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February 18, 2021

Sylo Smart Wallet launches new feature to support cryptocurrency

By Shalini mani

Decentralised software development firm Sylo has added a new feature to its Sylo Smart Wallet to allow users to purchase cryptocurrency.

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The new ‘buy crypto in-app’ feature allows users to buy crypto within their Sylo Smart Wallet app via bank card or transfer.

Sylo Smart Wallet users across the world can now buy Bitcoin (BTC), Tezos (XTZ) and Ethereum (ETH) and pay for it using more than 80 different fiat currencies.

The new feature is said to be available to users in 100 countries, with the exception of some residents of the US.

It has been introduced in collaboration with MoonPay, a backend payments infrastructure that facilitates crypto purchase using fiat.

Sylo co-founder and product director Ben Jordan said: “Bridging the tangible and digital worlds of fiat and crypto is our consistent goal and we’re really excited to unveil this useful new piece of functionality to our users.

“Enabling users to purchase crypto in-app and send it directly to their wallet removes a major ‘pain-point’ that often stops newcomers from getting on board with cryptocurrency and its benefits. We look forward to our global community of users gaining an even better ease of access to crypto by means of this new tech.”

The company said that it will launch new features that build upon the ability to purchase crypto in-app later this year.

It is also planning to facilitate payment through virtual cards, including Apple Pay, Google Pay and Samsung Pay, in the coming months.

Widening cryptosphere

With crypto assets gaining popularity across the globe, major payment companies are expanding their platform and technology to facilitate crypto transactions.

Recently, payment giant Mastercard said that it will begin accepting select cryptocurrencies directly on its network starting later this year.

In December last year, Visa reportedly joined forces with blockchain firm Circle Internet Financial to link the latter’s stablecoin U.S. Dollar Coin (USDC) to its payments network.

The same month, SmartMetric announced plans to release its crypto key storage technology for use with credit and debit cards.

Last November, it was reported that China’s UnionPay partnered with South Korean payment provider Danal to launch a pre-paid card for travellers with cryptocurrency support.

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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