Update
UR App's Business Model Review
In hindsight, the business model of the UR App was a high-stakes gamble. The app's core selling point is that users can create a Swiss-regulated bank account provided by Fiat24, a legal entity SR Saphirstein. Users hold both a fiat account (IBAN + SWIFT) and a self-custodial wallet (Crypto) at the same time, and spend via the UR Card. However, the closed-loop flow relies on Fiat24, which could lead to regulatory scrutiny and sever the flow. The project fizzled out just as it was starting to sprout, without completing a full cycle, leaving employees with no new progress. The project's endgame is to keep existing fiat accounts and self-custodial accounts, but with the suspension of crypto-to-fiat conversions, users' funds will gradually dwindle away.