CYBAVO is thrilled to announce support for Web3 Virtual Accounts through our new Delegated Wallet solution! The virtual accounts enable institutions to extend simplified Web3 access to their clients, secured through the organization’s corporate governance. The Delegated Wallet also facilitates end-to-end automation to save time and provide a more enjoyable end user experience.
DeFi, GameFi, and other Web3 services have seen significant adoption over the past few years. However, the barrier of entry to access and enjoy these services remains high, with the need to find a suitable wallet for self-custodying private keys, managing manual transactions, and researching emerging DeFi trends.
GameFi Guilds - created to break down gaming barriers to give their users (called Scholars) the opportunity to play, earn and grow their wealth - are impeded in different ways. Managing rented Play-2-Earn (P2E) assets and profit sharing models with their Scholars and Community Managers through existing wallet solutions and smart contracts is cumbersome, slow, and unsustainable.
CYBAVO’s Delegated Wallet solution dynamically generates a unique crypto address for each institutional client, on which the virtual account is built upon. End users delegate the responsibilities of protecting the private key, managing transactions, and securing dApp interactions to the institution, removing their barrier of entry into Web3.
Financial institutions like crypto exchanges can then provide DeFi access to their clients through their virtual account, either directly to trusted DeFi protocols or to a curated portfolio of DeFi products. Meanwhile, the institution’s risk exposure is lessened by segregating their client’s DeFi participation through their own virtual accounts.
Meanwhile, GameFi Guilds can drastically reduce manual tasks - allowing them to optimize and scale operations along with their user base - and quickly support new games by automating P2E asset rentals and profit sharing schemes through the Delegated Wallet infrastructure.
We are excited to support the disparate use cases like the two outlined above, and even more excited to explore the full utility of our Delegated Wallet solution in the future of Web3.
We are continuously building new features to better support our clients and the future of Web3. Feel free to register for our newsletter to receive regular updates, or get in touch with us to learn more!