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https://warpcast.com/~/channel/fintech
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Lex Sokolin
@lex
Welcome to Fintech, a channel for everything related to financial technology. DeFi, neobanks, tradfi digital transformation, Stripe, Apple cards, high frequency trading firms, and Telegram crypto bots, we love you all. Introduce yourself, and tell us about your favorite fintech biz model.
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pradeepbv.eth
@pradeepbv.eth
Thanks @lex for creating this channel. Building Obvious Money - an onchain fintech app. It combines an US bank account + stablecoin self custody wallet in one app. Enables users to use USD and USDC rails seamlessly on banking and onchain rails. Looking to connect with other fintech frens.
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Lex Sokolin
@lex
Awesome. How do you manage both balances (USD, USDC?, and what's connecting them?
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pradeepbv.eth
@pradeepbv.eth
Balances are always held as USDC in users self custody wallet. So its the user who self custodies the funds and has 100% control it. When any fiat gets deposited into the bank account it's immediately swept out converted into USDC and deposited into the self custody wallet. contd...
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pradeepbv.eth
@pradeepbv.eth
And when the user wants to send out money through fiat channels like ACH / Fedwire / Swift USDEC gets converted on the fly to USD and bank transfer is initiated. The user also has an option to send money to another crypto wallet using a crypto address. Gas fee is subsidised by Obvious Money. contd..
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pradeepbv.eth
@pradeepbv.eth
And then there is an option to send money to any phone number in your phone address book. You just pick a contact from the address book input the amount you want to send and it gets sent immediately for no fee. the transaction happens in the background to a smart contract wallet associated with the phone number.
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pradeepbv.eth
@pradeepbv.eth
From an end user's perspective they only see everything in terms of USD as the self custody wallet is completely abstracted out. Obvious Money appears, functions and operates like just any other fiat based fintech app for all practical purposes.
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