Veera has partnered with Turnkey to handle the infrastructure layer for its cryptobank, with a clear focus on one thing: making onboarding effortless. Users can create an account in under 10 seconds. They can sign in with biometric passkeys. They can access onchain finance without having to think about the complexity sitting underneath.
The partnership is positioned around solving the friction problem that has kept most retail users out of onchain finance for years.
Building a User-Centric Crypto Experience
Established in 2022, Veera will provide an easy-to-use platform that allows users to store, nurture, and trade in digital assets without the complexity of crypto platforms.
The company has been supported with funding of more than 10 million dollars by universities such as 6th Man Ventures, Ayon Capital, CMCC Titan Fund and Sigma Capital and it has concentrated on filling the gap between the standard fintech usability and the decentralized finance capabilities.
One main area of focus by Veera was to eliminate friction in onboarding. In the past, new users to the crypto ecosystem have had to overcome several obstacles such as the use of external wallets, taken care of private keys, and safely storing seed phrases. These measures tend to dishearten mainstream usage.
The Challenge of Simplifying Onboarding
Prior to Turnkey integration, Veera used third-party wallets like MetaMask and Trust Wallet. Although popular, these solutions created disjointed user experiences and complexity amongst non-technical users.
Veera had to create its own wallet infrastructure to create a more intuitive experience, including the ability to support secure key management, account recovery and sign transactions. Nevertheless, internal development of these systems would use up a lot of engineering resources and create cryptographic risks.
The company’s leadership team, comprising of Chief Technology Officer Sam Noble and SVP of Engineering Akshay Khare, wanted a solution that would be scalable and wouldn’t require significant changes to be a part of their mobile-first platform without deeming full control of the user experience.
Turnkey’s Role in the Solution
Turnkey has introduced Veera to modular infrastructure allowing embedded, non-custodial wallets directly in its Android application. With the APIs provided by Turnkey, Veera has integrated wallet creation and transaction signing with recovery features without having to change its structure.
The method enables the user to create wallets via more familiar means like email or social-login without having to install any external apps or manage keys manually. Recovery has also been made easier where users can quickly access their accounts without using the seed phrases.
Also, turnkey biometric authentication and low-latency transaction signing help make interactions onchain almost instant. Such improvements help create a sleeker more user friendly experience throughout the platform.
Strong Adoption and Measurable Impact
Since adopting the Turnkey infrastructure, Veera has boasted over 5 million app installs and a total of over 300,000 user wallets created. The integration also took about eight months off the development development clock- time it could apply to product development and customer support.
Veera has eliminated one of the greatest obstacles to crypto adoption: complexity; through its built-in wallet functionality, that is highly uncomplicated to utilize. The composition can now be treated as a digital asset and provides users with a similar interaction to when using a traditional fintech product, without losing control or security.
Looking Ahead
Turnkey is likely to be a fundamental part of the infrastructure at Veera as it keeps expanding its neobank services. The collaboration indicates the role that specialized providers of backends can play in helping startups scale fast, as well as focus on user experience.
As the crypto industry begins to focus even more on usability, the strategy of Veera underscores a wider trend in the direction of integrated and easy-to-use financial platforms. At this rate of adoption, embedded wallets based on Turnkey would become a familiar aspect of the next evolution of digital banking.
