Weld Money Company Profile

Background

Mission and Vision

Weld Money aims to return ownership of money and assets to individuals, facilitating trustworthy, instant, and low-cost transactions across both traditional and digital financial landscapes. The company's vision is to seamlessly connect the world of cryptocurrency with traditional finance, enabling fast-growing digital assets to become integral to the payment ecosystem.

Primary Area of Focus

Weld Money focuses on developing non-custodial crypto neo-banking solutions that bridge the gap between cryptocurrencies and conventional financial systems. Their flagship product, the Weld Card, allows users to perform daily transactions using cryptocurrencies directly from their wallets via platforms like Google Pay and Apple Pay.

Industry Significance

By offering a practical solution for everyday crypto transactions, Weld Money addresses a critical need in the fintech industry, promoting the mainstream adoption of digital assets in daily commerce.

Key Strategic Focus

Core Objectives

Facilitate Legal and Safe Crypto Payments: Ensure that paying with cryptocurrencies is both legal and secure, regardless of storage methods.

Simplify Crypto Usage: Make using cryptocurrencies as straightforward as fiat money.

Enable Fast Payments Globally: Allow rapid crypto payments in any country, irrespective of nationality or other differences.

Areas of Specialization

Weld Money specializes in integrating cryptocurrency payment solutions with existing financial infrastructures, focusing on user-friendly interfaces and compliance with regulatory standards.

Key Technologies Utilized

The company employs blockchain technology to facilitate secure and transparent transactions, integrating with various crypto exchanges and wallets to provide a seamless user experience.

Primary Markets Targeted

Initially launched in Ukraine, Weld Money plans to expand into the European market, aiming to cater to regions with growing cryptocurrency adoption.

Financials and Funding

Funding History

Initial Coin Offering (ICO): On September 22, 2021, Weld Money conducted an ICO, raising $3.6 million in just four minutes.

Seed Round: An upcoming seed funding round is planned, targeting $5 million.

Notable Investors

The company has attracted investments from several firms, including Concorde Capital, Magnus Capital, 7 O’Clock Capital, OIG, AU21, Kangaroo Capital, Skynet, and Avalon Capital.

Utilization of Capital

Funds are allocated towards product development, market expansion, and enhancing technological infrastructure to support the company's growth objectives.

Pipeline Development

Key Pipeline Candidates

Weld Card Expansion: Plans to introduce the Weld Card to the European market, with an expected launch in late 2022 or early 2023.

Integration with Additional Digital Assets: Aiming to enable transactions using various digital assets, including NFTs and metaverse tokens.

Relevant Timelines

The European market entry and expanded asset integration are projected for late 2022 to early 2023.

Technological Platform and Innovation

Proprietary Technologies

Weld Money has developed a non-custodial decentralized payment card system that connects to centralized exchanges, decentralized exchanges, metaverses, blockchains, and passports to earning, allowing users to utilize different crypto assets for online and offline purchases.

Significant Scientific Methods

The company integrates blockchain technology with traditional banking systems, ensuring secure and transparent transactions.

Leadership Team

Founders

Oleksii Bobok: Co-founder with extensive experience in banking and IT.

Iryna Lorens: Co-founder with a background in banking and cryptocurrency.

Oleksii Meretskiy: Co-founder with expertise in banking and IT.

Key Executive Profiles

Herman Kramar: Chief Technology Officer, overseeing technological development and innovation.

Roman Guschesov: Manager of Support, responsible for customer service and support operations.

Leadership Changes

As of August 2023, there have been reports of financial difficulties within the company, including delays in salary payments to employees. The leadership has been actively seeking additional funding to address these challenges.

Competitor Profile

Market Insights and Dynamics

The cryptocurrency payment solutions market is experiencing rapid growth, driven by increasing adoption of digital assets and demand for seamless integration with traditional financial systems.

Competitor Analysis

BitPay: Offers cryptocurrency payment processing services, enabling businesses to accept crypto payments.

Wirex: Provides a crypto-friendly banking platform with integrated payment cards.

Cryptopay: Offers cryptocurrency wallets and payment cards for everyday transactions.

Revolut: A fintech company offering banking services, including cryptocurrency trading and payment solutions.

Coinbase Global: A leading cryptocurrency exchange providing various crypto-related services, including payment solutions.

Strategic Collaborations and Partnerships

Weld Money has partnered with Unchain Fund and UNEX Bank to create the UNCHAIN Help Card, a cryptocurrency card designed to assist Ukrainian women and children affected by the war. This initiative has facilitated the distribution of over 200 million UAH in humanitarian aid.