Share running pilots of its first blockchain product, &id NFTs
Fintech unicorn Slice has started creating NFT (non-fungible tokens) of Slice usernames (&id) for a select group of people in the Web3 community.
&id is a username that uses a decentralized identity network called Andy. “It’s an attempt to make identity a co-ownership concept that many different entities can collaborate on together rather than having a separate identity for each platform and function,” a source close to the development told BusinessLine.
According to Andy’s website, it will enable a world where all data of a user can be accessed through a single ID (with user permission).
“Image that uses data together from different platforms and applications to enable powerful and healthy experiences. With Andy, we envision a world where developers have open access to all the tools they need to create an experience tailored for you—all they need is your secure cryptographic consent,” the site’s Learn More section added.
According to another person close to the development, Andy is a separate entity working on Slice’s blockchain product and has over 16 people on the team.
Slice did not comment on Businessline questions.
Slice first introduced &id (powered by Andy) at the time of the UPI launch in May 2022. However, at that time it was limited to creating a Slice username.
The company has yet to release its whitepaper and litepaper, which will give us more insight into how the product will work.
Web3 trials
Slice has been working on its Web3 foray for a while now. In April 2022, BusinessLine reported that Slice has posted vacancies for Web3 roles as a backend developer (crypto exchange) and has also hired smart contract developers on its team.
As the RBI stopped loading lines of credit on prepaid payment instruments, Slice has recently moved from lines of credit to real-time lending. In a note to its customers, Slice founder and CEO Rajan Bajaj introduced this change as a feature update called Purchase power.
He explained that the update is an estimated amount that a user may qualify to borrow from Slice. In addition to this, Slice also changed its tagline to ‘the easiest way to pay’ from the previous ‘credit card challenger’. The company said it had over 12 million registered users as of July 2022.
Slice entered the unicorn club in November 2021, after raising $220 million in a Series B funding round led by Tiger Global and Insight Partners. It is also backed by investors such as Moore Strategic Ventures, Advent International’s Sunley House Capital, Blume Ventures and Gunosy Capital. Slice has raised $290 million in its Series A, B and ongoing C rounds.
Published on
12 August 2022
