Case Study: Wallex

About the Customer

Wallex is an assets and digital asset financial provider that serves individuals, businesses, tech projects and institutions while mainly being known through their custody of products, allowing customers to move assets anonymously and swiftly.Wallex offers future funds in cryptos, the ability to send cryptos, to store in vault, and escrow accounts for proper dealings. They offer new banking solutions for retail banking, exchanges in multicurrency while allowing clients the option for reward programs. Along with branch-trust management, they offer tokenization, retirement plans in crypto, crypto processing, stablecoins and the implementation of their instant new payment system.

Business Challenge

Wallex CEO and Founder, Simone Mazzuca explored the financial sector in Europe and witnessed the current hardships relating to the ambiguous regulations following withdrawing and clearing funds from exchanges or any crypto related business. Mazzuca explains how “Wallex is the result of 25 years of experience in the financial field and after witnessing the financial hardships in Europe and having 20 years of experience, we decided to move forward with an upgrade / opportunity. This is where we began implementing the technology side of the financial segment to make our first project which is Wallex Custody. Funded in Europe with trust companies, we are merging the financial system and crypto world.”Wallex ultimately began from a need for a middle ground for institutions to be able to close individual accounts. Mazzuca states, “along with euro Stablecoins, in today’s market there is a huge demand in dollar stablecoin and there is a huge community in Europe that is using crypto and would love to make payments in stablecoins, people love to see bitcoin to euro. It is part of daily life along with the convenience of paying your bill in euro.” However, Mazzuca expresses how, “euro was not ready and the seed behind every stablecoin is the dollar, this is the biggest insurance on the deposit. Central banks don't understand that they need safeguarding accounts for euros, for the collateral - challenge of central banks.”Wallex provides their system for all types of potential users and services of the daily and custody needs. With their full comprehensive suite of services, clients are equipped with a packaged deal unlike any other and uniquely, they have a $250,000 guarantee in each deposit while covering the double.

Solution

Integrating AlphaPoint’s white label technology, Wallex would like to assist their digital assets ecosystem by providing a new trading platform where clients are able to trade in cryptos. Their white label solution for new banking custodies comes from more than 18 platforming years of experience as they set to expand their service to exchange. Wallex would like to provide the help needed through their new banking account that clients will need such as custody accounts and tax reports. As they work in close proximity with regulatory frames that today are already placed, they are also building their own framework and work with different regulators around the world like Comoros and Angola.

Wallex, a decentralized organization, has the Euro ST, IPA for Custody of the collateral, and KYC, while using very simple tools like proper KYC, transaction monitoring on client, transparency on management of the funds and transparent fees. Additionally, their global footprint is seen through the various licenses that they possess worldwide along with several trust companies in the United States and MSB in US and Canada. Wallex has a universal attraction as their financial service providers are located in Emirates and have efforts to continue scaling their business worldwide. The biggest jurisdiction they work with is Comoros Central bank where they have most of their licenses in crypto, banking, insurance, financial service provider, brokerage, and even gambling. Worldwide, they cover all the license umbrellas and currencies that allow them to have proper collective accounts in different currencies.Wallex understands that no bank can give you all the solutions that can drive a client’s optimal success and therefore strive to become the bank of the future. Their global vision for the next two years is to become an institutional provider that is able to provide IPI to the banking systems in order to integrate stablecoin.Currently, Wallex has more than 120,00 client portfolios and strives to monetize the traffic of clients that are using Wallex for new banking proposals, to convert to crypto and to spend it with a card. They are innovating their infrastructure and building the marketplace where people can also trade. AlphaPoint’s white label software and priority for security and scalability allows Wallex's platform to better assist their clients around the globe.

Connect with Wallex

Interested in trading on Wallex? Find more information and sign-up here: https://www.wllxb.comFollow Wallex on Twitter: @wallexLogin into Wallex Custody: https://my.wallexcustody.com/log-in