Solana is a blockchain where new projects keep popping up. There’s now a new Solana wallet on the market, the Fuse Wallet. It launched in June this year. It’s smart wallet. When you set it up, it works without a seed phrase. Now, this Fuse Wallet has a new feature, Fuse Pay. This works like a virtual card for your Fuse Wallet.
So, let’s take a closer look at Fuse Pay and the Fuse Wallet.
What Is Fuse Wallet?
The Fuse Wallet is the first smart wallet on Solana. However, it’s currently only available in the App Store for iPhones. One can only hope that Android and browser options will be available soon. Having said that, the Fuse Wallet sure has some nice features.
Announcing Fuse Pay
A virtual @Visa card that enables everyday, real-world spending of stablecoins directly from your Fuse wallet.
Learn more ↓ pic.twitter.com/p2UGOPJuoR
— Fuse (@fusewallet) September 20, 2024
One of its biggest advantages is that you don’t need a seed phrase. This eliminates a single point of failure. That’s because you can’t lose your seed phrase. It’s simple, if you don’t have a seed phrase, you also can’t lose it.
Instead, Fuse Wallet uses 2FA and social recovery. So, this is how it works. Each wallet has a Smart Account. This powers the wallet. In turn, two Active Keys control your wallet. These are,
- Device Key — This key uses biometrics, and it’s stored on your device.
- 2FA — This is in your iCloud or a cold wallet.
So, as you can see, your account uses two signatures. As a result, you have improved security. But what if you lose one of these Active Keys? No problem, Fuse Wallet has a solution with the Recovery Keys. These allow you to recover your Smart Account. This works by email or with a cold wallet. The picture below shows how traditional wallets work vs Fuse Wallet.
Source: Fuse Wallet blog
What Is Fuse Pay?
Fuse Pay is a virtual prepaid Visa card. It only works with stablecoins, powered by Bridge. Bridge is a new payment platform that works with stablecoins. So, with Fuse Pay, you can take care of your daily, real-world payments. It fuses on- and off-chain payments. There’s no need anymore to leave the on-chain environment. For example, you can,
- Receive payments.
- Make purchases.
- Manage assets.
Since it’s a non-custodial wallet, you are in charge of your assets. There’s no need for banks or other middlemen. You can create a card account in your Fuse Wallet. The sole signer is your ‘Main Fuse Account’. It allows you to set a daily ‘Spending Limit’, which you can change at any time. First, this option will only be available in the US. Other territories will be added at a later stage. The picture below shows how Fuse Pay works.
Source: Fuse Wallet blog
Conclusion
The new Solana-based Fuse Wallet introduces a virtual Visa card. It allows you to spend stablecoins on your daily payments. The Fuse Wallet and Fuse Pay have great features that other noncustodial don’t have. For example, the Fuse Wallet doesn’t need a seed phrase when you set it up.
Disclaimer
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We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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