Weigrate Wallet & Cards

Alternative financial system

As a blockchain-based form of private, time-based money, banks are made redundant, and transactions happen directly between people and businesses.

Multiple blockchains supported

WRT tokens will be created on Ethereum and Waves blockchains. WRT coin has its own Blockchain.

Multiple cryptocurrencies supported

BITCOIN, ETHEREUM, RIPPLE, LITECOIN, BITCOIN CASH, TETHER, QTUM, MONERO, DASH, ZCASH, WEIGRATE

Simple to use

Designed with users in mind and with best UI/UX practices. One click to buy/sell/send transactions with fiat or cryptocurrencies.

The WeigRate Card will make it convenient for card holders to spend their cryptocurrencies in all fiat currency transactions creating a true bridge between the world and cryptocurrencies. The CCE (Currency Conversion Engine) Module will enable customers to convert their block chain assets to market value fiat to obtain a near-perfect exchange rates. Our customers will be able to send money using WeigRate mobile app in 8+ major cryptocurrencies to 100+ countries worldwide without being charged with fees. Customers will be able to manage their WeigRate Card through the WeigRate wallet available on iOS App Store & Google Play Store as well as a desktop/web version. This will greatly improve the online buying experience while eliminating the costs associated to interbank exchange rate fluctuations and excessive fees making your cryptocurrency spendable in real time.

Financial services industry is notoriously opaque. Today, if you'd need to do commerce, transactions, or exchange money with a dear one back home, there has to be a trusted third party like a central bank, government, or a credit-card company. None of these intermediaries can provide a real-time and accurate traceability of financial transactions. That's the reality of the last 150 years we've been dealing with. A bank account is the first point of entry in a formal financial system. 2 billion people are unbanked worldwide. Given the abysmal pace of innovation in the traditional banking and financial services industry, achieving Universal Financial Access (UFA) by 2020 seems a pipe dream.
The World Bank Group (WBG) with private and public sector partners set an ambitious target to achieve Universal Financial Access (UFA) by 2020.

The industry has a mammoth task ahead of it. We need to ensure financial inclusion of 2 billion unbanked adults world-wide, out of which 10 million are from the U.S. households. Significant portions of this population are immigrant and ethnic communities. "You don't drown by falling in the water; you drown by staying there". Time is ripe to digitize financial services in its true spirit, eliminating intermediaries and interlocutors that choke the financial-services supply chain by taking cuts every time the money changes hands and slowing down the process. "Digitizing payments even for agricultural goods could cut the number of unbanked by about 125 million, including up to 16 million in Nigeria," revealed The World Economic Forum.The World Bank Group (WBG) with private and public sector partners set an ambitious target to achieve Universal Financial Access (UFA) by 2020.

Decentralised App

Instant Internal Cryptocurencies Exchange

24/7 internal trading

0% cryptocurrency exchange rate

Top up with bank transfer, debit/credit card

Top up with 14 cryptocurrencies

Mobile Application
Spend Your Cryptocurrency In Real Life Instantly

Accessible 24/7 via Weigarte App Instantly.

BITCOIN, ETHEREUM, RIPPLE, LITECOIN, BITCOIN CASH, TETHER, QTUM, MONERO, DASH, ZCASH,

WEIGRATE coin, WEIGRATE ETH token, WEIGRATE WAVES token

VISA plastic, VISA virtual

Is the proliferation of block chain technology evidence of an alternate payment system that will exist parallel to regular payment channels? Can block chain play a useful role in enabling millions of under-banked and unbanked people to send/receive and save payments leveraging the block chain platform and thus avail lower transaction fees? We believe that customers can buy/sell products at a significantly lower cost using WeigRate cryptocurrency & cryptocurrency marketplace and WeigRate card and the platform can work as a solution to the following problems:

Value lost in monetary translation "The foreign entities keep their accounting records in their local currencies. During online payments, or even cross-border transactions conducted through traditional intermediaries, "to apply the appropriate accounting method for these investments, the domestic (say, U.S.) firm must translate the foreign (say, U.K.) entity's financial statements from the foreign currency (pound sterling, £) into the domestic currency (dollar, $), a process known as foreign currency translation". A significant loss of monetary value occurs for customers during this value translation. That's the problem that CCE (Currency Conversion Engine) of WeigRate aims to solve. Most customers that frequently use the online marketplace portals and other purchasing platforms are weary of the opaque exchange rate methods and practices. The Block chain technology can help remove the information asymmetries and offer a better currency conversion rate without compromising the shopping experience.

Associated problems Since WeigRate plans to serve multiple niches in the future, it is good to have a look at other problems that might become a market bigger than the one currently targeted by WEIGRATE. However, it is always better to start with a smaller and more defined niche and then extend the solution to other verticals. International transfers, called remittances edged up to "$582 billion in 2015, $432 billion of which went to developing countries, involving 232 million migrants". High-cost lifelines to the recipients, these transfers are a crucial source of buying food for families, education, supporting health, and productive investments in enterprise and agriculture. Yet, the systems that handle cross-border remittances are abysmally inefficient. Below is a brief look at how the existing system of banks and intermediaries ends up highly charging the end-users (both senders and recipients or people using ATMs to withdraw small amounts of cash).

Cross-border Payments Inefficiencies Cross-border payments go through a series of intermediaries, including card networks, issuers, vendors, acquirers, processors and more. If the sender's and recipient's banks do not hold reciprocal accounts, the regional correspondent banks at each side of the transaction will take a cut and make the processes slow and inefficient. A cross-border transaction made through banks typically requires two transactions in two national payment systems that end up involving six or more parties excluding the sender and the receiver. Each party touching the money takes a cut. This is a cost that Block chain can help reduce significantly. "Cutting prices by at least 5 percentage points can save up to $16 billion a year", estimates The World Bank.

Flex accounts

Hold 13 cryptocurrencies securely in a FLEX account. Our system makes it easy to convert into the fiat currencies supported by us. Use this to secure your money according to cryptocurrency price fluctuations. Send your coins to anyone and spend them with our debit card at businesses all over the world.

Free deposits & withdrawals

Deposits and withdrawals from WeigRate are simple, fast and free. You can deposit from any of the 26 countries within the SEPA zone or worldwide SWIFT system. Forget about waiting days to receive your funds. With WeigRate you’ll see your money in your account instantly or by the next business day, and all for free.

Near to zero commission

We charge a 0.5% fee to convert to or from Cryptocurrencies. That’s it - no hidden fees, and the price is always fair. This simple pricing system makes life easier for everyone and you get to keep more of your money. Take advantage of our instantaneous conversions and have your money go further.

WeigRate Debit Card

Order our debit card and withdraw funds in your local currency instantly at any ATM. You don’t need to wait for your funds to arrive at your bank account. You can also use the card to make purchases both online and offline.

Weigrate Wallet

Spend cryptocurrencies. Anytime. Anywhere.

Instant Internal Cryptocurencies Exchange

24/7 Internal Trading

0% Cryptocurrency Exchange Fee

From accounting and authentication to payment systems to currency platforms that any application built on top of the blockchain can serve as a centralized clearing and settlement agent.

The blockchain has all the ingredients in place

Information

THE SINGLE SOURCE OF TRUTH

10-Year High ATM Fees Banks also charge ATM fees based on where the customer lives. For instance, using ATMs in Phoenix, Atlanta, and Cleveland will costs a customer more than doing the same in Boston, Philadelphia, and Los Angeles. Maintenance fees are another major factor that costs a customer more to keep accounts with a traditional bank versus an online bank. It costs a customer 40% less to maintain an online compared to a brick-and-mortar bank account. Location-based and Credit Surge in Fees Banks waive off the monthly maintenance charges if customers maintain a minimum balance. However, it requires approximately $7400 more with a traditional bank account to avail the waiver compared to the online account. Depending on the type of credit rating you have and what country fees can sometimes exceed these of typical banks and be a lot greater.

In a nutshell, the bigger the bank, the more it charges fees, and the more it leaves millions of people out of the financial services network. As for international money transfer, the statistics are even more glaring with inefficiencies to out-right ripping throughout the payments processing industry. A high cost of international transfer, an out-of-network ATM withdrawal, or location-based surge in banking fees are symptoms of a system that rewards inefficiency. The Ethereum Block chain technology removes intermediaries, changes the concept of 'network' by building one that is decentralized, and is location-agnostic. However, location-dependency, a bunch of intermediaries, and an outdated concept of network are not the only factors that stifle innovation in the financial services industry.

ACTIONABLE INSIGHTS

Insights

MARKET DYNAMICS

Blockchain was among the "top 10 emerging technologies of 2016", says The World Economic Forum. It also estimates that by 2025, 10% of global gross domestic product (GDP) will be stored on Blockchain technology. With venture capital investments exceeding $1 billion in 2015 alone, every intermediary in the financial services industry, whether moving, storing, lending, trading, or attesting to money will be impacted by the technology called The Blockchain.

Outside of the cryptocurrency industry, people generally don't know how to use it. We've therefore come up with an app that people can use as a mobile account to top up cryptocurrencies. Anytime you spend money with WeigRate card, or send money with our app, you get near-perfect bank exchange rate. Commercial incentive is at the heart of WeigRate product where users can significantly save. WeigRate will combine both fiat and crypto into a single product.

Cryptocurrency holders One of the major customer groups of WeigRate are cryptocurrency holders. These are people who already have access to alternate currencies, faced difficulty in shopping and executing transactions online using the cryptocurrencies. They are frequent international shoppers and would be the ones taking the most advantage of WeigRate CCE (Currency Clearance Engine) and its ability to offer them the best exchange rates instantly.

"BLOCKCHAIN HAS RECEIVED A SIGNIFICANT AMOUNT OF ANALYST AND PRESS ATTENTION OVER THE LAST FEW YEARS AS THIS EMERGING TECHNOLOGY HOLDS SIGNIFICANT POTENTIAL”.

The growth potential of the market can also be assessed by the fact that market capitalization of cryptocurrencies reached a new high of $102 Billion as of 15 June, 2017, an increase of 1363% since Feb 19, 2016. Bitcoin and Ether (the cryptocurrency of the Ethereum Blockchain platform), two of the most famous cryptocurrencies, have a market capitalization of approximately $42 billion and $25 billion respectively.

REGULATORY ENVIRONMENT
THE REGULATORY ENVIRONMENT SURROUNDING THE BLOCKCHAIN-BASED STARTUPS AND SERVICES IS YET UNCLEAR. THIS MAKES IT A POTENTIALLY RISKY INDUSTRY TO VENTURE INTO.
However, isolated factors may help in the acknowledgement of Block-chain in general, and cryptocurrencies in specific as alternate payment instruments.

SOLUTION

OVERVIEW OF CARD & WALLET OUR GREATEST MISSION TO CONNECTING THE WORLD AND CRYPTOCURRENCY COMES WITH OUR INVENTION OF THE WeigRate CARD AND WeigRate SMART WALLET.

We are making all of your blockchain assets spendable in real time just like a traditional bank account and debit card. Creating a global method of banking and accessibility that is available worldwide for our users to be able to spend cryptocurrencies has been our greatest milestone. The WeigRate Card will connect to the WeigRate Smart Wallet which allows storage of Ethereum, Bitcoin, ERC20 Tokens, Dash, Litecoin, Ripple, Zcash, and Monero with more assets being added in the near future. The WeigRate Wallet App allows the hosting of multi-blockchain assets securely and safely while making the assets spendable via their smartphone or their WeigRate Card. The app will be available for Android and iOS devices as well as a web/desktop version. Our WeigRate Wallet app will give our users peace of mind knowing that their portfolio is secured from hackers and insured in the event of loss and/or theft.

Smart Wallet will be deployed within 1 month after platform starts.

SMART WALLET

A MULTI-ASSET BLOCKCHAIN WALLET THAT IS SECURE, INSURED, AND CONNECTS TO YOUR WEIGRATE CARD

The first step in creating a global account is to download the WeigRate Wallet app which will be available in the iOS App Store, Google Playstore, and soon to come in Desktop/Web. Once the user has installed the WeigRate Wallet App they will input basic information such as name, phone number, email address, and password to set up his/hers account. After the user has created an account, a multi-currency wallet will be automatically created that can host and be funded with Ethereum, Bitcoin, Litecoin, ERC20 Tokens, Dash, Ripple, Zcash and/or Monero. The private keys that are connected to the WeigRate Wallet account holders will be stored securely via an industry approved hot & cold storage solution. These funds will be insured from theft/hackers, giving our users a peace of mind knowing that if "something" happens they are covered. By Q1 2018 we will give users the ability to waive insurance and store their own private keys if they wish to opt out of our insurance policy.

Once you have your assets in the WeigRate Wallet, they can be securely stored, transferred or spent via the WeigRate Wallet App or the WeigRate Card. The user has the ability to select which currency to enable to be the default transaction currency and has the option to change that at any time through the WeigRate Wallet App. A user can also withdraw his blockchain assets to transfer them to another wallet without enduring any transaction fees at any given time.

WEIGRATE CARD

The first step in creating a global account is to download the WeigRate Wallet app which will be available in the iOS App Store, Google Playstore, and soon to come in Desktop/Web. Once the user has installed the WeigRate Wallet App they will input basic information such as name, phone number, email address, and password to set up his/hers account. After the user has created an account, a multi-currency wallet will be automatically created that can host and be funded withWeigrate WRT &WRTw, Ethereum, Bitcoin, Litecoin, ERC20 Tokens, Dash, Ripple, Zcash and/or Monero. The private keys that are connected to the WeigRate Wallet account holders will be stored securely via an industry approved hot & cold storage solution. These funds will be insured from theft/hackers, giving our users a peace of mind knowing that if "something" happens they are covered. By Q1 2018 we will give users the ability to waive insurance and store their own private keys if they wish to opt out of our insurance policy.

WEIGRATE IS THE WORLD'S FIRST CRYPTOCURRENCY-BASED AUCTION CONCEPT MARKETPLACE FOR BUYING & SELLING THOUSANDS OF DAILY USED GOODS.

WEIGRATE will be the world's first online superstore similar to Amazon & Ebay that allows users to purchases goods through their blockchain assets. Users will have the ability to use their WeigRate Wallet, WeigRate Card, or external wallet to checkout.

WEIGRATE offers a product guarantee understanding the risks that may be associated with making goods purchases with cryptocurrencies. We are offering 30 day return policies on all goods that will be specified on the return list. Thanks to our CCE Module, we are able to convert the value of the product in real time to be able to ex-change without any fees to your supported cryptocurrency.

CURRENCY EXCHANGE ENGINE

THE CCE MODULE WILL CONVERT THE ASSET IN TRANSACTION TO THE FIAT BEING SPENT IN REAL TIME WITH 0% FEES.

This is a considerably transparent exchange charging method compared to the traditional currency exchange using by financial services intermediaries. The processing engine of WeigRate is and API friendly module which is integrated into all of our platforms and cards which converts any supported blockchain asset to the fiat used at market value using our liquidity pool and platform all in real time using our CCE Module.

CROSS-BORDER ONLINE SHOPPING IN CRYPTOCURRENCY

The key use case of WeigRate Blockchain-based debit card and wallet solution is paying for products that need payments to be sent across borders. Cross border payments are one of the most time-consuming and heavily impacted by financial services intermediaries.

With the WeigRate Card, the users will be able to buy products from Weigrate Platform online marketplace.

Another example of a cross border payment is an importer having to pay his/her suppliers. Local banks charge such transaction relatively heavily, especially if the pay-ment amount is small and recurring. Plus, the time it takes the payment to land in the recipient's bank account is also almost one week. Add to it the deductions that destination processors make. All this usually gets lost in the web of paper work and international exchanges. Thanks to the Blockchain technology, there already are several use cases being implemented to settle international payments within a few hours. Technologies such as Blockchain bypass existing and connect consumers directly across the world. The main value proposition is that it also provides an alternative mechanism of settlement. Thus, speed, cost and opacity the are major things that WeigRate cryptocurrency debit card and wallet will help solve for people engaged in cross-border online payments.

INBOUND REMITTANCES

The impact of cryptocurrencies and Blockchain - enabled payment solutions will be huge on the "$430 billion international remittance industry". The most common way mi-grant workers send money back home is using Western Union, regional/local remittance outlets or agents. The international transfer rates of these payment solution providers are high.

There already are startups offering remittance services in different countries leveraging the Blockchain. Take for example the case of Rebit in the Philippines, ArtaBit in Indonesia, and BitPesa in Africa. These companies accept Bitcoins from the country of origin of a payment and convert them into the local currency. The recipients can get the local currency without having to go through the largely opaque banking channels, or having to pay 100s of dollars in the exchange or service fees. Inbound remittances can be managed using Weigrate Platform integration solution consisting of debit card, wallet and software capable of converting currencies at the lowest possible conversion rates. While it may take some time before the remittances get a fair share of transfer in form of cryptocurrencies, small businesses have a lot to gain. These businesses have no or limited access to lines of credit, partnerships or contracts that can help them trade and send funds internationally. The payments they might want to make are small, yet it is difficult to find a cost-effective way to send money. Our solution will help fill the gap.

CROSS-BORDER B2B PAYMENTS

Going ahead, a key use case of our platform will be cross-border B2B payment. Currently, our platform is geared towards consumer market. However, as the platform matures and the processes streamlined for existing target market, there's a strong incentive to introduce products and solutions for the B2B market. For instance, the use of Blockchain in cross-border payments is not a distant thing. VISA Inc. is already "putting a bitcoin-style network to work as it aims to take on a new market, the large and complex cross-border payments made between businesses".