vegawallet-casestudy

VegaWallet - Delivers a seamless experience for crypto payments

September 04, 2018

vegawallet-casestudy

Project Summary

An Indian start-up founded in 2010 with a mission to simplify crypto payments for individuals and enterprises, VegaWallet Inc. provides an integrated business model for users around the world.

Users can store, send and receive their crypto payments by creating desktop wallet, mobile wallet and reward points which are earned from cards, and shopping tokens, and use them in the form of payment via blockchain technology.

VegaWallet blockchain payment solutions facilitate high speed transactions, reduce operational costs and enhance the user experience. It developed an API that enterprises could use for their payments infrastructure.

By 2018, VegaWallet had started delivering integrated, white label payment solutions that provided everything from 'hybrid multi-sig enabled' wallet, easy-to-use exchange and open source point of sale system to NFC mobile payment solution.

The VegaWallet Token (VGW) was designed as a true utility token for the entire cryptocurrency platform. There are various perks that crypto currency users get to experience with it.

VegaWallet services are only available for users in approved locations and can be downloaded for free on Google Play and the Apple’s app store.

Business Challenges

Since huge business transactions are happening through cryptocurrency wallet applications (mobile apps and desktop apps), there is a high risk of security breach. Hence, VegaWallet manages individual risk, security compliance and merchant payouts from the back end.

Support the vision to become a revolutionary payment solution by providing a worldwide mileage platform with seamless experience for P2P transactions and merchant payment transactions for any business model.

Enhance the confidence of users and business ventures by ensuring secure storage, send and receive via the Vega exchange and conduct trusted cryptocurrency transactions between global users with the public blockchain service.

Leverage the scale and reliability of the largest wholly-owned merchant acquirer in the world.

Flexible API support to reduce technical overhead and improve the user experience.

Solutions

VegaWallet Application

Brugu provided secure and reliable VegaWallet applications to easily buy and sell their cryptocurrency or rewards and exchange them into cryptocurrency with services to store data, manage contracts and handle real-time payment transactions.

VegaWallet uses BitGo Multi-Signature Implementation to keep user funds safe. Users create an account which generates wallet addresses for currencies such as BTC, LTC, ETH, DASH, VGW, ZEC, XLM, & XRP. VegaWallet believes in user privacy and delivers the users private keys upon account verification.

Brugu developed multiple different services within mobile and desktop digital asset wallets. These services range from displaying the latest cryptocurrency related news and tutorials to exchange features and fiat on-ramps. Brugu takes pride in offering a complete comprehensive all-in-one system combined with additional features.

Brugu developed applications to support fast transaction processing, enabled with several factors where transactions can be posted quickly. Dash Instant Send allows transactions to be posted within a second.

VegaWallet works on the basis of a username. All users have to do is download the mobile application or desktop wallet and login/sign up. Then save your private keys somewhere safe in your account! You can access any of our products including the exchange using the same username and password.

VegaWallet Exchange

Secured exchange by using blockchain wallet to hold confidential personal information, with user login history, transactions history and calculating reward points using VGW utility tokens for purchase.

VegaWallet will start with the main coins or tokens that previously have been paired with USD. More popular coins/tokens in the top 100 market cap will also be added regularly. The application will be starting with the eight assets supported in the wallet application with major trading pairs including BTC, ETH and VGW tokens.

In order to buy or sell digital assets on our platform customers must first be KYC verified. Once verification is submitted and accepted, customers will be able to use major credit cards. Withdrawals will also be processed through bank and card information the user has on file. ACH processes will also be available for certain users.

Developed VegaWallet.io exchange/trading Interface with features where users will have to enter any two-factor authentication (2FA) in order to verify the transaction.The applications always verify addresses when depositing and withdrawing and also send and receive funds from the VegaWallet Mobile Application to internal exchange for free.

Point Of Sale, Scalable Developer APIs for Offline & Online Business

The APIs and all point of sale and payment capabilities have been made public to hopefully increase the mass adoption of cryptocurrency. All payment endpoints and integrations will however need to be linked to VegaWallet's backend in order to provide the correct wallet creations and security integrations.

We will also be developing more advanced features in the near future like inventory control, employee management/payroll, and more in return for VGW Tokens.

VegaWallet application has partnered with multiple different payment processors to allow merchants the ability to accept traditional merchant payment types. The client feels this step is necessary in creating the bridge to a world full of cryptocurrency payments (credit cards & debit cards) and will help keep users’ conversion percentage up.

Vegapay for B2B and Online Marketplace

Vegapay caters to software and payment requirements of small businesses. As a leading provider of integrated payments processing, Vegapay helps small businesses get paid quickly and easily through SAAS platforms and web, mobile applications.

Results

VegaWallet’s payment services grew by 185% in 2018 and it is expected to grow further by 300% in 2022. Not only is the business catering to the needs of its clients, it is also scaling its operations and there is no better feeling than this for Brugu.

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