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 using a decentralised identity network called Andy. “It is an attempt to make identity a co-owned concept that many different entities can collaborate on together instead of 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).
“Picture using data together from different platforms and applications to enable powerful and wholesome experiences. With Andy, we envision a world where developers have open access to all the tools they need to create an experience tailor-made for you - all they need is your secure cryptographic consent,” the website’s learn more section added.
According to a second person close to the development, Andy is a separate entity working on Slice’s blockchain product and has over 16 people in the team.
Slice did not comment on Businessline queries.
Slice first introduced &id (powered by Andy) at the time of its UPI launch in May 2022. However, at that time, it was limited to creating a Slice username.
The company is yet to release its Whitepaper and litepaper, which would give us more insight into how the product will work.
Slice has been working on its Web3 foray for a while now. In April 2022, BusinessLine reported that Slice has put up job openings for Web3 roles like backend developer (crypto exchange) and has also hired smart contract developers on its team.
As RBI put a stop on loading of credit lines on prepaid payment instruments, Slice has recently pivoted from credit lines to real-time term loans. 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 simplest way to pay’ from the earlier ‘credit card challenger’. The company said it had over 12 million registered users in July 2022.
Slice entered the unicorn club in November 2021, after raising $220 million in a Series B funding round co-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 cumulatively raised $290 million in its series A, B and ongoing C rounds.