The wallet is generated with the user’s telephone number and it provides a recovery phrase. Lite.IM works with WhatsApp, Telegram, Facebook Messenger, and text messages
Zulu Republic, a Switzerland-based cryptocurrency startup, announced last May 19th that the services of its Lite.IM wallet are already enabled for WhatsApp. The application allows transferring BTC, ETH and LTC to any contact using a robot as an intermediary.
Users can access the service from a link provided by the startup or from the Lite.IM website, by entering the area code of their country and their telephone number. The application re-directs to a chat room where a bot can be contacted in order to process operations with cryptocurrencies, which activated activated with the word “HOLD”.
The wallet is generated from the telephone number and an alphanumeric key, producing a private key or mnemonic phrase that users can export. An amount of BTC, ETH or LTC must be deposited in the public address of the wallet or QR code to be able to use it. If users have sufficient balance, they can send these cryptocurrencies to any contact, only by using their phone numbers or wallet address.
In addition to WhatsApp, Lite.IM also provides services on Telegram, Facebook Messenger and even text messaging platforms. The application was launched last August 2018, being noted as one of the first wallets integrated with messaging applications.
More Adoption and Less Privacy
Lite.IM is noted because it has user-friendly options for those who are not very familiar with cryptocurrencies. The application allows sending remittances in crypto assets to any user without the need of a wallet, which contributes to the adoption of the ecosystem. It is also an easily accessible platform, since it is integrated with the most popular messaging applications on the market.
The Lite.IM wallet works in most countries worldwide. The United States and North Korea, two of the most censored countries within the ecosystem, are enabled on the platform. Iran is one of the few countries that are not contemplated, possibly because of the trade restrictions recently imposed by the international community.
Regarding Latin American, the residents of Bolivia and Ecuador are not qualified for this wallet, in accordance with their governments’ policies. However, users from Venezuela, the Dominican Republic, Argentina, Cuba, Colombia and Mexico, to name a few, will be able to conduct cryptocurrency transactions through WhatsApp. Additionally, the Lite.IM portfolio can be configured so that all options are in Spanish.
A point against this wallet is privacy. According to privacy policies in Zulu Republic, the company stores all personal information entered into the wallet, such as e-mail addresses, telephone numbers, and cookies. This feature can be disadvantageous for those who consider privacy as one of the strongest bastions of cryptocurrencies.
Wallets integrated with messaging applications or social networks are increasingly popular within the ecosystem, which facilitates sending remittances or tips through creative content. Lite.IM is not the only wallet launching its services through WhatsApp, since the first specialized wallet within this platform was developed by the Spanish startup, Wuabit, last year.
The DropBit wallet, designed for iOS operating system phones, also allows sending cryptocurrencies through text messages. Similarly, SendCrypto and Tippin.me are other platforms that can be integrated with networks such as Twitter and Reddit in order to send tips.
Developers of cryptocurrencies are interested in having more users adopt them. The advantages of the options mentioned above must be considered when deciding to invest in crypto assets.
By Willmen Blanco