With these new services, Reltime aims to improve access to digital assets and change the global financial landscape by offering instant, zero-cost transactions backed by the trust associated with fiat currencies. Through its platform and super app, Reltime supports the creation and minting of digital 'wrapped' fiat currencies, including USD, EUR, CHF, GBP, INR, and the top 100 global currencies.
The service supports immediate currency exchange at no cost within Reltime’s Layer 1 Proof of Authority blockchain. Moreover, the platform allows governments to generate and distribute their CBDCs around the world.
To ensure the user-friendliness of transactions, Reltime implemented a unique identity system that enables users to execute transactions using a mobile phone number, email address, wallet address, or QR code. Merchants receive access to a free identity-based application that allows them to accept digital payments both online and in stores. The company is also offering a Proof of Deposit system that represents an alternative to traditional and costly on- and off-ramp methods.
In April 2023, Reltime joined the Microsoft Global Startups Programme to expand the reach of DeFi around the world. The company was accepted into the programme at a level four category, which is the highest.
At the time, Reltime announced the launch of its Layer 1 Proof of Authority and Web3 Financial Services platform with products such as wrapped assets, a non-custodial wallet, remittance, accounts and deposits, lending, payments, loyalty-based services, CBDC, Forex, and KYC.
Reltime’s platform is based on Web3, non-custodian, digital fiat supporting both utility and security tokens. The company has wholly owned subsidiaries in Norway, Lithuania, and El Salvador.
According to cointelegraph.com, Wrapped crypto tokens represent cryptocurrencies pegged to the value of another original cryptocurrency or asset such as gold, stocks, shares, or real estate and put to work on the DeFi platforms. The original asset is ‘wrapped’ into a digital vault, and a newly minted token is created to transact on other platforms.
These tokens can represent anything from arts and collectables, commodities, crypto assets, equity and stocks, as well as fiat currencies and real estate. It’s worth noting that since wrapped tokens are pegged to another asset, they must be managed by a custodian entity that can wrap and unwrap the asset.
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