Based App Review - a DeFi-based debit card

BasedApp is a new platform designed to empower users to spend, send, and invest in crypto on the go, powered by Web 3.0.

At its core, BasedApp is guided by three fundamental principles:

• Transparency: It believes in transparency above all else. The crypto world has often been criticized for its opaque operations, but this new platform has a mission: to give you back control of your funds
• User-Friendly Approach: Crypto and blockchain have a steep learning curve. But BasedApp seeks to change that. With an intuitive design and a focus on simplifying complex processes, it's a platform that both crypto novices and experts will appreciate.
• Real-World Impact: BasedApp isn't just about creating another cryptocurrency wallet; it's about enhancing your daily life.

BasedApp features

Smart wallet with social login

BasedApp's smart wallet is the beating heart of the platform, packed with powerful features designed to simplify your crypto experience. It is powered on Polygon using a smart contract wallet, which brings better recoverability and enhanced user experience via gas fee abstraction, in-built automation, and 1-click transactions via batched transactions.

Users can either choose to use social logins powered by Magic.link or any web3 wallets like Metamask, Ledger, Trezor or WalletConnect. It also works with more than 100+ mobile wallets via WalletConnect.

One-click invest and swaps

BasedApp offers one-click approval for token spend and deposits into your favorite DeFi platforms and swapping tokens on decentralized exchanges (DEXs).

Boosted Yields and automated investments

BasedApp allows you to automate your crypto investments with ease. BasedInvest's Recurring Swap feature allows investors to invest a fixed amount of money regularly to reduce risks by spreading out their investment over a period of time. There will be a limit of $1,000 per position initially, which will be lifted in the future.

BasedApp crypto debit card

Perhaps the most interesting feature of them all, is the crypto debit card powered by the blockchain.

BasedApp eliminates the need to off-ramp your crypto into your bank account before making everyday purchases. You can spend in your local currency with zero fees, including zero foreign exchange fees from 1 Nov 2023, which makes the based debit card among the most competitive cards in the market.

As a cardholder, you can enjoy various benefits and rewards, making your spending experience even more rewarding.

BasedRewards allows users to earn points on your spending but also on Recurring Swaps and future features like Invest within the app.

These points never expire, allowing users to accumulate over time and redeem for exciting rewards, at a rate of 5000 points = $10 reward. This translates to approximately 1% cashback for the base spending.

For certain merchants like Spotify, Netflix, YouTube and ChatGPT, spending will be awarded at a bonus rate of 6 points per $1 spent, or 2% cashback.

Getting Started with BasedApp: Simplicity at Its Best

Joining BasedApp is a breeze. You can access the platform via a user-friendly web portal. Here's how to get started:

Choose Your Preferred Login Method

BasedApp offers flexibility in how you sign up. You can use a regular crypto wallet like Metamask, Rabby, Trezor, or Ledger. Or, you can opt for a simpler, more convenient login option through Google, Email, or Phone, powered by Magic.link. It's all about accessibility.

Create Your BasedApp Wallet

Once you sign up, a BasedApp wallet is created for you. This wallet is separate from your EOA (Externally Owned Account) wallet, so make sure to send your funds to the correct wallet address.

While BasedApp currently operates as a web platform, a mobile app is in the works. Soon, you'll be able to enjoy the full spectrum of features on both web and mobile platforms.

Security and Privacy

BasedApp takes your security seriously, but you also play a crucial role in safeguarding your assets.

BasedApp follows a self-custody model, meaning you have full control over your assets. Your funds remain on-chain, and you retain complete visibility and control. BasedApp doesn't store your private keys - you do. It's your responsibility, and it's how it should be.

BasedApp allows you to add backup addresses to your account. These addresses can execute transactions on your behalf in emergencies or if you lose access to your primary address. Choose backup addresses where you have full control over the private keys - it's an extra layer of safety.

BasedApp's Roadmap

While the platform already offers a comprehensive suite of features, there's much more to look forward to.

Today, BasedApp operates entirely on the web via a webapp. One of the most eagerly anticipated features is the mobile app launch. It will provide users with the flexibility and convenience to interact with their digital assets on the go.

At the initial launch, the BasedApp crypto debit card is available in Singapore. But BasedApp has plans to expand its availability to other regions, ensuring a broader user base can benefit from this innovative solution.

The roadmap hints at the addition of advanced trading features, further enhancing the platform's functionality for crypto traders.

BasedApp is expected to continue expanding its compatibility with a wider range of DeFi platforms, providing users with more opportunities to grow their assets.

The Verdict

BasedApp is poised to redefine how we can potentially integrate crypto with the real world - through payments and spending.

Its crypto debit card represents a bridge between the crypto realm and everyday commerce. It allows users to seamlessly spend their crypto assets in their local currency, opening the door to a new world of financial flexibility.

Whether you're new to crypto or a seasoned trader, BasedApp has something to offer, making it a name to watch as it continues to shape the future of the crypto industry.