Alright, Steemians - some very interesting news - this one is from India and Co-founded by some good guys.
I wrote an article about it when I first heard about it. You can find it here: https://steemit.com/cryptocurrency/@hardikv/nuo-crypto-bank-of-the-future-for-emerging-markets-news-that-surprised-me
Then yesterday, one of the founders - Varun Deshpande sent me the link to the test app they have developed and asked me to check it out.
First some background:
Website: https://getnuo.com/
Download the NUO app here:
Mobile: https://sh2d9.app.goo.gl/jbChDfbuTRe8NW912
Web: https://play.google.com/store/apps/details?id=com.nuo.android (referral code: T9HA44)
Nuo is a blockchain powered financial control centre to store, spend and grow your cryptocurrencies
Multiple Asset Support
Our multi-currency wallet supports all major cryptocurrencies starting with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) & Bitcoin Cash (BCH)
Nuo Payments Card
Spend cryptocurrency of your choice at over 30 Million online and offline merchants worldwide with our Nuo Card at real-time exchange rates
Lightning Fast Transfers
Secure and instant payments across multiple cryptocurrencies by using bi-directional payment channels allowing participants to pay each other off-chain
Tokenised Incentives
Our blockchain based ERC-20 smart contract equitably rewards all users with Nuocoin tokens for using the platform enabling them to be a part of our growth
Here is a very interesting video of their product demo:
I asked Varun a few questions:
Me: When you say Bank Of The Future, what exactly do you mean?
Varun: Nuo would cover storing (deposits), peer to peer transactions (payments), decentralised lending (Loans) and decentralised crypto exchange (investing). These are the main products for any bank which we would be launching globally.
Me: The Nuo Payments card is a physical card? That is what it seems like from the promo video of the girl at the coffee shop.
Varun: We aren't launching the product with the card just yet. In the process of getting an approval from our card partner.
We would be adding decentralised lending and decentralised crypto exchange for erc20 tokens in the next version.
Me: The product demo video looks very interesting! How are you planning to deal with countries like India where as of now cryptocurrencies are not legal tender.
Varun: It's not being used as a legal tender. We act like an exchange which liquidates small amount of your crypto.
The merchant still gets paid in fiat via the visa or MasterCard network when you purchase from them.
This is super exciting, a way to spend your crypto online and offline for regular stuff.
Their app launch went live today.
Here is a quick rundown of the app I tried (the final one might have some changes):
First Screens
Sign-up Process: It will need your email and phone number and permission to read sms for OTP
Put Referral Code (Mine: T9HA44), Create a 4 digit pin and you can enable unlock via finger print as well.
Put Referral Code (Mine: T9HA44), Create a 4 digit pin and you can enable unlock via finger print as well.
The signup process is pretty simple and easy to go through.
I like the fact that you can also unlock the app with your fingerprint. This makes it super quick and easy to use.
Once you are inside, you will see that currently you get 100 Nuo Coins for sign up and my version of the app also had some test coins.
As of now, they have LTC, BTC and BCH.
They are planning to add more coins in the future.
You also get 50 Nuo coins to invite a friend.
Now for a few screenshots from Inside the app
The first tab is where you see:
- Overview of your funds
- Which coins your funds are allocated into
- Your Nuo Coins
- Quick transaction history
On the second tab, you see all your incoming and outgoing transaction histories. (left screenshot)
And the centre button takes you to the Send or Receive money options. (right screenshot)
Here are a few screenshots of making a transaction. I used the test LTC given in the app.
Just select the coin you want to transfer, enter the destination address, amount and confirm.
It will also show you the corresponding transaction fees on the side.
The app works smoothly except for minor hiccups and force shut-downs, which I imagine is due to the test version I have.
I will be linking the working version below.
The UI is quite simple and easy to understand and interact with. Pretty darn good for the first version if I say so.
Benefits as of now:
- First 10,000 signups get 100 Nuo coin airdrops.
- Nuo coins airdrops for every successful referral.
- Nuocoin cash back of 2% for every transaction.
Bounty:
Team Nuo is ready to give bounties to anyone active on BTCTALK willing to post about Nuo there. You can get in touch for this directly with Varun on [email protected]
Personally, I am extremely excited to see a team of young Indian crypto entrepreneurs taking up such an ambitious project. And they are on a great path looking at the beta version of the app.
I think Nuo has great potential because the concept it super. ( Leaving aside the irony of making a Bank in the crypto space.. you know, since the very idea of the first cryptocurrency was to get away from the banks!)
But I think that is exactly why they are calling Nuo the Bank of the future - or simply put, a decentralized bank!
I am no expert on cryptocurrencies and trading.
Hence, calling all crypto experts on Steemit to check this out, try out the app and let me know in the comments what you think.
Download the NUO app here:
Mobile: https://sh2d9.app.goo.gl/jbChDfbuTRe8NW912
Web: https://play.google.com/store/apps/details?id=com.nuo.android (referral code: T9HA44)
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I am a bit sceptical about any Indian crypto startup now considering the tone of the Indian government on cryptocurrencies.
Yeah. I understand... but I doubt any solid decisions are coming from the Indian Government anytime soon.
But the fud created by the government and the banks has put the public in confusion as to whether participate in any crypto related project or not.
I recently received a few mails from HDFC bank that they will not support any crypto related transactions.
I saw them too. My wife has an HDFC account. I agree with you, a lot of FUD in India.
But this app is launched globally. I am curious to see what people in other countries think of this.
Ok, this sounds interesting.
But from what I know more than these people are working on a solution like that. To have a place where you can store all your coins and send them everywhere in a simple way.
What I would like to know is this: Are these guys have been involved in some crypto projects before or is that their pilot project?
What is exactly different on their solution?
That's a good thing to ask.
Thanks :)
You might be able to find that info looking at the Linked in profiles of the Team on their website.
Ok, so you don't know it?
pretty cool . i will try it :D .
Good job brother..
I like that
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What about Aadhar ?? Is it required to complete KYC..?
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Are they accepting US customers? Can't get past pin code on signup.
We fixed few issues and uploaded another version. Can you try again and let us know?
I'm totally down for this, but what I'm curious about is the Nuo conversion rates, I've been trying to find my way around this. I'll appreciate any help concerning this. Thanks in advance.
What i can use NOU in indonesi...??
How do i convert the nuocoins to lets say eth so i can trade. Or is it tradable on its own? Pls reply