Weld — bRing AMA Recap
Greetings bRing community! If you missed our AMA with crypto-payment guru WELD, have no fear, we made a transcript of the full conversation! WELD was kind enough to answer all our questions and provide us with insights into their company, product, and the future of crypto- payment methods in the CIS. Read the full interview below.
-bRing.finance: To begin, can you briefly describe Weld? We would like to know more about it and how it works.
-Weld: Weld is a project that aims to bridge the crypto world with traditional finances✨
We created a seamless payment solution for regular daily expenses with minimal commissions backed by any crypto wallet💳.
Using mobile crypto banks, Weld will release plastic cards available in several levels, including a premium one💎. Using a card or an application on your smartphone, you can pay with fiat currencies in retail networks or online stores💡.
After setting up the card, you link the card balance with your crypto exchange account. This doesn’t require any transfers or topping ups. Then you can use the card as usual⚖️.
-bRing.finance: What are Weld’s key features you’re trying to bring to life?
-Weld: Firstly, all crypto wallet holders in CIS countries are united by one unsolved problem. They don’t have an easy way to use cryptocurrency to pay quickly for conventional goods or services💸. Considering this, our key feature is the ability to pay with crypto quickly and efficiently in CIS countries! Here are some more advantages of our Weld application:
- Seamless integration with ApplePay/GooglePay.
- Tax-free crypto transactions on the go (no VAT and other taxes on conversion).
- Transparent pricing, no hidden fees. You pay for what you use.
- 360 view on personal finance — one app to manage everything (fiat cards/crypto wallets).
- Secure and transparent financial flow.
- Convenience — the ability to add any wallet from a third-party service or crypto exchange.
- Traditional payment method — payment by Visa/Mastercard (GooglePay/ApplePay).
- Security — Fully PCI DSS compliant solution.
-bRing.finance: WELD’s sole competitors (Crypto.com and Swipe) have distinct extra incentives such as membership rebates and cashback on purchases. What unique benefits is WELD planning to offer in order to increase its market share from where it is now?
-Weld: Good question. Like our competition, we also offer incentives. For example:
- Availability for CIS Clients
- Supporting most popular exchanges
- No need to switch to a solution wallet
- No need to deposit crypto funds in advance Payment card
- Visa/MC Premium Services
-bRing.finace: How does the Weld Money product differ from Crypto.com’s card or Binance’s one?
-Weld: Weld cards will be fundamentally different from competitors due to a promising payment structure, no need for card pre-replenishment, and a wide range of partner integrations and collaborations. In fact, Weld will become a payment ecosystem for everyday use with the opportunity to connect many different wallets, exchange accounts, and visual cards.
-bRing.finance: How does Weld ensure that all transactions are completed quickly, safely, and transparently? What’s the technology allowing users to transfer money and make payments with outside agencies, including banks, cafes, etc. Are there any problems?
-Weld: The core backend system of Weld infrastructure integrates and controls information flows between all members and partners including bank processing centers, CEXes, and payment systems 🔥. We follow strict visa and bank requirements to provide all exchange information up to 4 seconds.
At the same time, our online processing core has an internal goal of 1 second ✨. Our processing partner is PCI DSS compliant PayRun international payment system which affords all necessary licenses for money transfer and clearing between financial partners 🚀.
-bRing.finance: What balances can be connected to Weld? Will the user be allowed to connect something other than the exchanges?
-Weld: Yes, we expect that not only the largest cryptocurrency trading platforms but also all global payment systems will become our partners in the future. Very soon our clients will be able to connect to Weld balances on any platform. For example Steam, Tik-tok, Youtube.
As you understand, it takes months to approve and sign such partnership agreements. But as a result, we expect Weld will turn into a global financial ecosystem solving plenty of everyday tasks related to managing expenses and purchases.
-bRing.finance: Regarding private companies like retailers and restaurants. What do you think about their general feeling towards cryptocurrencies? Are they open and ready to take cryptocurrencies as a payment option? Or are they still skeptical?
-Weld: I can tell you our market and people’s minds are already prepared for the crypto market but unfortunately our banks, all the merchants, and all this system are still past-oriented. They’re not focusing on some updates! So that’s the reason why we offer a great product and great solution. Each person who knows about us is quite happy to be a user of the Weld product because they have no other options.
I truly believe at least at this stage credit cards like Mastercard and Visa are probably the easiest way for retailers to get more comfortable using cryptocurrencies.
-bRing.fiance: Tell us about your first transaction and product launch.
-Weld: Last week we conducted the first Weld card transaction. It was very successful. Additionally, we held a celebration event for the team. We’re ready to state the product MVP is already ready, and now it’s undergoing internal testing. We’re eliminating all the shortcomings to begin the stage of extensive external testing.
-bRing.finance: Are there any transaction limits or payment amount limits?
-Weld: The limits will be $1,000 per day for one user. But if you want to buy a Macbook for $1,200, you need to stake the WELD tokens and increase the daily limit for any amount. These limits ensure smooth payments and the absence of suspicions on the part of bank AML offices. Since the amounts are small, such transactions don’t have signs of money laundering.
-bRing.finance: So where can our users find you?
-Weld: We’re on all the major social networks. You can visit our website to connect to our product directly.
-bRing.finance: Alright, we’ll include links to your website and socials. Thank you for your time and for answering all our questions. We here at bRing.finance are super excited about your product and can’t wait to get Weld cards of our own!
-Weld: Thank you for having us!
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