SyFu's Web3 application enters a collaboration with Salt Edge, aiming to incorporate card payment transaction details
In an exciting development, SyFu, a innovative platform, has partnered with Salt Edge, a global Open Banking platform, to revolutionise the way we perceive and interact with our finances. This integration is designed to convert "real-world" spending into digital assets like NFTs and tokens, without requiring users to change their existing payment methods.
According to Tomochika Kamiya, founder of SyFu, this partnership offers a unique experience where everyday spending is visualised as an economic contribution and transformed into digital assets. Users can enjoy this new way of interacting with their finances, as their credit and debit card transactions are automatically reflected as on-chain NFT growth and token accumulation within the SyFu app.
The integration works by utilising Salt Edge’s PSD2-compliant open banking platform, which securely connects SyFu to over 5,000 banks across 50+ countries, allowing seamless and global card payment data integration. This data is automatically sourced and matched to the SyFu app, eliminating onboarding friction caused by manual data entry.
SyFu employs non-custodial wallets, decentralised identities (DIDs), and Soulbound Tokens (unique, non-transferable tokens) to convert verified spending data into NFTs and native tokens that users accumulate as rewards on-chain. This integration offers numerous benefits, including frictionless onboarding and instant participation for users, a global reach spanning multiple financial institutions to support a borderless Web3 experience, new marketing possibilities for enterprises to offer NFT-driven loyalty and purchase-based rewards, and strengthening SyFu’s infrastructure as a foundation for decentralized physical infrastructure networks (DePIN) by providing real-time, verifiable economic data.
Virgiliu Bodrug, an Open Banking solutions expert at Salt Edge, stated that this partnership unlocks possibilities beyond traditional finance management. Salt Edge acts as a secure, global open banking data bridge that feeds card transaction data into SyFu’s Web3 app, which then gamifies and tokenizes real-world spending into digital assets on blockchain networks, enabling a seamless transformation from traditional payments to NFTs and tokens.
As SyFu is currently in public beta on the testnet, with its open beta on mainnet due to launch soon, this partnership promises to bring a new era of financial interaction to users worldwide. For more information, you can read about Tradu choosing Salt Edge for PSD2 compliance and payment initiation.
[1] Salt Edge Press Release: SyFu Partners with Salt Edge to Transform Real-World Spending into Digital Assets [2] SyFu Whitepaper: Revolutionising Everyday Spending [3] Salt Edge Blog: SyFu and Salt Edge: A Game-Changing Partnership in Open Banking and Web3
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