Decentralized identity systems hold the key to the future of digital banking, and this partnership brings Web3 tech to real-world use.
The Web3 innovation continues transforming how individuals interact with technology. Central to this transformation is the emergence of decentralized identity (DID) systems, which have the potential to stand as a reliable alternative to traditional identification methods.
DID systems enable users to maintain control over their digital identities, ensuring privacy and security in a manner that conventional IDs often fail to provide. As with any identity-related development, DIDs have the potential to become a vital component of the future of banking and DeFi, allowing users to access the world of decentralized finance in a safe way.
Enhanced banking capabilities through Web3 integration
In a step forward for the Web3 and DID space, Swiss fintech Fiat24 has partnered with ONTO Wallet — a self-sovereign Web3 wallet — to bring enhanced banking capabilities to Web3 users. The partnership exemplifies how Web3 is making inroads into the real world, providing tangible benefits to users and showcasing the potential of decentralized technologies.
ONTO Wallet has over 1 million registered users and a robust community spanning 156 countries. The wallet is known for its comprehensive approach to managing digital identities, data and assets. With this new partnership, ONTO extends its capabilities by integrating with Fiat24, a Web3-meet-digital-banking platform exclusively built on the Arbitrum blockchain known for its speed and low-cost transactions. Unlike traditional banks, Fiat24 operates entirely on smart contracts, with client identities managed via nonfungible tokens (NFTs).
The Fiat24 integration has enabled ONTO users to access a range of e-banking services directly from their wallets. The partnership allows users to open Swiss IBAN accounts within the ONTO app, seamlessly merging their digital asset management with traditional banking functionalities. By minting a Fiat24 NFT, users can securely store all their account data, including Know-Your-Customer (KYC) information, ensuring safe participation in decentralized finance activities.
The ONT ID, acting as a digital passport, empowers users to control their on-chain assets and manage their identity data independently. This decentralized approach to identity management enhances data privacy and aligns with the core principles of Web3, where users retain ownership of their data. ONTO now has a dedicated ‘Fiat24’ tab in its mobile app to simplify the process, allowing users to manage their finances without leaving the same interface.
The benefits of this solution are manifold. Users gain the convenience of managing both digital and traditional assets from a single interface while also enjoying enhanced security through decentralized identity verification. This integration demonstrates how Web3 technologies can offer practical, real-world applications that empower individuals by giving them control over their data.
The Future of Web3 Services and User Empowerment
Looking ahead, the rise of Web3 services promises to revolutionize how individuals interact with digital and financial ecosystems. By restoring data ownership to users, these technologies empower individuals to take charge of their identities and assets in unprecedented ways.
The partnership between ONTO Wallet and Fiat24 is a visionary step toward this future, showcasing the potential for decentralized systems to enhance user autonomy and privacy.
Source:- COINTELEGRAPH
