Web3 innovations continue reshaping digital interactions, with decentralized identity (DID) systems emerging as robust alternatives to conventional IDs. These systems empower users with enhanced privacy and security, crucial for navigating sectors like banking and decentralized finance (DeFi).
In a significant move for Web3 and DIDs, Swiss fintech Fiat24 has partnered with ONTO Wallet, a leading self-sovereign Web3 wallet. This collaboration integrates enhanced banking functionalities into the Web3 ecosystem, bridging digital and traditional finance seamlessly.
ONTO Wallet boasts a global user base across 156 countries, recognized for its comprehensive management of digital identities and assets. The partnership leverages Fiat24's Arbitrum blockchain platform, known for its speed and cost efficiency via smart contracts and NFT-managed client identities.
Through this integration, ONTO users can now access e-banking services directly within their wallets, including the ability to open Swiss IBAN accounts. By minting Fiat24 NFTs, users securely store KYC data, facilitating safe participation in DeFi activities.
The ONT ID serves as a digital passport, empowering users to independently manage on-chain assets and identity data, enhancing data privacy in line with Web3 principles. ONTO's dedicated 'Fiat24' tab simplifies financial management within its mobile app, offering a unified interface for digital and traditional asset management.
This collaboration not only enhances user convenience and security but also exemplifies Web3's practical applications in empowering individuals with data ownership. As Web3 services evolve, they promise to revolutionize digital and financial ecosystems by restoring control over identities and assets to users, setting a new standard for autonomy and privacy in the digital age.
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