A next-generation, mobile-based wallet with an integrated DeFi platform, aiming to increase the adoption of Cardano through the familiarity of the access point.
Currently in the developmental stage, B58 Finance wants to increase the adoption of Cardano by providing members of the general public with a familiar onboarding point which gives access to DeFi whilst simultaneously removing the complexities of the DeFi world. This will be done by presenting this world of DeFi to the users through the familiar interface of a mobile app. Viewed through a traditional financial lens this wallet and the company itself can be seen as an internet or mobile bank.
B58 Finance are currently building their mobile apps, for Android and iOS, along with a browser extension. The many wallet functionalities and DeFi services that will eventually be provided through B58 Finance are as follows:
- Creation of multiple accounts
- Sending and receiving of ADA
- Sending and receiving of Cardano Native Tokens and NFTs
- Staking ADA
- Project Catalyst voting
- Buying and selling of ADA in the users’ local currency
- Connecting to dApps outside the platform
- Social Lending (a micro lending platform akin to current cloud funding platforms, where the user pays back their backers but is not required to put down collateral)
- Borrowing and lending (based on crypto pairs in liquidity pools, where a user puts in collateral to receive a loan in a cryptocurrency of their choosing)
- ADA debit card (where users can have a separate account they can spend like they would a regular debit card)
- Token swapping (based on the common DeFi automated market maker, AMM, protocol)
Other features discussed in B58 Finance's whitepaper include an integrated Proof-of-Transparency which uses transaction metadata to record the receivers information, which is connected to an off-chain database containing their KYC information. In this the sender can choose whether or not their information remains anonymous.