Wireless Transactions: A Breakthrough in Creator Payments
First social network to let users spend content earnings instantly at 80+ million merchants worldwide
Wirex, a distinguished provider of cryptocurrency products and Banking-as-a-Service (BaaS), has launched an innovative solution with the Collective Memory Card. This collaboration aims to empower creators on a revolutionary decentralized social platform, allowing them to instantly earn from their content and spend their earnings at any merchant globally.
Empowering Creators with Real-Time Earnings
In contrast to conventional social media platforms that can take days or even weeks to disburse payments to creators, the Collective Memory platform enables creators to access their funds as soon as they earn them. By accumulating ATTN tokens when others stake on their contributions, creators can convert these tokens into tangible spending money without delay.
The Significance of the Collective Memory Card
This setup marks a significant advancement in social media, creating instant liquidity for creators from their work to their wallets. The partnership emphasizes Wirex's BaaS platform as a gateway to the next generation of payment processing catered to social media creators.
Wirex's BaaS: Redefining the Creator-to-Card Framework
By leveraging a single API integration, Collective Memory taps into Wirex's comprehensive BaaS offerings:
- Non-Custodial Card Issuance — This includes virtual and physical debit cards that allow full control over assets, with support for major digital wallets like Apple Pay and Google Pay.
- Real-Time Token-to-Fiat Conversion — This feature enables seamless conversion of ATTN token earnings to immediately spendable currency during transactions, streamlining the payment process.
- IBAN Accounts in EUR & USD — Offering named virtual IBANs that support both SEPA Instant payment and Faster Payments systems, providing efficient fiat processes in over 30 countries.
- Unified Balance Management — A cohesive wallet experience that integrates creator rewards, staking yields, and fiat balances, simplifying financial management.
As Daniel Rowlands, General Manager for Onchain Finance at Wirex, states, "Collective Memory advances a method whereby creators receive real compensation for their contributions promptly, allowing for immediate spending. Our BaaS solutions bridge the gap between blockchain rewards and real-world transactions, eliminating waiting times and complex withdrawals. This represents the true essence of the creator economy."
Transforming Social Media Ecosystems
Collective Memory is innovating the decentralized social platform model, turning user-generated content such as images, videos, and texts into stakeable, verifiable assets. By implementing a tokenized attention economy, it ensures that actual value reaches creators and curators who recognize and amplify significant content. With Wirex facilitating the conversion of these onchain rewards into immediate spending capabilities, individuals can leverage their creativity in everyday transactions.
Since its inception, Collective Memory has seen remarkable engagement, with over 3.5 million memories recorded on its platform. Creators are rewarded with 5% of the total stakes related to their content, and early identifiers of noteworthy moments receive rewards proportionate to their contributions. The integration with Wirex's BaaS is the first of its kind, fundamentally altering the landscape of social media and fiscal interaction.
Closing the Gap in Creator Monetization
As Jonathan Saragossi, Co-founder and CEO of Collective Memory, points out, "Traditional platforms prioritize their profit over the value earned by users. The introduction of the Collective Memory Card, supported by Wirex BaaS, closes the cycle, permitting individuals to create, earn, and spend their income in real time. Our vision is to cultivate a fair attention economy, where creators are duly rewarded for their contributions."
Access and Features of the Collective Memory Card
The Collective Memory Card boasts acceptance across a staggering 80 million merchants spanning 130 countries, opening a world of opportunities for users. Key features include instantaneous conversion of ATTN rewards into usable funds, non-custodial control over assets, compatibility with major digital payment platforms, and clear pricing with competitive exchange rates for international transactions.
This innovative card will be available to users in the EU and UK starting in the upcoming months. Prospective users can join the waitlist to be among the first to capitalize on this transformative opportunity through Collective Memory's platform.
About Wirex
Wirex stands as a global leader in payments, providing comprehensive services to both consumers and businesses through innovative card payment solutions and banking infrastructure. It has amassed trust from over 7 million users since 2014, facilitating transactions exceeding $20 billion across 130 nations. As a principal member of Visa and Mastercard, Wirex enables seamless crypto transactions for users worldwide.
About Collective Memory
Collective Memory is pioneering a decentralized platform that transforms genuine human experiences into verifiable, stakeable digital assets. By rewarding creators for capturing and recognizing noteworthy moments, it is reshaping how social networks manage and redistribute values. With millions of records retained and extensive rewards for contributors, the platform is a dynamic force in the evolution of information sharing and monetization on social media.
Frequently Asked Questions
What is the Collective Memory Card?
The Collective Memory Card is a payment card allowing creators to instantly spend their earnings in real time at various merchants worldwide.
How does the payment process work for creators?
Creators earn ATTN tokens for content engagement, which can be converted into spendable currency instantaneously through the Collective Memory Card.
What advantages does Wirex's BaaS platform offer?
Wirex's BaaS platform provides card issuance, real-time token conversion, IBAN accounts, and a unified wallet experience for creators, enhancing their financial management.
In which regions will the Collective Memory Card be available?
The Collective Memory Card will be accessible to users in the EU and UK starting in the upcoming months.
How is the value distributed in the Collective Memory platform?
Value is allocated directly to creators and curators based on audience engagement and content recognition, promoting a fair trading environment for users.
