Weld Money is getting a boost in its efforts to build a bridge between the world of crypto and fiat with the backing of ZenX Labs, the incubator program of the popular CeDeFi exchange Unizen.
ZenX Labs will provide the expertise Weld Money needs to establish its business network, build full compliance around its payment application and expand into global markets.
Weld Money is an ambitious project that aims to bridge crypto with fiat. It’s looking to serve a new generation of play-to-earn gamers, Steam gamers, TikTok bloggers and so on, giving them a way to easily and compliantly spend their crypto earnings in the real world. It can be thought of as a payment app and credit card provider that makes it possible to use crypto and other digital assets such as NFTs for day-to-day expenses such as buying a coffee, paying for gas, grocery shopping and the like.
Weld Money’s goal is to work with any kind of crypto wallet and enable fast payments in any country, legally and safely, no matter where the user stores their digital assets. For instance, someone who holds $BTC or $ZCX cryptocurrency tokens on a decentralized exchange would be able to pay for their lunch using those tokens seamlessly using the Weld Money credit card, without withdrawing them or exchanging them first of all.
Unizen Chief Executive Sean Noga said he sees an immense opportunity to strengthen the bridges between traditional finance and crypto. He believes Weld Money’s team is perfectly placed to pioneer such an expansion.
“Our acceleration team is deeply committed to deploying the full weight of ZenX Lab’s expertise in compliance, brand strategy and global networking to fuel the sustainable growth of Weld Money,” he added.
Weld Money has already made solid progress on its journey. It’s backed by a team of more than 50 staff who’re working on aspects of its development, design, marketing and crypto analytics. The startup’s three founders possess expertise in traditional banking, information technology and crypto.
The partnership with ZenX Labs provides an opportunity for Unizen Exchange users to take part in the project. Unizen is a CeDeFi exchange that combines the functionality of centralized and decentralized exchanges into one, enabling cost-efficient trading across multiple crypto platforms. Users who hold $ZCX, the utility token of the Unizen platform, will be able to stake those assets and receive rewards in $WELD tokens.
$WELD too is a utility token that provides multiple benefits including instant cashback when users make payments with Weld Money’s credit card, plus reduced transaction fees. In addition, $WELD token holders can stake their coins, benefit from increased daily and monthly spending limits, and purchase digital NFT “skins” for their Weld credit cards.