The smart crypto wallets developed by Braavos enable users to independently manage their assets in a simple and intuitive manner. Already, over 400,000 people are using these wallets, collectively holding millions of dollars
Yael Dorina, in collaboration with ICBW3. 03 September 2023
Braavos has developed a smart crypto wallet that enables users to independently manage their assets with a high level of security in a simple and intuitive manner. Founded in 2022 by Moti Lavie, who serves as CEO, along with Avraham Makovetsky and Yoav Gaziel, the company has raised ten million dollars in a seed round primarily from American venture capital investors.
'Moti Lavie explains, 'The Braavos wallet leverages the robust security chips found in all of our cell phones to generate keys and sign transactions, which are verified using the user's biometric identity—either face or fingerprint.'
'For the first time in the crypto world, this technology supports two-step authentication (2FA) in a decentralized manner. It provides users with a payment experience similar to that of Apple Pay or Google Pay, but without the usual complexity and apprehension associated with using cryptocurrencies.'
"Furthermore, the Braavos wallet facilitates decentralized multi-factor authentication (MFA) that does not rely on a central server. It combines two devices and three authentication factors: something you know, something you have, and something you are.
Additionally, since the wallet operates smartly and the user’s account is represented by a contract on the blockchain, it can be customized to add specific functionalities to each transaction. For example, users can set a maximum daily spending limit, apply different security levels for various accounts (such as savings vs. checking accounts), establish a savings account that automatically purchases a set amount of currency each month, or make regular monthly payments.
Although the wallet is still in development, an alpha version is available in mobile app stores and as a browser extension. Currently, we have over 400,000 users and manage many millions of dollars in Braavos wallets."
In the competitive environment in which you operate, what are your strengths?
"Today, the market is saturated with cryptocurrency wallets, yet most are not considered 'smart' wallets. We anticipate that, similar to the evolution from basic mobile phones to smartphones, all wallets will eventually become smart. As a pioneer in this field, Braavos is at the forefront of smart wallet innovation and has quickly established a strong reputation in the industry."
"In addition to the high number of users who have deposited funds into their wallets and are using the alpha version, we have successfully built a large and vibrant community of over 100,000 members since the product's launch."
Which target markets are you focusing on?
"Bravos is used worldwide, from countries where cryptocurrency serves as an alternative to local currency, to developed countries and economies where it is primarily used for investment purposes."
What does the customer profile look like?
"The primary users of the wallet are private individuals who prefer to manage their funds independently (self-custody) and seek access to decentralized financial protocols (DeFi) to earn returns on their crypto assets."
What are your expectations from the regulators? What is necessary to enable the industry to grow and thrive in Israel?
"Regulatory ambiguity is currently one of the main obstacles to the development of the industry. We expect regulators to establish clear rules that protect investors while also allowing companies to develop without the undue burdens seen in other countries with advanced crypto regulations. With such changes, closer cooperation with the Israeli banking system could become possible."
What is the company's vision?
"Our goal is to enable every individual to manage their money independently, offering an intuitive and secure user experience that merges the values of Web3 with the user-friendly interface of Web2."
In collaboration with ICBW3.
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