ZELF, the bank of the metaverse, is shaking up the financial world by introducing anonymous Visa cards, which can be topped up with crypto. While other banks are becoming increasingly cautious about cryptocurrencies, ZELF is stepping things up by offering its customers the ability to use their cryptocurrencies in the real world.
One step closer to privacy
Last June, we introduced you to Zelf. The metaverse bank wasted no time and is back with something new.
ZELF cards can be used at 80 million locations worldwide, anywhere Visa is accepted, making it easy to shop, travel, and more. ZELF allows people to use their cryptocurrency holdings to live their lives without restrictions.
The crypto community has always placed great importance on privacy. In a world where government surveillance is increasingly pervasive, cryptocurrency enthusiasts are seduced by the idea of a digital currency that can be used anonymously. However, in practice, most crypto cards for creating an account require the customer to go through a verification process, known as KYC (“Know Your Customer” procedure). This may deter many users who value privacy above all else. ZELF is the bank that aims to solve this problem.
With ZELF, users can open a current account in USD without identity verification. Only a name, email address and phone number are required. It is therefore unnecessary to provide personal information, such as scans of documents, proof of residence or a social security number. In 30 seconds, ZELF lets you open a checking account and get a virtual debit card that works with Apple Pay and Google Pay online and offline.
You can top up your ZELF account via ACH and traditional transfers, but you can now also top up the card by making a cryptocurrency deposit. Currently, ZELF supports USDC, USDT, and ETH, but the company plans to add many more tokens soon. This makes ZELF an attractive option for anyone who values privacy and wants to use their cryptocurrencies without having to worry about having their personal information compromised.
Zelf, the ambassador of the future of neo-banking
This value proposition, which seems purely user-focused for those who want greater payment privacy, is also a boon for the bank itself.
By allowing customers to start banking without going through traditional verification, onboarding time is reduced from days to seconds and the cost of acquiring new customers is dramatically reduced. ZELF indicates that its CAC (Customer Acquisition Cost) is 600 times lower than that of traditional banks and 60 times lower than that of neobanks. This results in huge savings for the neobank, who can invest this money in more innovative banking ideas or simply pass it on to their customers in the form of lower fees. Result: the bank and its customers are winners all along the line.
As Zelf Founder and CEO Elliot Goykhman said: by not requiring KYC upfront, we also attract unbanked customers because they cannot pass verification at traditional banks, including international digital nomads, migrant workers and refugees “.
Zelf has been innovating since 2017 and is one of a kind with a product that may change the way we do business forever. If the cryptos are the future of banking, so Zelf is the first to jump in.
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