Bangladeshi tech entrepreneur Hussain Elius, best known as the co-founder of ride-sharing app Pathao, is now delving into the world of decentralized finance (DeFi) with his latest venture, Wind.app. This self-custodial smart contract wallet aims to make DeFi accessible to the average consumer, offering a range of user-friendly features.
Key Takeaway
Wind.app, founded by tech entrepreneur Hussain Elius, is revolutionizing the DeFi space by making it accessible to the average consumer. With its self-custodial wallet and user-friendly features, Wind.app empowers businesses and individuals to seamlessly manage their finances and perform transactions. The recent funding round of $3.8 million will further support the development of Wind.app’s tech infrastructure and broaden its customer base.
Empowering Businesses and Individuals
Wind.app is designed to cater to the needs of both businesses and individuals. For businesses, it offers a convenient way to send payments to remote employees across the globe. This feature enables seamless and efficient transactions, eliminating the need for complicated cross-border payment processes.
For individuals, Wind.app serves as a virtual bank account. Users can manage their finances and perform various financial transactions directly from the app. With its intuitive interface and user-friendly experience, Wind.app aims to bridge the gap between traditional banking and decentralized finance.
On-Ramp and Off-Ramp Infrastructure
One of the key offerings of Wind.app is its on-ramp and off-ramp infrastructure. This infrastructure enables users to convert their crypto holdings into fiat currency or vice versa. By providing a seamless and cost-effective method for exchanging cryptocurrencies, Wind.app simplifies the process and makes it more accessible to a wider audience.
Impressive Growth and Funding
Since its launch, Wind.app has already facilitated over $3 million in annualized gross transaction volume (GTV). Building on this success, the Singapore-based startup has recently raised $3.8 million in pre-seed funding. The funding round was co-led by Global Founders Capital and Spartan Group, with participation from notable investors such as Saison Capital, Alumni Ventures, and Tiny VC.
Targeting Freelancers and Remote Workers
Wind.app initially focuses on targeting freelancers and remote workers, especially in Southeast Asia. The app is already operational in the Philippines, India, and Bangladesh and plans to expand into more countries. Many early users of Wind.app are Web3 startups who appreciate the convenience and cost-effectiveness of using the app for paying their remote team members.
Differentiating Factors and Future Plans
Wind.app sets itself apart from competitors like Wise and Payoneer by leveraging blockchain technology for settlement, resulting in lower fees. Furthermore, users can quickly open an account with Wind.app as it does not require advanced Know Your Customer (KYC) procedures.
In the long term, Wind.app aims to target the underbanked segment, providing them with an easy and accessible means of accepting and managing money. By adopting stablecoins and eliminating the complexities associated with traditional banking, Wind.app seeks to empower individuals with minimal KYC information.
