[Press Release – Rarotonga, Cook Islands, June 29th, 2023]
A solution enabling Web3 wallet integration within existing enterprise platforms.
Blockchain-based, Web3 initiative Cirus Foundation has developed a Wallet as a Service (WaaS) innovation unit. The initiative entails deploying Web3 wallets for existing businesses and platforms to create a secured value-share layer between their users.
After the initial release of the Cirus Web3 Wallet, the core functionality of combining user data and digital currencies provides a basis for Cirus to connect with existing platforms and web applications seamlessly.
The initiative marks the first business-to-business approach in developing wallet adoption for the Cirus ecosystem. The team commented:
“We believe we need a fast-track to adoption, although our approach will always entail what the end-user desires, the world needs a sovereign solution targeting businesses and platforms alike. In simpler terms, we need to prevent misappropriation by banks and the FTX’s of the world. This application places the user in ‘permissioned control of their asset’ while endorsed by the business. Think of the business as saying – ‘we don’t hold your assets – you do’. said Co-Founder, Michael Luckhoo
Without mass-scale adoption, Web3 will continue to suffer, and its true use cases will fail to make a lasting impact. The WaaS category creates an easier entry point for companies to integrate Web3 technology and better serve their client base.
What defines WaaS?
Wallet-as-a-service refers to a platform that has the ability to enable Web3 functionality either inside an existing application or interfacing with a platform. Simply put, the users have ownership and control over their assets, enabling them to decide how their data and currencies are utilized by the business they engage with.
The team has confirmed that they have signed their first enterprise client to service the WaaS program, and although the Cirus wallet recently launched, this has sped up development efforts in this category.
“Companies are not going to just roll over and hand back assets to their user base, but by educating the benefits to the business as a first-mover in the space, we can create a domino effect – first movers, willing followers and the unwilling followers. Eventually companies will be accredited for better business by enabling user-controlled management – almost like a better business bureau approval.” said David Brown, Head of Tokenomics
Some examples where WaaS may apply include NFTs or tokens distributed by the business based on engagement, SDK kits for in-app wallet deployment, or wallets that connect the user account (data and currencies) to be exchanged with another party in a more secure format .
The team suggested the first use case will enable a more secure way to trade assets with existing centralized exchanges, therefore preventing user assets from being manipulated or withheld by the platform.
“The most obvious choice was to solve how centralized exchanges operate as this was the central point of failure for our industry. We don’t need to experience a repeat of Mt.Gox, Quadriga or FTX! The world needs a renewed trust in the benefits of Web3, a new standard.” said Director, Mike Miclea
The team commented that the WaaS initiative is part of a greater plan to establish an open and easily accessible economy that encourages the widespread adoption of Web3 technologies. Through this process, they are actively engaged in developing an end-user WaaS program where true customization of Web3 wallets can be achieved by anyone.
About Cirus Foundation
Cirus Foundation is the development team behind the Cirus Ecosystem, an accessible onramp designed to accelerate the adoption of Web 3.0 and the Ownership Economy. This consists of the Cirus suite of tools, which work together to give users true ownership over their assets, and the data streams they generate.
Media inquiries: Media@cirusfoundation.com
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