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[Press Release – Rarotonga, Cook Islands, June 29th, 2023]
A solution facilitating the integration of Web3 wallets within current enterprise platforms.
The blockchain-driven Web3 initiative Cirus Foundation has introduced a Wallet as a Service (WaaS) innovation unit. This initiative involves the implementation of Web3 wallets for established businesses and platforms, aiming to create a secure value-sharing layer among their users.
Following the initial launch of the Cirus Web3 Wallet, the fundamental capability of merging user data with digital currencies establishes a foundation for Cirus to connect effortlessly with existing platforms and web applications.
This initiative represents the inaugural business-to-business strategy in promoting wallet adoption within the Cirus ecosystem. The team remarked:
“We believe a rapid path to adoption is necessary; however, our strategy will always prioritize the needs of the end-user. The world requires a sovereign solution that addresses both businesses and platforms. In simpler terms, we must avert misappropriation by banks and entities like FTX. This application empowers users with ‘permissioned control of their asset’ while being supported by the business. Think of it as the business stating – ‘we don’t hold your assets – you do,’” said Co-Founder, Michael Luckhoo.
The Cirus Wallet Linking with existing crypto exchange
Without widespread adoption, Web3 will continue to struggle, and its genuine use cases will fail to create a lasting influence. The WaaS category provides a more accessible entry point for companies to incorporate Web3 technology and enhance their service to clients.
What characterizes WaaS?
Wallet-as-a-service denotes a platform capable of enabling Web3 functionality either within an existing application or interfacing with a platform. In essence, users maintain ownership and control over their assets, allowing them to determine how their data and currencies are utilized by the businesses they interact with.
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The team has confirmed that they have secured their first enterprise client for the WaaS program, and although the Cirus wallet has recently launched, this has accelerated development efforts in this area.
“Companies are not simply going to relinquish assets back to their user base, but by educating them on the advantages of being a first-mover in this domain, we can initiate a domino effect – first movers, willing followers, and those who are reluctant. Ultimately, companies will be recognized for better business practices by enabling user-controlled management – akin to a better business bureau endorsement,” said David Brown, Head of Tokenomics.
Examples of potential WaaS applications include NFTs or tokens distributed by the business based on user engagement, SDK kits for in-app wallet deployment, or wallets that link user accounts (data and currencies) for secure exchanges with other parties.
The team indicated that the initial use case will provide a more secure method for trading assets with existing centralized exchanges, thereby preventing user assets from being manipulated or withheld by the platform.
“The most apparent choice was to address how centralized exchanges function, as this has been the central point of failure for our industry. We must avoid a recurrence of incidents like Mt.Gox, Quadriga, or FTX! The world requires renewed trust in the advantages of Web3, establishing a new standard,” said Director, Mike Miclea.
The team stated that the WaaS initiative is part of a broader strategy to create an open and easily accessible economy that promotes the widespread adoption of Web3 technologies. Through this initiative, they are actively working on developing an end-user WaaS program that allows for true customization of Web3 wallets by anyone.
About Cirus Foundation
Cirus Foundation is the development team behind the Cirus Ecosystem, an accessible onramp designed to expedite the adoption of Web 3.0 and the Ownership Economy. This includes the Cirus suite of tools, which collaborate to provide users with genuine ownership over their assets and the data streams they generate.
Website: www.cirusfoundation.com
Media inquiries: [email protected]
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