WAWLLET, multi-asset wallet and personal financial passport, has raised $35m in the pre-sale of its new WIN Tokens.
The company is set to launch an ICO for up to 89 million of its ERC20 compliant WIN Tokens at $3 USD per Token on 29 January. A EU listed Venture Capital firm has already committed the purchase of $35m USD worth of Tokens and a lock-in of up to 18 months. Around half (44 million) of the Tokens will be available on the Public ICO, with the remaining 45 million Tokens available in a VC and Hedge Funds session.
By building a unified on-boarding process that leverages advanced identity management mechanisms and cryptocurrency rails, WAWLLET claims to enable cost-effective transactions, with minimum friction to users in any country, while delivering full security and regulatory compliance. The company is building a four-pocket wallet to let users view and manage their FIAT currencies, cryptocurrency accounts, credit / debit cards and gold together in one place.
Users will be able to transfer between them instantly through the single dashboard view, enabling them to use cryptocurrency to pay a credit card bill, buy bitcoin from your bank or invest in commodities. WAWLLET says it will integrate banks, cryptocurrency exchanges, commodity traders and vaults from every targeted jurisdiction.
WAWLLET co-founder Mihail Lala said: “Traditional financial models are competing with inherent challenges related to the delivery of their product and services. Their vast infrastructure is costly and not designed in the interests of real people, making it slow, expensive and frustrating to transfer and control your money or assets. Our multi-asset wallet, the first of its kind, is going to change that – putting the customer at the centre while improving security, delivering trust, cutting costs and increasing speed.
“The ICO is a big step for us, but only the first of many in the coming months. We know that more and more people want a simple, secure solution for managing the growing complexity of multiple asset and currency classes. We have architected just that solution.”
According the company 20% of the funds raised will go towards further software development of the WAWLLET platform; 20% will go towards business development; and a further 20% will be held in reserves. The remaining 40% will be split between administrative needs, marketing, IT, HR, and legal and compliance functions.
Based in Cyprus, the company was co-founded by Mihail Lala, Doron Angelovitch, Gadi Monsam and Gil Wojakowsky.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
