How does WisePass enter Web3?

Why WisePass is entering Web3?

The blockchain space is filled with platforms about trading. However, when it comes to simply use crypto in real life, options are much thinner.

Many companies are not really providing a great value proposition for users to invested in their cryptocurrency. The only hope is to invest early and hope the price of that token will surge 1,000 times…

With WisePass, we plan to make these tokens useful by offering new use cases.

With our Dapp, Web3 users will be able to spend their tokens and enjoy significant cost savings when they’re redeeming items on our app.

How will Web3 users enjoy WisePass?

To get started, users need to connect their self-custodial wallet to the WisePass dapp.

WisePass has chosen Wallet Connect to integrate within its app to let users connect their wallet. With over 30 million active users, MetaMask is the reference as a web3 partner to enter web3.

Here’s a step by step tutorial on how to connect a MetaMask wallet.

1 Open WisePass app and tap on menu

2 Tap on my wallet

3 Tap on “Connect my wallet”

4 MetaMask app will open and then require you accept to connect your wallet

5 After accepting to connect your wallet, head-back onto the WisePass App.

6 It now shows your “My Wallet” MetaMask crypto currency on the app.

7 To change the Token that you want to use head on to the plan.

8 On this page you can choose your desired token to be used.

9 After changing the Token it now states the currency you have on the desired Token.

10 The last stap is just to redeem and enjoy.

Which chain will WisePass accept first?

WisePass will start rolling out its Dapp first on the BNB Chain first. Within WisePass app, users can select eligible tokens on the BNB Smart Chain. These tokens are carefully curated to provide you with a diverse range of options for token utilization by our partner swap partner, KyberSwap.

We decided to choose BNB Smart Chain first as the chain speed, transaction cost and ecosystem is among the best in the world. We can feel safe running our dapp on BNB Chain and have tested extensively the dapp during the second quarter of 2023.

How does WisePass accept tokens?

Whenever a user selects an eligible token on BNB Smart Chain and then use WisePass dapp, the token will be swapped into a stable coin and received in the wallet of the company WisePass Pte. Ltd. in Singapore.

The partner we have chosen to work with is KyberSwap. One of the most reputable company in blockchain in Vietnam and the rest of the world.

We have worked with the KyberSwap team over the past months to test the API to deliver a top notch experience for the users. We feel now safe to release the first version to the public and let people try it themselves.

How does WisePass stay compliant with regulations?

The regulations around the world is unclear and some part of the transactions need to stay in fiat. WisePass commits to comply with every country’s regulations.

For example in Vietnam, it is forbidden to run any transactions with cryptocurrency. Hence, WisePass will still need to turn cryptocurrency into fiat and settle with merchants in Vietnam Dong.

We basically followed the same model like VISA, Mastercard or American Express. Whenever some foreigners come to Vietnam and use their cards to make any payments, Euros, US dollars or any other currencies need to be exchanged in the local currency and settled in Vietnam Dong. WisePass does the same.

Where will Web3 users enjoy the access?

WisePass will start rolling out the access in Ho Chi Minh City and will start expanding across South East Asia within the next 36 months.

The next markets will be Hanoi, Bangkok, Manila, Singapore, Kuala Lumpur and Djakarta.

Minor cities across the region might be added during the next 36 months.

We’re planning to open the second market by the first quarter of 2024 and will be able to share more when we will have a few venues ready to welcome our users.

Within the next 36 months, WisePass shall be able to connect with 1,000 locations for users to spend their tokens across South East Asia.

When will Web3 users be able to enjoy Wisepass?

We will release officially the Web3 feature by October 1st 2023. Our users will be able to connect their wallet and enjoy spending their tokens any time they want and benefits from substantial cost savings.

What is the web3 roadmap of WisePass?

Chains

We’re planning to take on the L2 Ethereum such as Optimism, Arbitrum and Polygon during the quarter 4 of 2023.

The tokens we will accept depends on the liquidity and fluctuation as we’re looking to ensure the best experience of the Web3 users first with some tokens we can rely on.

If the chain allows to transact within less than 3 seconds with a transaction cost under 0.05$, we will consider adding on list of chains for users to enjoy spending their tokens.

Tokens

For tokens, we’ll go with the most liquid tokens on the market first. We’ll then work with some projects locally looking to add a use case to their tokens in order to move forward.

Step by step, we’ll work to see what would make sense for their communities over time. We understand some projects are looking to add more use cases to their tokens and we’re more than happy to discuss how we could enable them to make this happen.