Wind.app, founded by Hussain Elius, known for his success with Pathao, has just secured a significant $3.8 million in pre-seed funding, co-led by Global Founders Capital and Spartan Group. This startup, based in Singapore, aims to shake up the world of decentralized finance (DeFi) with its self-custodial smart contract wallet.
This wallet isn’t just about storing crypto—it’s a versatile platform. It’s designed for businesses to make global payments to remote employees, acts as a virtual bank for individuals to manage their finances securely, and facilitates smooth conversions between cryptocurrencies and fiat currencies.
In a short time since its launch, Wind.app has already facilitated over $3 million in annual transaction volume, showcasing its rapid adoption. With this fresh funding, the company plans to refine its technology, obtain licenses, ensure compliance, and, of course, grow its user base.
What makes Wind.app stand out is its user-friendly approach. Elius understands the complexity many face in the crypto space, so Wind.app simplifies things. Users can sign up with their email or phone number, avoiding the complexities of gas fees and cryptographic keys. They offer stability too, letting users store funds in stablecoins rather than volatile cryptocurrencies like Bitcoin.
Read more: Introducing Bangladesh’s First High CC Bajaj Pulsar N250
Initially focusing on freelancers and remote workers in Southeast Asia, Wind.app is already operational in the Philippines, India, and Bangladesh. By providing a low-fee option for exchanging money, it’s a boon for Web3 startups in these regions paying their remote workers. Looking ahead, Wind.app aims to serve the underbanked by offering them a straightforward platform to accept payments.
Elius sees Wind.app as distinct from platforms like Wise or Payoneer due to lower fees and faster transactions enabled by blockchain settlements. Their self-custodial wallet eliminates the need for stringent KYC processes, making it easier for people with limited access to traditional banking services to start accepting money.
Read more: Nagad gets Mastercard Excellence Award 2023
Security is a top priority. Wind.app doesn’t control or access user funds—they use a self-custodial wallet approach where private keys are stored directly on users’ phones. Even if Wind.app ceases operations, users will retain access to their wallets and funds.
With this funding boost, Wind.app is set to advance DeFi innovation. They’ll continue enhancing their tech, ensuring compliance, and expanding their user base through targeted strategies. As they simplify DeFi and make it more accessible, they’re likely to attract more users looking for an easy and secure DeFi experience.
