As PrivacySwap advances towards a better ecosystem, the platform's fund has raised $1 million. This fund is managed by a Wall Street veteran's family office. This strategy is also intended to bring crypto cards and associated PrivacySwap Oracle into the decentralized finance (DeFi) Space.
The investment propels PrivacySwap’s Web 3.0 wallet Oracle to support more existing crypto and traditional cards into the DeFi Space.
Institutional investors have noticed PrivacySwap and the platform has raised $1 million to assist in the global expansion of its utility, upcoming decentralized exchange (DEX) and PrivacyCards modules.
PrivacySwap’s latest oracle is a first of its kind, a multichain aggregator that enables Web 3.0 wallets to connect directly to any existing card solutions. It allows interoperability of on-chain data with traditional financial services, allowing card issuers to tap into the DeFi space safely.
This helps crypto debit card providers and financial institutions like traditional banks easily enter the DeFi space. PrivacySwap Oracle provides solutions for users to fund their cards via integrations with Web 3.0 wallets such as MetaMask, Trust Wallet, Phantom and Sollet.
The blockchain industry is currently dealing with the same interoperability issues that the IT industry had decades ago. Legacy traditional finance platforms cannot interact safely on-chain, leaving plenty of room for poor user experience and inefficiency. Blockchains can’t interact with the real world, or at least not by themselves, as they can’t directly be connected with legacy systems. This issue significantly limits their usability and adoption rate.
PrivacySwap provides the layer two solutions to this problem, enabling Web 3.0 wallets on different networks to interact with crypto debit cards.
The Great Migration
Ahead lies an exciting protocol upgrade, termed “The Great Migration.” This is where PrivacySwap will split their current token (PRV) into two new tokens: PRVG, the governance and utility token, and PRV2, the yield farming token. In addition to that, PrivacySwap will soon become a DEX that will bring more income and require lesser fees to investors.
PRVG, PRV2 and DEX
PrivacySwap's goal is to improve the DeFi ecosystem. While the yield farming service they initially offered earned a significant income for many users, PrivacySwap aspires to develop a far more exciting and competitive platform. As a result, they believe that providing two new tokens replacing the existing one would make way for an even more rewarding experience for holders.
“We will be undergoing what we internally call the ‘Great Migration.’ We will be migrating all PRV holders over to our new dual-token structure which consists of PRV2 and PRVG. PRV2 is the second iteration of PRV, which will strictly be used for yield farming and APR generation. It will also be the main draw for users outside of PrivacySwap to experience all it has to offer.”
-PrivacySwap, core team.
PRV2 is inflationary with several deflationary measures in terms of transfer taxes and sell taxes. Instead of burning these deflationary “taxes” out of circulation, they will be converted into Binance USD (BUSD) to be distributed to PRVG stakers. PRV2 has a fixed supply cap with high emissions. It also encompasses a unique referral system that incentivizes users to bring their friends along to enjoy the fruits of the high APR that PrivacySwap has to offer in the way of referral rewards: paid directly into the wallets of referring users.
PRVG, aka “PRV Governance,” is the ownership token of the new PrivacySwap ecosystem. Its purpose is to allow users to be part owners of PrivacySwap. Essentially, when users stake PRVG, they will earn rewards in PRV2, and a large portion of deposit fees earned throughout the new PrivacySwap farm that transfers taxes made from PRV2. PRVG is limited in supply, and it is emitted at a slow rate. When you HODL and stake PRVG, you effectively become a “community owner” of PrivacySwap.
PrivacyCards staking will be done with PRVG, set to be a more stable and sensible option than an inflationary PRV2 yield farm token.
PrivacySwap’s eventual upgrade will become its DEX (Decentralized Exchange) to focus on security and stability. By definition, a decentralized exchange is a platform that acts as an automatic market maker and promotes an efficient and fair market for exchanges on the Binance Smart Chain. With the DEX, PrivacySwap will earn a small fee on every trade, which will be used to give back to liquidity providers and PRVG HODLers, which essentially closes a loop on a robust ecosystem.
These two new tokens and DEX are just the first couple of steps to attracting more entrants into the DeFi ecosystem. The platform also has a debit card that will provide convenience to its user.
PrivacyCard: How does it work?
PrivacyCard is a secured and safe debit card that makes it easy for traditional investors who are new to the Defi space to be able to spend their yields at traditional outlets such as buying coffee at Starbucks or shopping on Amazon.
This is the first debit card that allows anyone to connect their Web 3.0 wallets (starting with MetaMask) to load their cards directly. This eliminates the arduous and cumbersome process of converting crypto to fiat, typically sending it to a centralized exchange like Binance and then converting to fiat via peer-to-peer (P2P) services.
Anyone staking PRVG will be eligible for the PrivacyCard based on the prevailing staking requirements. PrivacySwap's PrivacyCard also has a referral system. Anyone who refers a friend to apply for a debit card will get a one-time referral fee of $10 for the black premium and $50 for each metal series card.
Visualization of PrivacyCard, covered benefits are visible here. (the final design might change without prior notice)
Moreover, digital assets accepted at launch will be the BEP-20 tokens like Bitcoin BEP2 (BTCB), Ether (ETH), Binance Coin (BNB), Tether (USDT), Binance USD (BUSD), USD Coin (USDC), PancakeSwap (CAKE), Venus (XVS), Alpaca (ALPACA), Ellipsis (EPS), Mdex (MDX), Auto (AUTO), MOBOX (MBOX) and more to come.
PrivacySwap has started its initial beta-release of PrivacyCards in September 2021 with a limited quantity.
PrivacySwap will post more updates on PrivacySwap’s social media accounts and official web pages.
Get in touch with them by checking them on their official accounts below from time to time.