The company Wuabit has created a crypto wallet for WhatsApp. This means that you can use the wallet directly from the popular messaging app.
Digital Crypto Assistant
Wuabit is a chat-bot cryptocurrency wallet that is now being launched in WhatsApp. That means you can send and receive crypto currency directly from the WhatsApp messaging interface.
A chat bot is a digital assistant, while a cryptocurrency wallet is a service that allows you to send and receive cryptocurrency. Thus, Wuabit is not a crypto-wallet created by WhatsApp, but a wallet you can dispose of through messages in Whatsapp.
Illustration of the Wuabit chat bot in WhatsApp
This is how it works
To use the wallet one must add Wuabit as a new contact. The telephone number for this one can be found at wuabit.com. Once you have added the new “contact” you can start a conversation with it and learn how to use the crypto wallet:
Integrates with existing apps
Instead of making their own app, Wuabit has chosen to integrate with existing messaging apps. They have started with WhatsApp, but the plan is to expand to other apps like Facebook Messenger, Telegram and Viber. In this way, they avoid the work of creating their own front end.
In addition, they are exploited to the userbase of the large messaging apps. For example, WhatsApp has around 1.5 billion active users and is the world’s most popular messaging app.
User-friendly solutions built on trust
Cryptocurrency has long been reserved for technically advanced users, but this is changing rapidly. New apps and solutions, such as Wuabit, make the entro to crypto easier for billions of potential users.
Much of the ease of use that comes now is due to the emergence of specialized service providers who handle all the difficult aspects on behalf of the users. This means in many cases that one must rely on an intermediary.
This breaks with the idea that blockchains should remove the need for trust in precisely the intermediary. At the same time, the open blockchain infrastructure under cryptocurrencies ensures full interoperability between the various players. Users can therefore quickly and easily switch supplier. In this way you get increased competition, and you avoid the “winner-takes-it-all” dynamics you eg. can see for social media and traditional payment services.
In addition, it is optional to use an intermediary. Cryptocurrency is becoming easier to manage, so users can freely choose what they prefer.