Cirus Debuts Its Wallet as a Service Initiative
Rarotonga, Cook Islands, June 29th, 2023 - Chainwire
This development provides a pathway for integrating Web3 wallets into current corporate environments.
Blockchain-based, Web3 initiative Cirus Foundation Cirus is spearheading a Wallet as a Service (WaaS) unit, focusing on implementing Web3 wallets for businesses to facilitate a secure value-sharing interface for their users.
With the recent launch of the Cirus Web3 Wallet, its foundation rests on merging user data with digital currencies, allowing Cirus to seamlessly connect with pre-existing platforms and online applications.
This initiative represents a significant step in Cirus's strategy to promote wallet adoption among businesses. As the team articulated:
"We recognize the urgency of accelerating adoption. Our strategy will always prioritize user needs, as the market demands an independent solution that caters to both businesses and users. In simpler terms, we're advocating for a model where banks and influences like FTX can't mismanage assets. This tool empowers users to maintain control over their assets under business authorization, effectively communicating to clients that, 'Your assets are yours, not ours,' as co-founder Michael Luckhoo explained.
Without widespread adoption, Web3 will struggle to establish its value, and its potential applications may not leave a lasting legacy. The WaaS model presents a smoother entry point for companies eager to leverage Web3 technology and enhance their service offerings to clients.
What defines WaaS?
Wallet-as-a-Service is a system that grants Web3 capabilities either within a current application or via an interface with another platform. In essence, users gain ownership and authority over their assets, giving them the freedom to determine how their data and currency interact with the businesses they utilize.
The team has proudly announced their first enterprise partner for the WaaS program. Despite the Cirus wallet's recent launch, this development has accelerated their progress in this area.
"Businesses won't simply surrender assets back to users, but by demonstrating the advantages of being an early adopter in this domain, we can initiate a ripple effect - first movers, willing followers, and reluctant participants. Ultimately, companies will be recognized for enhancing their operations through user-controlled asset management – akin to receiving a better business bureau endorsement,\" remarked David Brown, Head of Tokenomics.
Potential applications for WaaS could include NFTs or tokens given by a business based on customer engagement, SDKs for seamlessly integrating in-app wallets, or wallets that facilitate secure exchanges of user accounts (data and currencies) with third parties.
The team indicated that their initial use case will focus on providing a safer method for trading assets with centralized exchanges, thus safeguarding user assets from manipulation or seizure by the platforms.
"The most logical solution was to address the shortcomings of centralized exchanges, which have proven to be a point of failure for our industry. We cannot afford to see another incident like Mt.Gox, Quadriga, or FTX! The industry needs to rebuild trust in the benefits Web3 offers, establishing a new norm,\" expressed Director Mike Miclea.
The team pointed out that the WaaS initiative fits into a broader vision of creating an open economy that's easily accessible, spurring broader acceptance of Web3 technologies. They are also dedicated to crafting an end-user WaaS program that allows for true customization of Web3 wallets.
About Cirus Foundation
Cirus Foundation is the driving force behind the Cirus Ecosystem, a user-friendly entry point meant to accelerate the shift towards Web 3.0 and the Ownership Economy. This ecosystem features a suite of tools designed to empower users with genuine ownership of both their assets and the data they generate.
Website: www.cirusfoundation.com
Media inquiries:
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Contact
Head of Marketing
Mike Miclea
Cirus Foundation
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