ONTO Wallet Partners with Fiat24 for NFT-Powered Digital Banking

ONTO Wallet has partnered with Swiss fintech Fiat24 to offer NFT-powered digital banking services. Users can now open Swiss IBAN accounts within the ONTO app and manage their tokens seamlessly. This partnership integrates Web3 technology into real-world applications. It also highlights the potential of decentralized identity (DID) systems in revolutionizing digital banking.

Fiat24 and ONTO Wallet Offer Swiss IBAN Accounts via NFT Integration

DID systems help users directly govern their digital identities, which are more private and secure than traditional identification schemes. These systems are expected to play significant roles in the future of banking and DeFi. These systems also protect users from fraud and malicious activities.

It has now created a partnership with ONTO Wallet which is a Web3 digital banking platform known as Fiat24. The highly popular ONTO Wallet currently has over 1 million registered users in 156 countries. This new partnership with Fiat24, which sits on Arbitrum to develop engagement, allows customers to avail e-banking from their wallets. Looking at the selection criteria, Fiat24 is noteworthy as it employs smart contracts and regulates client identities using non-fungible tokens.

This integration allows anyone using the ONTO application to open Swiss IBAN accounts directly inside the app. In this way, it combines cryptocurrency investment and banking services. The Fiat24 NFT allows the account holder securely store the KYC data and other personal details to engage in DeFi safely.

ONTO Wallet and Fiat24 Partnership Boosts User Autonomy and Privacy

Unlike prior identities, the ONT ID carried the identity information. It allows users to have sovereignty over their assets on the chain and identity data. It enhances ONTO’s capabilities, which adheres to Web3 values regarding data ownership within its integration.

Fiat24 is a new tab in the ONTO app where users can conveniently manage fiat and other digital money from the same home. This integration demonstrates the practical, real-world applications of Web3 technologies. Because it provides enhanced security through decentralized identity verification.

Going forward, Web3 services will redefine engagements within information and related financial web ecosystems. Through decentralized user-oriented approaches, these technologies enable individuals to regain control over their identities and possessions. The partnership between ONTO Wallet and Fiat24 is a significant step toward this future. This landmark partnership shows the potential for decentralized systems to enhance user autonomy and privacy.

Source: https://blockchainreporter.net/onto-wallet-partners-with-fiat24-for-nft-powered-digital-banking/