Revuto - PAY INVOICES issued in FIAT with Cardano Native Tokens from the Revuto app.

[GENERAL] Name and surname of main applicant

Vedran Vukman

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

Entity (Incorporated)

[GENERAL] Co-proposers and additional applicants

Marko Rukonic (Rux) - CTO

Dorijan Jelincic - Lead Backend Dev

Matija Tusek - Product and Backend Dev

Josip Baketaric - Backend Dev

Marin Viskovic - Backend Dev

Robert Smolcic - Backend Dev

Dominik Dorić - Android Dev

Sebastijan Draksler - iOS Dev

Tin Blaga - Business Dev

Dani Loga - Marketing

Sanja Zeljkovic - MLRO

Ivan Mestar - Community Mng.

[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)

We will allow users to enter the invoice details issued in FIAT and pay it with Cardano tokens from the Revuto app. The product will bridge the gap between crypto liquidity and traditional finance.

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

Yes

[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.”

Revuto already integrated with Crypto to FIAT on/off ramping service BANXA. We'll use the Dexhuter token swap feature to exchange CNT for ADA and offramp ADA to FIAT with BANXA to allow users to pay with CNTs for their invoices issued in FIAT. Also, the product must be regulatory compliant, meaning Revuto will use the benefits of its e-money (electronic money) license issued by the Bank of Lithuania to launch such a feature within the SEPA banking system (EU + UK) and later other regions. Additionally, integration with an external banking provider and payment processor (most likely Paynovate) from the SEPA region will be included in the flow of funds.

[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

Revuto is a proprietary mobile app offering an ecosystem of products for bridging crypto liquidity with real-world business activities. To offer such easy-to-use products built on Web3 technology to help people use their crypto for payments, Revuto needs to be regulatory compliant. This includes setting up specific processes, checks, and AML policies, which can't be open-sourced.

[METADATA] Horizons

Payments

[SOLUTION] Please describe your proposed solution

Revutos' goal is to build an ecosystem of products leveraging web3 technology to help average users easily bridge their crypto liquidity with real-world economic activities. With this unique product, we will allow people to Pay for their INVOICES ISSUED IN FIAT with Crypto (Cardano Native Tokens).

The user will enter his invoice details (invoice issued by, recipient bank account details, and amount in FIAT) and pay for it with Cardano tokens. The product will allow KYC-verified users (individuals, not companies) to pay their invoices with CNTs. The app will calculate the number of Cardano tokens needed to pay the invoice. The service will be operational 24/7, and the payments will be executed immediately or within 24 hours, depending on whether the recipient bank is in the SEPA or instant-SEPA system (for the start).

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

Understanding the Problem:

In recent years, people have been able to access their Crypto via Crypto Debit Cards to pay for goods and services where debit cards (Visa or Mastercard) are accepted. However, many times, companies or other businesses issue invoices in FIAT, which people can't pay with Crypto Debit Cards. We believe there's a massive opportunity to help people use their crypto or leverage DeFi products (staking/lending protocols) and use it to pay for goods and services sold in FIAT.

Approach to the Solution:

With the simple mobile app UIX, Revuto will maximally simplify the process of using Cardano tokens to pay for invoices issued in FIAT.

Uniqueness:

This product could work exceptionally well with our other proposal in Fund 13 - Revuto - The first CROSS-CHAIN SWAP on Cardano! Swap the most popular cryptocurrencies for Cardano Tokens back in seconds, like BTC to IAG, SOL to SNEK, ETH to MIN, and USDT to USDM.

The ability to easily swap any of the top cryptocurrencies for Cardano tokens and then use Cardano tokens to pay for the invoice in FIAT could be a game-changer for the Cardano ecosystem. Much-needed liquidity and great utility will come to Cardano and its tokens.

>>> IMPACT ON CARDANO <<<

Allowing users to use their Cardano tokens to pay for their invoices (bills for goods and services, utility bills, monthly leasing invoices, and similar) will further boost Cardano's adoption.

>>> To our knowledge, no other crypto project offers this unique product within the mobile app.

[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?

The Revuto OU is an Estonian fintech/web3 company that is regulated and holds an electronic money license for the EU issued by the Bank of Lithuania. (https://www.dnb.nl/en/public-register/information-detail/?registerCode=WFTEG&relationNumber=R188724). The company is also in the process of obtaining the VASP license for the EU and UK.

• Proven Expertise and Support: The team of industry experts and financial technology specialists (Marko Rukonic, built credit scoring for Intuit, 25 peer-reviewed patents) supported by fintech and crypto advisors (Alex Garcia, ex-Moonpay).

• Proven Track Record: Since its successful ICO on Cardano in 5/2021, the Revuto team has released numerous app updates for the Revuto mobile app, integrated with many third-party services, attracted almost 400,000 registered users worldwide, and listed its REVU token on tier-1 centralized exchanges (Kucoin and Gate). Revuto has been one of the few Cardano projects building on Cardano since 2021. and is dedicated to continuing to build on Cardano to help further grow Cardano's adoption.

• Strong Community: Our supporters, followers, and token holders (Revutonians) consist of 400k subscribers to the Revuto newsletter, 26k registered users on the Revuto Discord Channel, almost 40K subscribers on Twitter (X), +25k on official Revuto Telegram channels, +10k on medium blog posts, FB, LinkedIn, and YouTube Channel. Revuto also participates in the most prominent crypto events, including Cardano Summits, and has received several awards for its work.

• Presence: Revuto was featured in CoinTelegraph, CoinBerau, Business Insider, Yahoo Finance, and many other popular crypto and fintech-related websites (news portals).

>>> To further prove our accountability, Revuto submitted its first Idea Catalyst proposal in Fund 12 to start issuing Debit Cards supporting Cardano tokens. Less than three months after the Cardano Community positively voted on the proposal and less than two months after we received the first funds to build, launch, and promote the product, as one of the main sponsors, Revuto will announce and launch the product at the central Cardano Summit 2024 event in Dubai on October 23rd. Revuto plans to do the same, be quick, and deliver before the schedule (in 3 months if possible) to catch up with the anticipated crypto bull cycle, which will help to further boost Cardano's impact on the whole crypto space when it's most needed.

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

New Product Designs and External Platform Integration

Duration: max one month

Outputs: 

• New front-end design (FIGMA files) and new UX integration
• New backend design for the new product integration
• Regulatory checks and preps for the additional legal requirements

Acceptance criteria: 

• UI designs in Figma are completed
• The discovery phase of the API documentation from the third-party service provider will require a third-party intermediary supported by a traditional bank in the SEPA system.

Evidence of milestone completion:

• We will provide Figma (UIX) design and access to mobile apps (TestFligh, .apk)
• Bi-weekly development reports
• A short video proving milestone completion

The flow of funds across the non-custodial Cardano and custodial Crypto wallets for the cross-chain token swap implementation and new Product Testing

Duration: max one month

Outputs: 

• Integration with Dexhuter for the CNT token swap to ADA
• Integration with Fireblocks for the ADA custody
• Integration with BANXA for the ADA to FIAT offramp

Acceptance criteria: 

• Compliance with MiCA and DORA (fully enforced in 2025.)
• Integrated with 3rd party service providers (Fireblocks and BANXA for Crypto offramp).
• Fully operational product for using Cardano Native Assets to pay for the invoices issued in FIAT.

Evidence of milestone completion: 

• A new Revuto app update allowing users to pay for their invoices with Cardano tokens.
• Bi-weekly development reports
• A short video showing the working product (Invoice Payment receipt).

Official Product Launch, Growth strategies and incentives, Closing Reports

Duration: max one month

Outputs: 

• Promotion and Official launch of the product
• Further Service announcements and promotion (crypto/fintech events, press releases)
• Final Report and video about the first user feedback and working product.

Acceptance criteria: 

• Revuto's new app update with the Use Cardano Tokens to pay for your invoices issued in FIAT product.

Evidence of milestone completion: 

• Revuto will provide links to the latest mobile apps (Appstore and Google Play)
• Links to paid promo and other evidence of promotional activities
• Videos of first user feedback and final reports on successful product launch

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

https://www.linkedin.com/company/revuto/

Revuto Team:

Vedran Vukman | Revuto | CEO & Co-founder

LinkedIn: https://www.linkedin.com/in/vedranvukman/

X: https://twitter.com/v_vukman

Serial entrepreneur and Investor in fintech and Web3 projects. Started several companies in Silicon Valley. Passionate about crypto. Advisor at GeniusX accelerator on Cardano, member of RWA Cardano Alliance, and member of UBIK for promoting Web3 in Croatia.

Marko Rukonic | Revuto| CTO & Co-founder

For the last twenty years, Marko has been a software and AI engineer at Intuit and the author of 27 peer-reviewed patents in the financial industry. With his team, Marko beat FICOs’ credit scoring and was later used by Credit Karma. Faculty of Electrical Engineering at the University of Zagreb.

Dorijan Jelincic | Revuto | Lead Backend Dev

LinkedIn: https://www.linkedin.com/in/dorijan-jelin%C4%8Di%C4%87-099b6725/

Full-stack software developer (DevOps, Ruby On Rails, MySQL, blockchain), dipl. Ing. Automatics, University of Zagreb. Passionate about building on blockchain (built a decentralized exchange and a crypto wallet).

Tin Blaga | Revuto| Business Dev

LinkedIn: https://www.linkedin.com/in/tin-blaga/

Tin started as a community manager in Revuto, was promoted to customer service manager, later acquired by Binance, and worked in their customer support. This year, Tin returned to Revuto as a business developer to help the company grow.

Daniela Loga | Revuto | Marketing

LinkedIn: https://www.linkedin.com/in/dloga/

Dani is a highly experienced international media, communications, business, and economy specialist. A native of Silicon Beach and proud alumna of both UCLA (BA: Slavic Languages and Literatures) and St. Petersburg State University (MA: International Relations) with an interest in and commitment to fast-paced projects and output as well as a fine eye for detail and understanding of market dynamics.

Matija Tusek | 3mi-lab | Co-founder

Project manager

Josipa Baketaric | 3mi-lab | Co-founder

Backend Developer

Marin Viskovic | 3mi-lab | Co-founder

Backend Developer

Robert Smolcic | 3mi-lab | Co-founder

Backend Developer

Dominik Dorić | Revuto | in-house

Android Developer

Sebastijan Draksler | Revuto | in-house

iOS Developer

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

Milestone 1

Mobile app (UI) Designer ($3,000) + AB testings ($2,250), 20 days (160h) = 15,000 ADA ($5,250)

Project Manager: 20 days ($45/h) = 20,000 ADA ($7,000)

Backend Development: 20 days, two devs ($60/h) = 40,000 ADA ($14,000)

Frontend Development: 20 days, two devs ($60/h) = 40,000 ADA ($14,000)

Legal work (MLRO) = 15,000 ADA ($5,250)

Total 130,000 ADA ($45,500)

ADA = $0.35

Milestone 2

Project Manager: 20 days = 20,000 ADA

Backend Development: 20 days, three devs ($60/h, 155h p/dev) = 80,000 ADA ($28,000)

Frontend Development: 20 days, two devs ($60/h, 116h p/dev) = 40,000 ADA ($14,000)

Q&A tester: 10 days = 8,000 ADA ($2,800)

Legal (MLRO) = 12,000 ADA ($4,200)

Total 160,000 ADA ($56,000)

ADA = $0.35

Milestone 3:

Paid promo: Press releases, other promo packages = 15,000 ADA ($5,250)

Product promotion via fintech-oriented web portals = 15,000 ADA ($5,250)

Product reviews by KOLs = 10,000 ADA ($3,500)

Other growth activities = 10,000 ADA ($3,500)

Total 50,000 ADA ($17,500)

ADA = $0.35

**All calculations are based on milestones lasting at least one month, but they can be extended to two months if needed. If the ADA price goes up, it will allow us to invest more funds into promotion (Milestone 3) and further expansion of the product features (adding more dev hours = adding more product functionality).

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

Since its successful ICO in 2021, Revuto has spent almost $7m building products on Cardano. Just listing our Cardano native token ($REVU) with Kucoin, Gate, and Bitmart (without market making and liquidity provision) cost us $1,050,000, which made $REVU one of the first Cardano Native tokens listed on tier-1 centralized exchanges. Besides product development, business and marketing activities, token listings, and hiring, Revuto invested in other Cardano projects and their tokens to reward users with free Cardano tokens and incentivize them to stay with Cardano.

By successfully launching this product within the Revuto app, allowing users to USE CARDANO NATIVE ASSETS TO PAY FOR THEIR INVOICES ISSUED IN FIAT, we believe we can bring another great utility to the Cardano ecosystem and Cardano tokens. If we add to the setup product allowing users to easily swap the most popular non-Cardano cryptocurrencies for Cardano tokens and use them to pay for their invoices (explained in our other proposal in Fund 13, this product will further help Cardano bring more users and, with it, more liquidity!

The product will immediately address all countries within the SEPA area. Since 2002, SEPA has greatly simplified European trade by creating the largest unified market in the world (36 countries in Europe)—a market of €11 trillion consisting of over 4,000 banks and more than 529 million citizens. Out of 529 million people, which represents a total addressable market, as shown in the photo below, Revuto had 147,053 registered users within the SEPA area on October 15th, 2024.

More importantly, this product aims to provide additional superb real-world usability to products built on Cardano. This means we'd be open to creating APIs for external integrations with the feature, allowing other (suitable) Cardano projects to offer the same functionality to their users.

Thank you,

Vedran Vukman (Vex)