Photo - PaxWallet
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PaxWallet

Mobile crypto bank with virtual debit card to pay in crypto.

Kazakhstan, Astana city
Market: Services, Financial services, Blockchain, Crypto currency, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 15.11.2022
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Idea

PaxWallet is allowing you to create a virtual debit card, to buy crypto and pay in crypto for any of your shoppings. Having a crypto wallet, it easily converts crypto to fiat and vice versa. Moreover, for those who seek crypto investment services, we provide DeFi-aggregated staking and Crypto-index portfolios for short- and long-term investment strategies respectively.

Current Status

We have done a proof-of-concept and developed one of the features. We gained about 1500 customers, conducted customer development among them and pivoted our project.
Now we are working on integration with a local fintech messenger app and crypto exchange for 10 000 users.

Market

We see our potential customer as anyone who uses mobile banking services. Aged 18 - 55. From lower middle income located in developing economies with high inflation rate and huge smartphone and mobile banking adoption.
For example, the number of crypto users in Kazakhstan is growing rapidly and now is heading to 500 000 users for an 18 million population.

Problem or Opportunity

Our client is everyone using crypto already, those who have Binance/Coinbase etc accounts. Especially those who just got into crypto currency or are willing to become a crypto user.
The current problem lies in the complicated way of paying with crypto for your daily spendings. Using banking cards or more often peer-to-peer transactions  to cash out the crypto hide high transaction fees (5-7%) and unsecurity and risk of fraud. That's why people need a simple and secure way to buy crypto and use it in daily life.

Solution (product or service)

We provide a mobile crypto wallet where you can create a digital crypto debit card to connect it to your smartphone's Apple/Google Pay system and easily pay for your coffee with any crypto currency you want.
No need for third-party payment systems or peer-to-peer transfers. Do everything in one app and forget about high transaction fees.

In addition for those who would like to store and invest into crypto we provide two investment tools:
- Aggregated DeFi staking for a short term investment strategy
- Crypto-index portfolio for a long term investment strategy

Competitors

Okse Wallet - but its expensive app to use as their fees are really high and their target market is MENA region

Advantages or differentiators

Our product works directly with banks so we can offer lower transaction fees and we are targeting the Central Asia region where there are no alternatives for such kinds of services.

Finance

PaxWallet mobile app is free to download and use.

Transaction fees, management fees and token capitalisation.

Money will be spent on

Development of the project prototype;
Operational expenses ;
Obtaining required certificates and licenses.
Smart-contracts development, token launch and audit;
Early community building (airdrop and bounty programs).

Team or Management

Incubation/Acceleration programs accomplishment

AppWorks acceleration program located in Taiwan. Batch #25, 2022.

Photos

Photo 1 - Mobile crypto bank with virtual debit card to pay in crypto.
Photo 2 - Mobile crypto bank with virtual debit card to pay in crypto.
Photo 3 - Mobile crypto bank with virtual debit card to pay in crypto.
Photo 4 - Mobile crypto bank with virtual debit card to pay in crypto.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video