Introducing Weld Money

Weld prospective global crypto debit card service.

Weld Money offers crypto debit cards issued in any bank by client’s choice, connected to CEX/DEX wallet intended for daily purchases via ApplePay/GooglePay with zero blockchain fees.

Teaser

Although cryptocurrencies are spreading more and more, the share of people using them is constantly low. First of all, because there are still no simple & reliable tools that allow using digital coins in everyday life.

Problem

Russia, Ukraine, and other former USSR countries consistently appear at leading places in various crypto industry adoption ratings and tops. Significant mining facilities are also concentrated here, give earnings for thousands of people. After the change of the Chinese authorities' mining policy, which caused a ‘big exodus’ of mining companies in 2021, many of them moved their facilities to Kazakhstan.

Crypto users in these countries permanently looking for a powerful tool that will allow using their cryptocurrency assets in everyday life - for purchasing, savings, investing, and other purposes.

Clients expectations

Clients are waiting for the tool to appear which will change the image of the cryptocurrency as a means of illegal transactions, tax evasion, and money laundering. This should be a tool facilitating their interaction with crypto exchanges and fintech services, in particular, passing the KYC procedure, and also simplify the opening of accounts in jurisdictions where cryptocurrency is legal.

Additionally, it should be a way to transfer and exchange cryptocurrencies to fiat and back without sky-high fees, which can exceed the purchase price by 30 times. This makes everyday purchases for the crypto meaningless.

Business pains

In turn, the business can’t spread crypto payments due to regulatory complicacy. In particular, the cryptocurrency to fiat exchange assumes the calculation of income taxes and/or VAT on the entire transaction amount, which makes a negative margin for most product groups.

The negative image of the cryptocurrency, the lack of knowledge, and the conservatism of the majority of business owners who don’t consider it as a payment method due to its high volatility and the complexity of financial and tax accounting are also matters.

Solution

We at Weld believe the solution to most of these problems will be a card service that will combine the capabilities of fintech and the cryptocurrency market. We offer our clients cards that will be issued by large banks from the jurisdiction in which the client lives or stays for a sustained period.

This card can be connected to the client's wallets on key CEX/DEX exchanges, as well as to ApplePay/GooglePay on a smartphone. This will turn the card and managing Weld app into a simple and reliable tool for daily use.

How it works

Visa or Mastercard cards are connected via the API to the client's crypto wallet through the Weld app and get limited access to the wallet. During the payment via the POS terminal, we deposit the purchase amount (for example, 50 USD).

The same amount is transferred from the client's wallet on the chosen cryptocurrency exchange to our one on the same exchange. This transfer is identified as an intra-exchange transaction and doesn’t imply any fee. After processing the payment, we transfer the required amount to the merchant's bank account, paying for the client's purchase.

Key benefits

This architecture allows Weld to solves key user problems without first adding and freezing funds on the card to avoid high blockchain transaction fees, which at the BTC bull market in May 2021 reached 7.5%.

Most important we aggregate data from different wallets and accounts in one application, which allows:

• simplify work with different wallets and exchanges,

• display crypto balances in one list next to other accounts,

• add any currency type wallet, whether it’s fiat or cryptocurrency,

• and also simplify wallet management and viewing transaction history.

Competitive rivals

There are competitors ' solutions on the market, in particular, services from Wirex, Revolut, as well as cryptocurrency cards from the leading exchanges Binance and Coinbase, but they are radically different from Weld.

First of all, they don’t imply supporting all popular exchanges, often require to deposit funds in advance, don’t always offer plastic cards useful on the road, don’t offer premium Visa and Mastercard services, and also have low credit limits and less of additional services.

The main thing they are available only to residents of a limited number of jurisdictions where cryptocurrencies are strictly regulated, and therefore require passing complex KYC/AML procedures.

Tokenomics

We took a coin from of the world’s largest cryptocurrency exchanges Binance as a model for the functioning of the upcoming WELD token.

During the IDO we will offer 8,000,000 or 3.20% of tokens. The initial unlock will be 20% with 80% of tokens unlocked during further 4 months. The coin price will be established at $0,075. The tokens of the team start unlock after 9 months, with 16,66% of monthly unlock during 6 months.

This smoothness of the token issue is designed to prevent a sharp drop of the Weld token price, while the work of a market maker will protect against sharp price fluctuations.