GeroWallet - Bank API and Wallet Integration

[GENERAL] Name and surname of main applicant

Adam Cazes

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

3

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Integrate Cardano with a European bank via API and wallet, enabling Cardano users to transact with funds on secured credit cards, eliminating the need for a CEX

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

Our project's outputs will not be fully open source. The primary reason is the nature of our integration with a European bank, which involves handling sensitive financial data, proprietary APIs, and strict compliance with the bank's DevSecOps and security policies. Releasing the code publicly could potentially expose vulnerabilities or sensitive information related to user authentication and financial transactions.

We are obligated to maintain confidentiality to protect user data and adhere to regulatory requirements imposed by the banking industry. These regulations necessitate that certain aspects of the codebase, especially those dealing with security protocols and proprietary bank integrations, remain closed source to ensure the safety and integrity of the financial systems involved.

While we support the open-source community and the benefits it brings, in this case, prioritizing user security and compliance with legal obligations takes precedence. We are committed to transparency where possible and will consider open-sourcing non-sensitive components of the project in the future if it does not compromise security or violate any agreements with our banking partner.

[METADATA] Horizons

DeFi

[SOLUTION] Please describe your proposed solution

Our proposed solution is to develop an API and wallet backend integration between Cardano and the European bank Satchel.eu, one of Europe's fastest-growing digital banking providers offering fast, reliable, and cost-effective payment processing solutions

This integration will enable Cardano users to seamlessly use their cryptocurrency in day-to-day transactions via secured credit cards that you top up as you go, issued by the bank.

Funds users decide to liquidate will be insured and managed through a regulated financial institution

We will implement the bank's API into our application with their current authentication methods, ensuring a high level of security compliant with the bank's DevSecOps requirements.

This includes handling sensitive user authentication data securely.

The wallet will incorporate essential card management functionalities such as:

• Registration (private and corporate)
• Login
• Card ordering
• Balance inquiry
• Transaction history
• Card top-up
• Card blocking
• PIN display
• Card number display

When clients wish to use the card, they can top it up by selecting an amount in EUR or ADA. The wallet will calculate the exchange price, initiate a crypto withdrawal, and upon client confirmation

the ADA will be converted to fiat currency and deposited into the bank account or loaded onto the card.

This integration is also the first phase of implementing a Zero-Knowledge Proof (ZKP) solution to maintain user anonymity while complying with regulatory requirements.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Our project will have a significant positive impact on the Cardano community by enhancing the real-world usability of ADA. By integrating Cardano with Satchel, we bridge the gap between traditional financial systems (web2) and blockchain technology (web3), promoting wider adoption of ADA.

Users will benefit from the ability to use their ADA for everyday transactions via secured credit cards, with funds managed by a regulated and insured financial institution. This not only increases user confidence but also reduces the risk of scams and fraudulent activities.

We intend to measure the impact both quantitatively and qualitatively by tracking:

• The number of users who adopt the integrated wallet and credit card services.
• The total volume of ADA converted and transacted through the platform.
• User retention rates and growth metrics.
• User feedback and satisfaction surveys to assess the usability and trust in the system.
• Monitoring the reduction in scam reports or loss of funds incidents among users.

Additionally, the implementation of ZKP for user anonymity sets a precedent for privacy-focused solutions within the Cardano ecosystem.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Our team comprises experienced professionals with a proven track record in blockchain development, financial integrations, and security compliance.

Gerowallet is one of the first wallets created 3 years ago, with over 20,000 users.

Gerowallet recently won Cardano's first Hackathon hosted by NMKR in Berlin with our ZKFiat Proof of concept.

We are in the final milestone of Cardano Shield, a fund10 project which is a wallet security addon.

We successfully led multiple blockchain projects from inception to deployment, ensuring they meet deadlines and compliance requirements. Our UX is known to be user-friendly interfaces for fintech applications, enhancing user adoption and satisfaction.

Satchel, founded in 2018, is one of Europe's fastest-growing digital banking providers offering fast, reliable, and cost-effective payment processing solutions. With 8 Billion EUR turnover in 2023, regulated by the National Bank of Lithuania (LB000448) and authorized to operate across the EU. Satchel operates its own cryptocurrency exchange & OTC desk Kaiserex.

Committed to personalized service, it offers European IBAN accounts, SEPA and SWIFT payment processing, Mastercard-powered payment cards.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Requirements Analysis and Design Specification (Weeks 1-2)

• Complete detailed requirements gathering with the bank.
• Develop design specifications for API integration and wallet backend functionalities.

API Integration Development (Weeks 3-6)

• Implement the bank's authentication methods securely within the application.
• Develop API endpoints for registration, login, card ordering, balance inquiry, transaction history, card top-up, card blocking, PIN display, and card number display.

Wallet Backend Development (Weeks 5-8)

• Integrate ADA to fiat conversion functionality.
• Implement secure transaction flows for top-up and withdrawals.

Security Implementation, Audit, and Deployment (Weeks 9-12)

• Implement security measures in compliance with the bank's DevSecOps requirements.
• Conduct internal security testing and compliance checks.
• Complete a comprehensive third-party security audit.
• Deploy the integrated solution to production for user access.

[RESOURCES] Who is in the project team and what are their roles?

Our project team consists of:

Lead Developer & Blockchain Developer

David Edri - https://www.linkedin.com/in/edridudi/

Over a decade of experience in full stack development

Project Manager & UX Designer

Adam Cazes - https://www.linkedin.com/in/adam-cazes-25241939/

Over a decade of experience in Customer Success, Solution Architect, Product & Project management

Bank Side to develop API endpoints

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

Our total requested budget is 110,000 ADA, allocated as follows:

• Development Costs: 80,000 ADA
• Lead Developer: 35,000 ADA
• Bank Side Blockchain Developer: 30,000 ADA
• UX Designer: 15,000 ADA
• Security Audit: 30,000 ADA
• Comprehensive third-party security audit to ensure compliance and integrity of the application.

The development costs cover salaries for the two developers and the UX designer over the three-month period. The project manager's role is included within the development costs as they are part of the core team. The security audit is a crucial component to meet the bank's compliance requirements and to ensure a high level of trust and security for users.

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The requested budget of 110,000 ADA represents a strategic investment in enhancing the Cardano ecosystem's usability and adoption. Despite fitting well with the Partner track for Catalyst, the team decided to take a step-by-step approach.

By integrating Cardano with a traditional banking system, we significantly expand ADA's real-world applicability, encouraging wider adoption among users who prefer secure, regulated financial environments.

The costs cover specialized development work, adherence to stringent security and compliance standards required by banking institutions, and a comprehensive security audit to ensure the highest levels of trust and integrity.

This level of integration and compliance is essential for bridging the gap between blockchain technology and traditional finance, which is a complex and resource-intensive endeavor.

The project's successful implementation will not only benefit ADA users by providing new ways to use their cryptocurrency but also set a precedent for future integrations between Cardano and other financial institutions.

This amplifies the return on investment by fostering growth and adoption within the ecosystem.

Overall, the cost is justified by the project's potential to significantly enhance ADA's utility, increase user confidence, and promote the unification of web2 and web3 financial systems.