FusionWallet

Inspiration

We wanted to work on something that would play nicely with the services currently offered by Panda Bank. After some research, we found out that the clients that Panda Bank serves may not be very tech-savvy and even less crypto-savvy. Therefore we decided to develop a service that allows them to handle crypto payments easily.

Goals

1. Increase Panda Bank’s revenue by offering attractive and straightforward services to a large customer base.
2. Help further digitalise Panda Bank by enhancing the features of its savings account and building payment capabilities with blockchain technology.
3. Provide customers of Panda Bank with ways to engage in secure crypto transactions.

What it does

FusionWallet will be the gateway to the cryptocurrency world for many first-time users by acting as a custodial service for blockchain wallets integrated with bank accounts.

Key Features:

1. Instant creation of a crypto wallet
2. Handling of crypto and fiat payments in one account
   • Pricing provided by Coingecko API
   • Crypto token swaps handled by 1inch API
3. Use crypto as collateral for loans

The ability to manage both crypto and fiat balances integrated with the traditional banking system at no additional cost is key to driving user growth. On the other hand, peripheral services such as loans will be sources of revenue for Panda Bank.

Business Use Cases

1. Integration with QR payment services such as Bakong in Cambodia allows users to hold crypto in their account but able to pay for their daily expenses in fiat instantly
2. Credit line backed by crypto for users looking to access liquidity without selling their crypto and incurring taxes
3. Business owners can receive both crypto and fiat payments with one account
4. Other banks can also access this API and tap on the system

Challenges Faced

We were conflicted on which Panda Bank service to focus on, before deciding that the payment service would likely be the most profitable one for Panda Bank. With the advent of cashless payments, the ability to go from crypto all the way to merchant payment will be a crucial selling point that will expand Panda Bank’s customer base dramatically.

Technical challenges during the hackathon included difficulties deploying the backend due to conflicts with different versions of Java and compatibility issues between our local setup and the online deployment server.

What's next for FusionWallet

• Building out integration with other payment systems such as Bakong and Stripe
• Talking to different stakeholders in Panda Bank’s ecosystem to find out more about the issues that they face

Built With

• 1inch
• coingecko
• postgresql
• react
• springboot
• web3j