[Deliverable 1] FNT Crypto Card Product

• Brief description: Integrate XLM into the FNT Crypto card product
• How to measure completion: XLM integration into the users' wallets (users can deposit XLM, top-up the card, and spend online or offline).
• Date: 05.08.2024.
• Budget breakdown: Development Team
  • Senior Software Engineer: 50 USD/h x 120h of work = 6,000 USD
  • Backend Developers: 2 x 30 USD/h x 160h of work = 9,600 USD
  • Frontend Developer: 2 x 25 USD/h x 160h of work = 8,000 USD
  • Designer: 40 USD/h x 5h of work = 200 USD
  • DevOps: 30 USD/h x 120h of work = 3,600 USD
  • QA: 25 USD/h x 120h of work = 3,000 USD
  • Azure Server: = 2,300 USD
  • Fireblocks: = 2,600 USD
  • AMLbot: = 1,500 USD

Total: 36,800 USD

Total budget: 36,800 USD

We appreciate the feedback from SCF #27 and welcome the opportunity to provide further clarification.

https://dashboard.communityfund.stellar.org/scfawards/scf-27/activationawardreview/suggestion/1117 

In response to previous submissions, we have integrated the Stellar blockchain (USDC) with unique Memos for each customer and introduced a crypto card tab where users can order both gifts and crypto cards.

To clarify the link between FNT Crypto and Global Unit Pay (GUP): Valentin Sokolnikov (CEO of FNT Crypto) founded GUP in 2020, achieving over $100 million in transaction volume with 25,000 verified customers (b2b and b2c) across 160+ countries, specializing in B2B and B2C services. In 2022, Valentin initiated the FNT Crypto project to cater specifically to crypto users, leveraging GUP's expertise while focusing GUP solely on B2B clients. Existing GUP users are registered on the platform, which facilitates simple money remittance, fiat cards, and crypto on/off ramp services (EUR/BTC, EUR/ETH, EUR/USDC (ERC20), EUR/USDT (ERC20, TRC20)). FNT Crypto will expand its crypto features and integrate the Stellar blockchain for existing GUP users, as well as introduce these services to GUP's business clients with own user base (crypto exchanges, crypto communities). Previously, EUR cards were available globally, but after a bank license issue in 2023, a new bank issuer allowed services to EEA and UK regions. GUP aims to secure new bank issuers for global service expansion. 

Additionally, the technical architecture and integration of the Stellar blockchain have been updated, and our Activation Reward results list now details the initial stages of product development.

Product

FNT Crypto specializes in products and services tailored for crypto users, integrating the Stellar blockchain for enhanced utility. Our flagship product, the FNT Crypto card, empowers users to utilize their crypto holdings through a Mastercard for daily transactions. The Stellar blockchain integration supports USDC, XLM, and other tokens, with the option to customize the physical card (metal or plastic) with Stellar designs, showcasing company branding upon approval.

FNT Crypto cards facilitate cryptocurrency spending like traditional bank cards, both online and offline. Authorized third-party services facilitate the seamless exchange of cryptocurrency for fiat currency.

Problem

Many individuals face challenges accessing both traditional financial services and cryptocurrencies in one platform.

Solution

We provide a comprehensive solution by enabling users to seamlessly utilize their Stellar funds for various payment services, enhancing their day-to-day financial transactions.

Deliverable 1

Launch physical cards featuring Stellar design that are exclusively usable with Stellar XLM tokens and offer cashback on XLM spending.

• Integrate dedicated flow for XLM in card purchase, top-up, and spending.
• Submit Mastercard application for new card design.
• Process factory application for printing 1,000 plastic and metal cards.
• Initiate card delivery to customers.

The total estimated budget is $90,000, which covers the bank issuer's liquidity warranty, card design application, and printing costs.

Deliverable 2

Integrate DeFi Soroban for lending and borrowing systems.

• Develop DeFi smart contracts on Soroban for lending and borrowing.
• Integrate DeFi lending and borrowing with CeFi crypto cards.
• Design user interface, backend architecture, and security protocols.
• Integrate APIs for payment processing and user authentication.
• Conduct alpha testing with the internal team to identify and resolve usability and functionality issues.

The total estimated budget is $80,000, including development team, servers, and infrastructure costs.

Deliverable 3

Integrate Stellar blockchain for internal transactions and data storage.

• Implement internal transactions for Stellar tokens.
• Integrate FIAT transactions with Stellar blockchain for transparency.
• Develop APIs for seamless FNT Crypto platform and Stellar network interaction.
• Conduct extensive testing for scalability, security, and compliance with Stellar protocol standards.
• Perform comprehensive smart contract audits to ensure compliance with security best practices.

The total estimated budget is $100,000, including smart contract audits.

Deliverable 4

Launch earning mechanisms with yUSDC on Testnet and integrate with FNT Crypto platform.

• Implement additional earning opportunities such as staking and yield farming.
• Conduct stress testing to assess system robustness under high transaction volumes.

The total estimated budget is $90,000.

Deliverable 5

Integrate earning mechanisms with the DeFi lending and borrowing system.

• Integrate yUSDC with Soroban smart contracts for lending and borrowing.
• Implement advanced features like real-time rewards accrual and redemption.
• Conduct beta testing with select users to gather feedback and iterate on the product.
• Track KPIs, including card activation rate, reward redemption frequency, and customer retention.

The total estimated budget is $100,000.

Valentin Sokolnikov, CEO. Over 14 years of experience in finance, business dev and strategy background. CEO of Global Unit Pay - a blockchain-based platform with a technically advanced set of services for B2B, financial transactions. 

Discord valentinsokolnikov

https://www.linkedin.com/in/valentinsokolnikov/

https://twitter.com/vs_sokolnikov

Artur Polishuk, CTO. Over 17 years of experience in software and full-stack development. Since 2016 Artur has been leading teams in the blockchain sector, including crypto exchanges and Smart Contracts.

https://www.linkedin.com/in/artur-poleschuk-800b2158/

Nikita H., Front-end. Nikita is a Senior front-end developer with over 11 years of experience in developing mobile and desktop apps.

@Daikirisan

Ivan V., Front-end. Ivan is a Senior front-end developer with over 13 years of experience.

Egor P., DevOps Engineer, has over 8 years of experience. Egor specializes in automating processes, configuring and maintaining infrastructure, and ensuring the security and reliability of the project.

@e_pk2511

Yauheni K., Back-End Developer, has over 7 years of experience. Yauheni specializes in developing the server-side of applications, ensuring their high performance and scalability.

@monsieur_merde

Maksim B., also a Back-End Developer, has been working in development for over 5 years. Maksim has deep knowledge in application architecture and performance optimization.

@L_u_k_o_s

Yulia L., QA Engineer, has worked in testing for over 6 years. Yulia specializes in functional testing, test automation, and ensuring a high level of product quality.

@ulyaro20

Alexandr B., UI designer, has worked in UI and design for over 10 years.

The team has sufficient experience and understanding to successfully develop the solution.