The idea for BasedApp was formulated in direct response to the chaos of 2022, with the spectacular collapse high profile companies like Celcius and FTX.
The common denominators for these collapses were a shocking lack of internal controls and the lack of oversight that consumers were able to exert over these companies, given that there were privately held opaque companies. Simply put, once your money was with the company, there was no way for you a user to know for certain that your funds was still there when you wanted to withdraw, or if they had been lent out as fractional reserves to other companies or worst squandered away by the management team.
Their collapses highlighted the need for a truly decentralized app with the following core principles:
Transparent: Users must have 100% confidence that are in control over their funds within the wallet.
User-friendly: Crypto wallets and dApps are generally too complicated for non-crypto natives to comprehend. We want to abstract away the complexities, leaving behind the best of what the blockchain can offer.
Impact: We do not want to build just the next MetaMask clone. We want to build an App that you will use daily. Something that positively impacts you along your crypto journey.
It is with these principles in mind that we have built BasedApp.
BasedApp is a dApp that enables users to truly utilize their crypto the fullest potential. It is our take on how we, as users, want to interact with the blockchain whilst safeguarding our funds in a entirely non-custodial manner.
BasedApp consists of a smart wallet and a non-custodial crypto debit card. With the BasedApp wallet, you will enjoy 1-click transactions with batched signings, gain the ability to pay for gas in the token of your choice, along with instant transfer of tokens to your friends on BasedApp.
The debit card will enable you to finally spend directly from your wallet, without having to deposit funds with us. The debit card is currently available in XSGD denomination. We are expecting a USD-denominated debit card in Q3 of 2024.
With the BasedApp card, you will finally not have to offramp your crypto before spending, saving on the offramp fees.
Welcome to the new era of money.