ETO prepares to enter micropayments through Web3 investment

Friday, 04 August 2023 12:03

The ETO GRUPPE has acquired a stake in UAB Kesolta in Lithuania, which launched, a new type of exchange platform for digital currencies, on 2023-08-01.

Viviswap enables secure buying and trading of digital currencies. Up to a daily trading volume of 699 euros no comprehensive KYC identity verification is required for registration (KYC: "Know Your Customer"). For larger amounts, verification can be completed easily by recording a short selfie video and uploading both ID and proof of residence documents. Instead of using an e-mail address, users may also open and manage their account directly using their own wallet (Web3). Once an account has been created, the exchange platform is linked to the user's bank account, enabling the user to buy and sell digital currencies via a self-hosted wallet. Unlike other providers, the user's digital currencies always remain in their private wallets and are not accessible by any platform. As a result, digital currencies are directly available to be used in mobile apps.

The ETO GRUPPE plans to integrate Viviswap into its own applications. In the near future, Viviswap will even enable micro payments linked to programmable conditions (so-called "smart contracts") in a simple and secure way and in real time. Among other things, the ETO GRUPPE will use distributed ledger technology for this purpose. The technology is characterized by a very high degree of data security and leaves the data sovereignty with the user. In contrast, control over user data in current online business processes is mostly in the hands of international tech companies that earn money with the data.

In future applications of the ETO GRUPPE, customers will be able to use Viviswap to swap digital currencies into their wallets virtually in real time, as well as use services and sell their own data 24/7 - an important step for the ETO GRUPPE towards Web3.

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