Web3 identity platform Unstoppable Domains has teamed up with Blue Studios to launch Wallio, a software wallet that allows groups to manage their cryptocurrency together.
Wallio is being marketed as a “family wallet” because of features that allow an administrator to set spending limits, savings goals, and approvals for transactions. It could be used to monitor children’s introduction to Web3, but that’s just one use case.
Sandy Carter, Unstoppable Domains senior vice president, told Decrypt she’s had to help her own relatives get up to speed with crypto.
“Like, even my sister-in-law, who’s a school teacher—she was trying to transfer money and I think she got mixed up with Ethereum and U.S. dollars,” Carter said. “So she was trying to transfer like 1,000 Ethereum. Luckily she asked me about it and I was able to help guide her through.”
The shared wallet structure allows families to function like a DAO, or decentralized autonomous organization, voting on what to invest in next and managing budgets and savings goals.
For example, parents can make sure they have enough voting power to overrule an effort by their children to put all their assets into play-to-earn games. They can also set budgets for each family member and put up guardrails to keep the family wallet from being filled with CryptoDickbutts.
For its part, Unstoppable has integrated its “.crypto” domain names so that they can be used to log into the wallets without a long passphrase.
“One of the big mistakes that people make is they mistype their string of letters and numbers,” Carter told Decrypt. “And so login will enable a domain, like Sandy.crypto. I can just type in Sandy.crypto, I don’t have to type in that real long string that causes me to make mistakes as I log in.”
Unstoppable introduced its “.crypto” domain addresses in February 2020 to act as human-readable wallet addresses and make it easier to transfer funds without worrying about a misplaced letter or number.