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Asset management: digital wallet bridges gap between fiat & cryptocurrencies

“Corporate treasurers strategically balance risk and opportunity to ensure that organisations are successful and protected”, according to UK’s ACT, and they “manage long term funding and investment.” But what will they do when the company’s assets include cryptocurrencies? 

Crypto assets are coming

Even J.P. Morgan’s Jamie Dimon accepts that crypto currencies are coming.  According to Lagarde (head of IMF), cryptocurrencies could play a future role in updating the IMF’s own internal currency, a reserve asset named the Special Drawing Right (SDR), and she believes it will deliver “massive disruptions”. 

One of the disruptions, not often talked about, is how will corporate treasury departments manage the fundamentally different assets - fiat, crypto and commodities - together. An important example of how corporate treasury could do this is shown by the group developing the WAWLLET, .

WAWLETT

The executive summary on WAWLLET, begins;

  • “Imagine having a wallet in your pocket where all your assets live. Whether it is fiat, cryptocurrencies or even gold. Imagine being able to transfer funds across borders, instantly and at almost no cost. 
  • Now imagine you’re a bank or a financial service provider looking for ways you can participate in the fast-evolving world of crypto-based technology. Imagine accessing a new customer base and opening up new revenue streams. 
  • You’ve just envisioned WAWLLET.”

It has two parts – A Multi-Asset Wallet and the WAWLLET Platform.

  • Powerful and flexible multi-asset wallet enabling users to manage all their assets from a single mobile or desktop application. The wallet would have different pockets for  at, cryptocurrency and commodities (like gold) as well as one to facilitate card payments online. (This would be a Personal Financial Passport that is recognized, respected and valued by all the entities connected to the WAWLLET network.)
  • Platform which will support a global network of banks, exchanges and other  nancial institutions, bridging the gap between legacy mechanisms and blockchain technology as well as between traditional markets and crypto markets. 

WAWLLET at launch will have these asset pockets:

  • FIAT Pocket is designed to hold and manage the balances of all FIAT currencies. (After the user sets up a WAWLLET account, the chosen partner bank(s) automatically provide multi-currency IBAN(s). The user can choose to establish one or multiple accounts at one partner bank or at multiple partner banks, licensed in the user’s jurisdiction.)
  • Card Pocket is designed to enable WAWLLET customers to spend their assets in any store that accepts an international payment card.
  • Crypto Pocket is designed to support all available cryptocurrencies, as well as the WIN token, designed to exclusively pay WAWLLET fees. The Win token functions as an in-app coin or token.
  • Gold Pocket is designed to manage the user’s gold commodity. (After the initial launch of WAWLLET, additional commodities will continue to be added.)

WAWLLET will integrate Banks, Cryptocurrency Exchanges, Commodity Traders and Vaults from each targeted jurisdiction, as shown in the chart below:

Source & Copyright©2018 - WAWLLET 

(For copy of white paper on WAWLLET, see here.)

The developers claim that the key benefits of using WAWLLET include: full control of your fiat, crypto, gold and debit card accounts from a single app, and fast, secure and inexpensive asset transfer between accounts and between people connected to our network.


CTMfile take: The WAWLLET platform is key here, and the approach of bringing all asset classes together and managing them as one, is key example for corporate treasury departments and treasury management system developers.


This item appears in the following sections:
Investing
Investing Short-Medium Term Surpluses
Collecting Payments via Mobile
Crypto currencies
Accounts Payable Management
Making International Payments

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