AMA session for Incrypted

Let’s get acquainted with Weld Money. What is the project about and what problems does it solve?

We designed a Visa card allowing you to pay for purchases directly from the accounts of Binance, Kucoin, FTX, and other crypto exchanges easily and without additional fees. To achieve it we issue a Visa/Mastercard co-brand card, which can be added to Apple Pay and Google Pay.

How does the process allowing users to transfer money and make cryptocurrency payments with external agents including banks, shops, restaurants, etc. without any problems?

We issue a regular Visa card, which can be added to ApplePay and GooglePay. The user connects his exchange wallet via API keys using the Weld application. Then he can pay for purchases via PayPass on his smartphone.

Are there any transaction limits or the payment amount?

The limits will be $1,000 per day for one user. But if you want to buy a Macbook for $ 1,200, you need to stake the WELD tokens and increase the daily limit for any amount. These limits ensure smooth payments and the absence of suspicions from the side of bank AML offices. Since the amounts are small, such transactions don’t have signs of money laundering.

What about fees? Will there be any transfer inner app fees?

The fees will depend on the transaction type. Payment by card — from 1.5%, withdrawal in ATM — will be a little more expensive. But for those who stake WELD tokens, the fees drop to zero.

See also Visa & Mastercard at the cryptocurrency industry

In which countries the product will work? And is it possible to get a plastic card?

The product will primarily start for Ukrainians, but paying by cards all over the world will be allowed. It’s needed for boosting MVP and tracking speed. By the end of the year, we plan to launch Europe, Russia, and other CIS countries.

The system’s description notes the Weld will freeze the required amount on the client’s crypto wallet. Does this mean the system will have full access to my wallet and assets on it?

The Weld company opens corporate accounts on each exchange integrating with, passing the corresponding KYC procedure. By adding API keys to our application, the user can always specify our wallet in his whitelist. Even in case of system hacking, the money will only be transferred to the Weld corporate wallet within the current exchange, but not to the attacker’s wallet. Which, accordingly, doesn’t make any sense.

What are the token functions?

lifting the daily/monthly withdrawal limits

See also Last chance to keep up with the growing market

The only Weld competitors (Cryptocom and Swipe) provide various additional benefits, such as membership discounts and cashback. What unique advantages does Weld plan to offer to increase its market share?

The major Weld advantage is the ability to connect not a single specific exchange, but any exchanges and on-chain wallets. Nowadays it’s difficult to surprise anyone with any sort of cashback or and bonus, we also have it within the Visa programs. We will mostly develop all sorts of DeFi features & benefits, applying and combining them with the fiat world.

Will your project be regulated, and if so, how?

Sure. The project is subject to licensing both as the crypto and as a fiat one. In terms of the crypto industry, it’s an Estonian Virtual Assets Service Provider License for a legal entity. In terms of fiat, there are some payment partnerships with a license to money transfer, open accounts to individuals, MPS, and banks. The project will follow all the same KYC/AML requirements as a classical financial company.

How do you intend to ensure the full investors’ protection?

The answer to this question lies in three planes.

Where and how the pre-sale will take place?

The 2nd pre-sale round will take place on our website Weld on September 8. The detailed guide is in our Telegram.

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Weld Money

Weld Money

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Meet WELD crypto card, the only seamless Payment solution for day-to-day expenses. https://weld.money/