The emergence of decentralized identity (DID) systems, which have the potential to stand as a dependable alternative to traditional identification methods, is central to the Web3 innovation that is continuing to transform how people interact with technology.

DID systems allow users to maintain control over their digital identities, ensuring privacy and security in a manner that conventional IDs often fail to provide. As any identity-related development, DIDs have the potential to become a vital component of the future of digital banking.

This partnership brings Web3 tech to the real world. Swiss fintech Fiat24 joins Web3-powered ONTO Wallet to offer users an easy entry into decentralized banking features.

Improved banking capability by using Web3

Swiss fintech Fiat24 has teamed with ONTO Wallet, a self-sovereign Web3 wallet, to deliver better banking services to Web3 customers, marking a significant advancement for the Web3 and DID industry. The collaboration is a prime example of how Web3 is gaining traction in the real world, offering users measurable advantages and demonstrating the promise of decentralized technologies.

With more than a million members registered, ONTO Wallet boasts a strong community that spans 156 countries. The wallet is renowned for its all-inclusive method of digital identity, asset, and data management. By merging with Fiat24, a Web3-meet-digital-banking platform that is solely based on the Arbitrum blockchain and is renowned for its quick and inexpensive transactions, ONTO is expanding its possibilities with this new cooperation. Fiat24, in contrast to conventional banks, runs only on smart contracts, and nonfungible tokens (NFTs) are used to manage client identities.

Users of ONTO can now access a variety of e-banking services straight from their wallets thanks to the Fiat24 connection. Through the agreement, customers may open Swiss IBAN accounts from within the ONTO app, allowing their digital asset management to be seamlessly integrated with traditional banking features. Users can safely engage in decentralized finance operations by minting a Fiat24 NFT, which allows them to securely keep all of their account data, including Know-Your-Customer (KYC) information.

Users can manage their identification data independently and take control of their on-chain assets with the ONT ID, which functions as a digital passport. Because users maintain ownership of their data, this decentralized method to identity management improves data privacy and is consistent with Web3 basic principles. To make things easier, ONTO has included a special "Fiat24" page to its mobile app, enabling customers to handle their money without ever leaving the UI.

This method has numerous advantages. Users benefit from greater security via decentralized identity verification in addition to the ease of managing both digital and traditional assets from a single interface. This integration serves as an example of how Web3 technologies may provide useful, practical applications that enable people to take control of their data and feel empowered.

Web3 Services' Future and User Empowerment

In the future, the emergence of Web3 services is expected to completely transform how people engage with digital and financial ecosystems. These technologies enable people to take unprecedented control of their identities and possessions by returning data ownership to consumers.

The collaboration between Fiat24 and ONTO Wallet is a trailblazing step toward this future, demonstrating how decentralized platforms may improve user privacy and autonomy.