In the complex landscape of crypto, UniPass Wallet stands out as a forward-thinking, hopeful alternative. Unlike traditional Web3 wallets, we passionately strive to mitigate real-world financial challenges, especially prevalent in developing countries where economic stability is often fragile. This deep dive into the UniPass Wallet thesis will offer you a glimpse into our distinct strategy in tackling these crucial economic difficulties.
Addressing Core Financial Issues
Central to UniPass Wallet’s mission is tackling two monumental issues: burgeoning inflation in emerging countries and the complications of cross-boarder transactions. In nations like Venezuela, where hyperinflation reached a staggering 10 million percent in 2019, citizens grapple for financial stability. Crypto assets, particularly stablecoins, emerge as a beacon of hope for countless individuals. UniPass Wallet, recognizing this essential need, provides a simple, secure self-custodial wallet, enabling users to comfortably manage their crypto assets.
For instance, in regions like Central Asia, where traditional banking systems are fraught with challenges, including high fees and inaccessibility, UniPass Wallet offers a streamlined, cost-effective, and accessible platform for fund transfers. We negate the need for cumbersome dealings with numerous middlemen, allowing users to retain more of their hard-earned money and ensuring efficient transactions.
Going Beyond Bitcoin
Bitcoin was conceived as a medium to transmit money online without centralized control, as indicated by it’s whitepaper titled — Bitcoin: A Peer-to-Peer Electronic Cash System. However several limitations halt its efficiency, especially for daily transactions. For example, a farmer in a developing country might find it difficult to transact in Bitcoin due to its volatile nature, possibly leading to substantial losses between transactions. Here, the global preference for the USD as a familiar and stable asset comes to the forefront.
UniPass Wallet, recognizing the need for a more stable and comprehensible asset, leans towards the use of USD stablecoins (USDC/USDT), bridging the gap between crypto and understandable value. Utilizing Account Abstraction, UniPass Wallet aims to provide a more intuitive experience for users, including those unfamiliar with the crypto space, through options like social logins (signing in using email or a Google ID) and gas abstraction (the ability to pay gas fees with stablecoins).
Timely Emergence of UniPass Wallet
UniPass Wallet’s inception aligns perfectly with the significant evolution in on-chain financial infrastructure and technology. The rise of USDC & USDT as a prominent asset, for example, is indicative of the growing acceptance of digital, stable currencies.
Stablecoins currently hold a 10% market share of the entire crypto market but account for 70–80% of settlement activity on public blockchains. Stablecoins usage also remained robust even during market downturns, indicating their utility beyond speculative trading. In terms of financial settlement networks, stablecoins have nearly reached parity with Visa, settling around $9 trillion worth of transactions. Major merchants and payment processors are adopting stablecoins for interbank transactions due to efficiency advantages over traditional clearing methods.
This is where UniPass comes in. UniPass is a non-custodial wallet, granting users total control and ownership of their crypto, diverging from custodial wallets that depend on third-party services. Recent incidents, like the downfall of FTX, have emphasized the cruciality of users maintaining absolute control over their crypto assets. Non-custodial wallets provide this control, enabling users to protect their assets even amid turmoil.
However, non-custodial wallets present their own hurdles. Non-technical users may find managing these wallets technically challenging. Users are responsible and must safeguard their private keys or recovery phrases on their own, which can lead to potential losses if mismanaged. Cumbersome onboarding experiences might also discourage users from adopting non-custodial wallets.
UniPass eradicates the necessity to manage private keys or recovery phrases, allowing users to use familiar credentials such as email, phone numbers or social logins (e.g. Google ID) to manage their account. The onboarding experience becomes seamlessly user-friendly without the intricate recovery phrases or private keys, while simultaneously boosting security. Such strides represent significant advancements in rendering crypto assets more accessible and manageable globally.
Envisioning the Future
UniPass Wallet is all about creating new, exciting changes in how we use and manage money digitally. Looking into the future, we aim to keep improving and growing in innovative ways. The next steps involve the rollout of a user-friendly wallet interface and the development of Software as a Service (SaaS) for diverse businesses. For example, imagine a small business owner in South East Asia integrating UniPass Wallet’s services, enabling them to accept stablecoins as payment, ensuring secure and efficient transactions globally. This integration not only expands the business’s reach but also solidifies its financial transactions, avoiding the pitfalls of traditional banking systems.
As we move ahead, our intention is to collaborate and collectively grow with a diverse range of stakeholders. Firstly, we’re reaching out to professionals in fintech and payments from the traditional finance domain. We believe that by joining hands with such experts, we can combine the best of traditional and modern digital finance, creating a platform that’s both safe and easy to use.
Secondly, we’ve been chatting with business owners about how using stablecoins with the UniPass Wallet can make running their businesses and their lives a lot more simpler. By using stablecoins, businesses can avoid the ups and downs of regular currency values and handle international transactions safely and with lower costs.
Thirdly, we’re constantly in touch and working with local fiat on/off ramp service providers across diverse regions. Working with these providers means users can effortlessly turn their digital stablecoins into fiat that they can spend in their everyday lives, wherever they are in the world.
Lastly, we’ve been consulting legal experts in multiple regions to comprehend the different rules and regulations governing crypto in each distinct country. This will help ensure that UniPass Wallet doesn’t just offer innovative tech solutions but also adheres to the legal stipulations prevalent in each jurisdiction it functions within.
Paving the Way to a Secure and User-Friendly Financial Future
In summation, UniPass Wallet stands poised to revolutionize the crypto wallet landscape with our unique focus, innovative features, and a robust global vision. By addressing actual financial challenges, we aim to emerge as a pivotal player, especially for individuals in developing countries. Through real-world applications, we will demonstrate our commitment to providing a reliable pathway to financial stability and freedom. Embark on this exhilarating journey with us as we pave the way for a future of effortless crypto management and widespread financial empowerment. With the UniPass Wallet, your gateway to financial security and convenience is now more accessible than ever!
About UniPass
UniPass offers a comprehensive stablecoin payment solution. Enjoy gas-free payments, and the ability to process batch transactions with one-click. Confidently manage, transfer, purchase, and store your stablecoin with the UniPass wallet.
