Trustless transactions of digital assets have been made possible since the launch of Bitcoin in 2009. Ethereum, born with Smart Contracts in 2014, ultimately led to the debut of DeFi (Decentralized Finance) Summer 2020 and enabled crypto users, for the very first time, to perform financial operations in decentralized networks.
DeFi can technically provide most of the virtual banking services to retail customers. However, crypto has yet to achieve mass adoption to date. We believe there are three main explanations for the belated adoption.
First, the mobile experience in crypto is lagging behind Web2 softwares. The login process and interaction with dApps (Decentralized Applications) are not only unfamiliar to users coming from Web2, but also less user-friendly than most virtual banking applications.
Second, there is no privacy in crypto transactions. Every transaction you made on-chain will be visible to the others. Imagine that by simply paying your friend with Bitcoin, your friend’s transaction history will become instantly transparent to you. You can then track your friend’s Bitcoin address and see his/her transaction history, including where and when he made transactions, from the past to the future. It goes the same for your address.
Third, there is no easy way to spend your crypto on a daily basis. Most merchants do not yet accept crypto as a method of payment. Converting crypto back to fiat currencies (Fiat off-ramp) is also a tedious process which makes it difficult, if not impossible, to use crypto in daily life.
Fina’s vision is to become a Virtual Bank powered by crypto, by solving the three above-mentioned problems and by providing the best user experience for crypto transactions, savings, lendings, and most importantly, spending.
Fina Wallet is a mobile non-custodial wallet tailored for the IBC ecosystem. Users can easily manage their IBC assets, perform transactions and staking actions, and participate in governance proposals on both iOS and Android. You can also connect to dApps through our in-app browser.
Fina Card is a Web3 Visa prepaid card which can be topped up with any major cryptocurrencies and connects directly to non-custodial wallets. You can spend your crypto assets anytime anywhere as long as the merchant accepts Visa payment.