can use it anytime and anywhere. It can be used to deposit and withdraw digital currencies, trade cryptocurrencies, manage digital asset management, etc.
WaaS allows consumers or enterprises to build an online platform for users to store and manage digital assets without the need for blockchain technology capabilities. The associated service provider, which typically provides wallet security and encrypts private keys, provides a user-friendly interface for users to manage their assets.

Help enterprises painless access Web3: KryptoGO WaaS wallet as a Service

Wallet as a Service(WaaS) provided by KryptoGO is a one-stop service based on the Web3 infrastructure platform. KryptoGO's WaaS solution can help enterprise customers enter Web3 painlessly and assist enterprises with on-chain services. Its solution has several main features.

  1. Enterprise customers do not need to build their own systems, they only need to focus on their own best field, not need to have a blockchain engineering team, reducing development and education costs, easy introduction and speed up the online time.
  2. Very accessible : Users can access the Web3 world directly with a mobile phone number that everyone has. Through the concatenation API, enterprise users can embed Web3 functions in their apps, so that their consumers can follow them into the Web3 world painlessly.
  3. Built-in security verification & compliance: We have a strong KYC verification function, and the internal team members have passed the anti-money laundering master license, good relationship between government and business, our technology has also passed ISO 27001, ISO 27701 security and individual international standards.

KryptoGO's WaaS can meet customers' compliance, asset management and personalization needs, including KYABC, on-chain asset storage, NFT, DeFi, Token, DEX and other features. KryptoGO's wallet service helps business customers who want to quickly set up a wallet without having to build their own system, reducing development and education costs and speeding up rollout times.

In addition, KryptoGO also provides a service for the generation of NFT, so that enterprise customers can easily access the NFT pass, membership, and enabling system.

This service is suitable for enterprises who want to enter the world of web3 to transform their image and deepen brand innovation through new technologies; Enhance customer retention through innovative marketing tools, new members, or deeper engagement. In addition, enterprises that want to import Web3 business in their official website and App are very suitable to use our WaaS service.

With the development of digital assets and Web3 technology, wallets will become the core of digital asset management. KryptoGO provides a one-stop service to meet the diverse needs of its clients, facilitating and supporting their digital asset management. Overall, KryptoGO allows Web2 services to enter the Web3 world painlessly. Help Web3 companies provide whatever on-chain services they need.