CardWallet is here to rock the crypto-world with its stunningly sleek User Interface and an immense amount of features no crypto-user or a crypto-newbie can afford to pass on. The combination of these features, packed into a dApp—will certainly raise even crypto veteran’s eyebrows. The reason behind that is simple—the unique features that CardWallet provides—are combined with highly sought-after utilities such as fiat on & off ramps, DEX integration, yield farming, NFT marketplace and many others.
But what is CardWallet—aside from a Cardano-centric wallet that can also store tokens from ETH, BTC and BSC blockchains? Let’s delve deeper into the specifics of this amazing new tech product which has been released for everyone to use—on the Android & Apple App Store. The purpose of the CardWallet is to make the crypto world as beneficial and as user-friendly as possible. This was achieved through many avenues, the most basic being—integrating fiat on & off ramps, enabling users to easily turn their fiat money into crypto tokens and vice versa. The CardWallet’s fiat on & off ramp utilizes VISA, MasterCard & Apple Pay.
To further improve CardWallet’s functionality—a DEX integration is planned, which will allow trading cryptocurrencies for one another with great ease and little necessary understanding of the crypto world. The team took a step further and decided to integrate an NFT marketplace into the product—enabling ease of access to the world of Non-Fungible Tokens—even to those less crypto savvy. The team plans to add this feature sometime in the future. To further expand CardWallet’s capabilities and benefits—the team also decided they will implement a CardWallet crypto-debit card and ADA cashback feature into the wallet itself. This means that a CardWallet user will be able to make payments with this card, wherein their crypto will automatically convert to fiat and pay for their bill. The users will receive a percentage of the transaction back in the form of a cryptocurrency called ADA. Both the crypto-debit card and the ADA cashbacks feature will only be available to CardWallet token stakers. Staking of the CW token will be available via the CardWallet dApp.
One of the most beneficial features of CardWallet will certainly be the inclusion of a multitude of blockchains. This inclusion will enable the user to only have one wallet, instead of the current norm wherein the crypto user is being forced to use multiple wallets in order to navigate the crypto world efficiently. CardWallet currently supports ADA, BTC, ETH blockchains, while the inclusion of BSC will follow shortly. Regardless of the fact that BSC will be added in the near future, CardWallet MVP already supports over a thousand tokens. Further inclusion of other blockchains and tokens will be solely in the hands of the community.
The team decided to take a step further and made plans to include a DeFi mechanism called yield farming—available for utilization via the CardWallet dApp. Yield farming is, in short, a DeFi mechanism that allows the use of existing crypto assets—to generate interest, or in other words—additional income, based on the ownership of various cryptocurrencies. This, however, does not come without a risk. Stakers of CardWallet utility token will be able to optimize their yield farming, or in other words—select their preferred risk to reward ratio. The interest reward will be proportional to the risk, which means—the higher the risk, the greater the reward. To enable CardWallet users to have maximal benefit from the Cardano blockchain technology, ADA delegation, or as it is popularly called—ADA staking, will be implemented into the CardWallet dApp.
The CardWallet team decided to further improve this great utility, by implementing additional rewards to ADA stakers that staked to the most popular Stake Pool Operator (SPO).The most popular Stake Pool Operator will be voted on each month by CardWallet users—through the CardWallet dApp. To guarantee maximum security, the CardWallet dApp is non-custodial—which means the keys that unlock a user’s wallet were generated on the user’s device and nowhere else. This means that the user is in charge of the security of their assets. Another important approach to security the team took was to open-source, or in other words—publically release, the code behind the dApp and DeFi stack. That way experts all over the world can evaluate, scrutinize and confirm the CardWallet dApp’s security. Finally, a great deal of attention was given to the ease of access to all these amazing features and mechanisms. A great product gives little to its users if it is not easy to use and its fundamentals cannot be understood easily—even by someone unacquainted with the crypto space. That is why the team implemented easy-to-understand analytics, Face ID and PIN for easy access to the wallet. The team also hired two crypto veterans and a world-class UI designer as advisor.