First Neobank in the Metaverse: Banking rethought in Metaverse: Neobank ZELF makes banking services available in a new ecosystem | news

ZELF describes itself as a neobank in messengers
Neobank offers the opportunity to hold wealth in a wide variety of forms
Positioned as the bank for the game generations and the metaverse’s first neobank

ZELF: A neobank for Generation Z

Since 2018, the team around ZELF’s founder and CEO Elliot Goykhman has been working to build ZELF on the “vision of a cashless and contactless society in the future,” as the company writes in a blog post. The project then went live in the pandemic year 2020. In the spring of 2021, ZELF announced its first investment of $ 2 million to its more than 500,000 users worldwide.

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ZELF now has more than one million registered users. Generation Z neobank is embedded in popular instant messaging services like WhatsApp, Messenger and Telegram. “In Tokyo, we were recently able to demonstrate that ZELF is already working with Line and WeChat. At launch in Southeast Asia, these two messengers will also be fully integrated,” ZELF chief Elliot Goykhman told Cointelegraph, adding: “If integration into popular Messenger apps sounds too good to be true, we will take it a step further. Next, we will be usable on Instagram, iMessage and TikTok once the relevant APIs are released. ” With integration into big messengers, ZELF pursues “the ultimate goal of being a ubiquitous bank, from the simplest SMS user interfaces to bots and full AI-supported voice control”.

So according to ZELF, it is possible to get a completely free card in 30 seconds and use your favorite messaging app to access all the features. For example, customers should also be able to purchase an NFT via ZELF Bot in just three simple steps and have the option to store their assets in a variety of forms, such as cash, NFTs or in-game items – because the company advertised by the end of 2021 to expand to gaming. In this way, ZELF makes banking services available in a whole new ecosystem and connects them with the real world. For example, you can imagine that the neobank accepts items in the game as security for a loan. “Unlike a normal bank, for example, we could also assign a Schufa score based on in-game performance, allowing us to see a player’s Steam profile at their skill level,” Goykhman told Cointelegraph.

Expansion to the gaming industry

In late 2021, ZELF announced that they had released a banking integration to Discord, the leading chat server for gamers. “The new functionality enables a world first: a way for players to conduct their banking business in Discord with their ‘always-on’ messenger and the ability to store virtual assets (skins, in-game cosmetics, weapons, etc.) in their favorite games through transactions with real money, “the company said in a blog post.

As play-to-earn picks up, traditional game publishers are under increasing pressure as players seek to leverage their skills and investment in the game, according to ZELF. “The big challenge will be to convince the traditional gaming industry to open up to play-to-earn. In a way, that’s exactly what Steve Jobs was supposed to do when he got the major music companies involved in selling on iTunes,” ZELF CEO Goykhman told the Cointelegraph. Meanwhile, play-to-earn NFT game publishers would face demands from regulators to implement anti-money laundering solutions and ensure compliance with tax and anti-terrorist financing regulations.

ZELF sees a great opportunity here and “has already started collaborating with several leading game manufacturers to help them curb the illegal trading of assets in the game,” according to the company. It pointed out in its December 2021 blog post that the size of the market at the time was $ 19 billion, according to BNP Paribas. With the help of ZELF, gaming operators should now be able to participate in revenue, but also offer more transparency, fairness and much-needed transaction guarantees to the market.

ZELF’s CEO stated: “We are very excited that our technology will enable players around the world to leverage their gaming skills while providing buyers and sellers with a secure environment to trade in virtual assets outside of their favorite games. ZELF in Discord will bring much-needed security and transparency to P2P transactions of skins, weapons, characters, in-game cosmetics and more, enabling the future of Metaverse banking. ” According to Goykhman, ZELF is also excited about “extending play-to-earn functionality to popular non-crypto games” and believes the technology is coming at just the right time “to establish ZELF as the bank for game generations and to place the first Neobank of the Metaverse “.

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