As you may be already aware, the Exscudo team is working on adding fiat support to our secure wallet app and instant messenger called Channels. Prior to the update, we decided to share what new features will be added to the app and how fiat will work.
- An integrated standalone KYC will be added to channels with two stages of the procedure initially available. The first stage will require to select a country, input the full name of the user and confirm an email, while the second stage will need an additional photograph of a document to verify the identity of the user.
- Users will be able to pass KYC from the application itself as well as keep track of current statuses, errors and be notified of successful completion.
- USD and EUR wallets will be added to the wallet creation menu and will be available to the users. EUR wallet will be replenishable with SWIFT and SEPA transactions while the USD wallet will only support SWIFT.
- To simplify the management of fiat capital users will be able to view, share and copy account details to easily receive incoming transactions, and use integrated forms for outgoing SWIFT and SEPA transactions.
- At the same time, it will be possible to send EUR and USD to other Channels users from the messaging screen as an attachment or use an EON-ID to specify the recipient.
- To take the ease of use one step further, a function to save templates of most frequently performed transactions will be added, allowing to send money to external addresses in a single click.
The fiat support in Channels is implemented using the colored coins technology which allows performing near-instant and low-cost cross-border transfers as well as holding your fiat capital in privacy and security, made possible with the blockchain technology.
The update which will implement fiat support in Channels is estimated to be released in January or February 2019.
Release date, visual representation, texts and contents of the update are not final and can be changed without further notice.
