Chainwire
Cirus launches Wallet as a Service Initiative (WaaS)
A solution enabling Web3 wallet integration within existing enterprise platforms.
Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›
Rarotonga, Cook Islands, June 29th, 2023, Chainwire โ A solution enabling Web3 wallet integration within existing enterprise platforms.
Blockchain-based, Web3 initiative Cirus Foundation has developed a Wallet as a Service (WaaS) innovation unit. The initiative entails deploying Web3 wallets for existing businesses and platforms to create a secured value-share layer between their users.
After the initial release of the Cirus Web3 Wallet, the core functionality of combining user data and digital currencies provides a basis for Cirus to connect with existing platforms and web applications seamlessly.
The initiative marks the first business-to-business approach in developing wallet adoption for the Cirus ecosystem. The team commented:
โWe believe we need a fast-track to adoption, although our approach will always entail what the end-user desires, the world needs a sovereign solution targeting businesses and platforms alike. In simpler terms, we need to prevent misappropriation by banks and the FTXโs of the world. This application places the user in โpermissioned control of their assetโ while endorsed by the business. Think of the business as saying – โwe donโt hold your assets – you doโ. said Co-Founder, Michael Luckhoo
Caption: The Cirus Wallet linking with existing crypto exchange
Without mass-scale adoption, Web3 will continue to suffer, and it’s true use cases will fail to make a lasting impact. The WaaS category creates an easier entry point for companies to integrate Web3 technology and better serve their client base..
What defines WaaS?
Wallet-as-a-service refers to a platform that has the ability to enable Web3 functionality either inside an existing application or interfacing with a platform. Simply put, the users have ownership and control over their assets, enabling them to decide how their data and currencies are utilised by the business they engage with.
The team has confirmed that they have signed their first enterprise client to service the WaaS program and although the Cirus wallet recently launched, this has sped up development efforts in this category.
โCompanies are not going to just roll over and hand back assets to their user base, but by educating the benefits to the business as a first-mover in the space, we can create a domino effect – first movers, willing followers and the unwilling followers. Eventually companies will be accredited for better business by enabling user-controlled management – almost like a better business bureau approval.โ said David Brown, Head of Tokenomics
Some examples where WaaS may apply include NFTโs or tokens distributed by the business based on engagement, SDK kits for in-app wallet deployment, or wallets that connect the user account (data and currencies) to be exchanged with another party in a more secured format.
The team suggested the first use case will enable a more secure way to trade assets with existing centralized exchanges, therefore preventing user assets from being manipulated or withheld by the platform.
โThe most obvious choice was to solve how centralized exchanges operate as this was the central point of failure for our industry. We donโt need to experienceย a repeat of Mt.Gox, Quadriga or FTX! The world needs a renewed trust in the benefits of Web3, a new standard.โ said Director, Mike Miclea
The team commented that the WaaS initiative is part of a greater plan to establish an open and easily accessible economy that encourages the widespread adoption of Web3 technologies. Through this process, they are actively engaged in developing an end-user WaaS program where true customization of Web3 wallets can be achieved by anyone.
About Cirus Foundation
Cirus Foundation is the development team behind the Cirus Ecosystem, an accessible onramp designed to accelerate the adoption of Web 3.0 and the Ownership Economy. This consists of the Cirus suite of tools, which work together to give users true ownership over their assets, and the data streams they generate.
Website: www.cirusfoundation.com
Media inquiries: [email protected]
The Sovereign Self: bit.ly/440Av6l
Contact
Head of Marketing
Mike Miclea
Cirus Foundation
[email protected]
Share
Press Release Syndication
Broadcast your project news with guaranteed coverage on industry-leading publications like CryptoSlate.
CryptoSlate has partnered with Chainwire to deliver press releases distributed across numerous crypto media sites, including Cointelegraph, Decrypt and The Defiant.
Chainwire has been used by over 800 brands and PR agencies worldwide.
Get Started with Chainwire
