SyFu & Salt Edge: Bridging Web3 and Real-World Spending

SyFu Partners with Salt Edge for Global Card Data Integration

SyFu, an innovative project operating at the intersection of Decentralized Physical Infrastructure Networks (DePIN) and GameFi, is collaborating with Salt Edge, an open banking platform, to streamline card payment data integration across the globe.

This partnership allows SyFu to directly integrate card payment data from over 5,000 banks in more than 50 countries directly into their app. This simplifies the process for users and eliminates manual data entry.

Transforming Spending into NFTs and Tokens

The SyFu app operates within the Web3 ecosystem, offering a novel approach to payment data. It transforms user's real-world expenditures into Non-Fungible Tokens (NFTs) and tokens through engaging GameFi mechanics.

SyFu leverages non-custodial wallets, decentralized identities, and Soulbound Tokens to assign on-chain value to everyday purchases. This creates a tangible link between the physical and digital worlds.

Seamless Integration with Existing Payment Methods

Salt Edge's platform, compliant with Payment Services Directive 2 (PSD2), provides a secure and globally connected infrastructure. This enables SyFu to access and integrate payment data from credit and debit cards without requiring users to change their existing habits. The SyFu app automatically updates NFT and token balances, making the process seamless.

Key Takeaways:

• Simplified Integration: Users no longer need to manually input payment history.
• Real-World Web3 Applications: The partnership empowers SyFu to provide real-time, verifiable economic data.
• Global Expansion: SyFu plans to extend its operations into the EU and other markets, leveraging the partnership to convert everyday spending into authenticated, on-chain contributions.
• Economic Contribution: Users gain an entirely new experience in which everyday spending is visualised as an economic contribution and transformed into digital assets.

Quotes:

Tomochika Kamiya, SyFu founder, stated that the collaboration aims to create a global cycle of value that seamlessly merges Web3 with the real economy.

Virgiliu Bodrug, Salt Edge open banking solutions expert, expressed excitement about this out-of-the-box use case, noting how fintech infrastructure can power entirely new digital economies.