Swiss fintech company Fiat24 has partnered with self-sovereign Web3 wallet ONTO to provide users with an easier way to access decentralized banking features.
This collaboration leverages the power of decentralized identity (DID) systems, which offer a secure and private alternative to traditional identification methods. By giving users control over their digital identities, DID systems are expected to play a major role in the future of decentralized finance (DeFi).
This partnership between Fiat24, a Web3-focused digital banking platform built on the Arbitrum blockchain, and ONTO Wallet, known for its comprehensive digital identity management, signifies a significant step forward for Web3 and DID. Unlike traditional banks, Fiat24 utilizes smart contracts for operations and manages client identities through non-fungible tokens (NFTs).
The integration allows ONTO users to access various e-banking services directly from their wallets. This includes opening Swiss IBAN accounts within the ONTO app, enabling seamless merging of digital asset management with traditional banking functionalities. Additionally, users can securely store all their account information, including KYC details, by minting a Fiat24 NFT, ensuring safe participation in DeFi activities.
This partnership offers several advantages. Users can now manage both digital and traditional assets within a single platform while enjoying enhanced security through decentralized identity verification. This integration exemplifies how Web3 technologies can provide practical applications that empower users by giving them control over their data.