Project name: FLUUS
Description: FLUUS is a secure ecosystem built for developing and emerging markets. By combining a cutting-edge wallet with a compliant On_Off Ramp Network, FLUUS allows users to save, trade, earn, and cash in/out their crypto assets wherever they are around the globe.
Vision: To be the gateway to web3 for the next billion users from emerging markets by building a network of simple, secure, and sovereign solutions.
Problem: FLUUS recognizes that problems in the financial world vary from a global level to a nation-state level, and we plan to make a more significant contribution to solving both levels of difficulties.
On a global scale, hundreds of millions of financially underserved individuals lack access to any type of financial product, whether it is traditional or cryptocurrency-based, due to:
- Education: Inadequate financial literacy.
- Trust: There is little or no trust in traditional financial institutions because of exorbitant fees and corruption.
- Restrictions: Legal or cultural restrictions on entry (refugees, women, marginalized groups).
- Seed phrases: Nun-costodial wallets face challenges of lost or stolen cryptocurrencies and assets due to the displacement of paper backups. "Around 20% of the existing 18.5 million Bitcoin, worth around $140B, are stranded in wallets with lost seed phrases"
- Custodial Storage: A major risk associated with custodial platforms, such as the one highlighted by Coinbase’s updated “Terms & Conditions” involves the potential loss of customer funds in case the exchange files for bankruptcy. This risk is unfortunately not limited to Coinbase, as other regulated exchanges have similar procedures in order to ensure the protection of funds for investors at the expense of end customer funds.
- Hidden Costs: Global average cost of sending 200 USD is 6.5%
From a MENA-specific perspective, the web3 economy presents high barriers to entry for both the banked and the unbanked due to:
- Complexity: Wallet setup and security are too complex for the “average” user.
- Language: Absence of localized language tools and support.
- Ramps: Access to and from ramps is conducted via unreliable, untrusted, and often risky channels.
- Weak Banking Infrastructure: Banking Networks in Middle East & Africa are weak and sometimes non-existent. Large populations rely on Local Money Transfer Operators for receiving money from abroad and spending money locally.
- A keyless wallet: No Seed Phrase with Effortless recovery. Using biometric-based encryption and MPC technology. Users have complete control over their funds.
- Ramping partners: On_Off Ramping Operators.
A local network of Money Transfer Operators who will help facilitate the conversion of fiat to crypto & vice-versa.
- FLUUS Token: Cover network fees, Incentivize users to utilize the FLUUS network, and Collateralise the On_Off ramp network to mitigate risks of default & fraud.
At FLUUS, we believe that crypto is more than just about making money and that it can provide a means of social and economic empowerment, especially for those who have previously been excluded or left behind.
It is an unfortunate fact of life that women, minorities, and refugees, have had restricted access to credit, savings, and other financial services. Consequently, these people are not only underserved but are also grossly underrepresented in the banking sector. Cryptocurrencies can change that.
At FLUUS, we aim to empower women and minorities and provide them with equal access to the financial world through a secure crypto wallet combined with a compliant On_Off Ramp Network.
Validation / Traction / Progress so far:
- +20K early bird sign ups
- +400K USD transactions in ALPHA network in Ukraine
- +50K social media following
- +5 Ramping partnerships in progress
- Tey El-Rjula: Co-founder and CEO (https://www.linkedin.com/in/tey070/)
- Juana Attieh: Co-founder and CPO (https://www.linkedin.com/in/juanaattieh/)
- Suleiman Ali: Co-founder and CTO (https://www.linkedin.com/in/suleiman-ali1/)
Grant Amount Requested: 10,000USD
What will it be used for?:
Design & some development hours for following product features:
Create wallet using email, and restore wallet with biometrics
Cash out Cash in Cashback/fee reductions with FLUUS tokens Tutorials/walk through (animations/illustrations) Portfolio tracker (list of assets, balances...) Transaction history Notifications
Account details and settings
Good to have:
- NFT marketplace
- Savings account and asset management tool (staking/yield farming)
- Human readable addresses (personalize crypto experience)
- FLUUS Pre-paid card
- Execute multi-send functions (send to multiple addresses in a single batch at a much lower rate)
- FLUUS academy with FLUUS created content (learn to earn)
- Scheduled/Recurring payments
- Wallet connect
Nice to have:
- Store digital identities
How did you hear about MGD’s Funding program? Twitter