The Launchpad is a regular series highlighting updates to the GlobaliD product ecosystem.
Fresh off the heels of our revamped ID Wallet, we’re thrilled to announce the brand new GlobaliD Wallet.
A digital identity is only as good as what you can do with it. At GlobaliD, our vision from day one has been to provide anyone, anywhere with not only a digital identity but also a digital wallet. Historically speaking, trust and value have always gone hand in hand. People generally don’t transact with others unless there’s a sense of trust. Similarly, you won’t be able to open a bank account unless the bank knows who you are — unless the bank trusts you.
With today’s release, we’re one step closer toward getting those people connected to the global economy.
Identity + Wallet
A non-custodial wallet is essentially a wallet that you have complete control over. It’s not too different from having cash in your actual wallet. That’s your money you can access whenever you want. It’s right there.
Compare that to a custodial service such as your bank account. It’s still technically your money, but it’s managed by a third party. It’s relatively easy to access your money, but you’ll have to go through your bank to do it — whether online, at the ATM, or with an in-person teller.
With a non-custodial wallet, you hold the master key to your funds.
Back in June, we announced our transition from a custodial wallet solution to a non-custodial one. The reasoning was and still is straightforward. The primary limitation to custodial offerings is access, given that they operate in a tightly regulated space. For instance, our previous custodial implementation of the GlobaliD Wallet was restricted in a handful of states due to local regulations. A non-custodial solution allows us to enable more users around the world to have the full GlobaliD experience.
This also marks one of the first times a digital identity is attached to a non-custodial wallet solution.
Today, non-custodial wallets operate in a regulatory gray zone since they aren’t tied to an identity, which ultimately limits their real world usability. By baking in privacy-preserving digital identity, GlobaliD’s non-custodial solution has everything it needs to become fully compliant in the context of existing regulatory frameworks.
What that means is the GlobaliD Wallet has the potential to serve your most common banking use cases such as storing funds, getting paid, and, of course, shopping online — all while giving you full ownership and control of your identity, your data, and your funds.
The new GlobaliD Wallet is also your bridge to the next chapter of the internet — what people are calling web3. This initial version is currently built on Solana, but Ethereum support is on the way — stay tuned. The eventual goal is support for all the major blockchains, all in one place. That means you’ll be able to seamlessly transfer funds between the traditional banking system as well as the metaverse.
With this release, we’ve taken a giant leap toward fulfilling that vision.
Here are all the things you can already do with your new GlobaliD Wallet:
New features and improvements:
The non-custodial wallet can be found in the Wallet tab of the GlobaliD app. When you open the app, you can quickly navigate to your GlobaliD Wallet by selecting Wallet at the bottom of the screen. Any assets you add to your GlobaliD Wallet will be readily available at your fingertips.
Support for USDC, SOL, and Solana NFTs — with more coming soon. Upon launch you will be able to hold, send, and receive USDC, Solana and Solana NFTs in your GlobaliD. We will expand support for Ethereum and other digital assets in future updates.
Store, view, and send Solana NFTs and NFT collections. You can house all of your Solana NFTs and NFT collections in the new GlobaliD Wallet. In the NFT tab of the wallet, you can easily navigate through your digital tokens.
Send SOL, USDC, and NFTs directly to GlobaliD users or wallet addresses. You can conveniently send tokens by typing in the name of another GlobaliD user, or just by entering a receiver’s wallet address. Receivers could also generate and share a QR code via GlobaliD which they can use to collect payments.
See a transaction log of all of your activity in the GlobaliD Wallet. You can review all of your activity in the GlobaliD Wallet’s transaction log. Additionally, a Transaction ID that links to a Solscan URL is generated for all Solana transactions.
Data minimization and a path toward financial inclusion. The new non-custodial wallet includes GlobaliD’s platform-wide onboarding requirements. Users who have yet to complete onboarding will need to declare some basic identity information in order to access the wallet. These requirements set the foundation for a fully compliant non-custodial wallet that has the potential to broaden access to regulated financial services. It also opens the door to compliant crypto services and regulated DeFi. We’ll share our vision for a fully compliant digital wallet that you own and control in upcoming editions of Launchpad.