TrueMoney Integrates Fireblocks to Launch THBT Wallet in Thailand

TrueMoney, a leading e-wallet and financial super app in Thailand, has announced a collaboration with Fireblocks to embed a digital wallet for the Thai Baht TrueMoney (THBT) within its application. This initiative aims to provide users with direct access to blockchain-based payment functionalities.

The THBT is a digital value unit pegged to the Thai baht, currently being tested under the Bank of Thailand’s Enhanced Regulatory Sandbox. The pilot program is moving towards a more user-friendly model by incorporating assisted recovery options for users who may lose their credentials, moving away from a traditional self-custody setup.

Participants in the pilot can utilize THBT to purchase digital coupons via THBTStore or exchange it for six supported assets through services provided by Ascend Bit, a partner of TrueMoney involved in the Thai Securities and Exchange Commission’s Digital Asset Regulatory Sandbox. Additionally, users can convert supported digital assets into THBT, which can then be spent on digital coupons or exchanged for Thai baht within the TrueMoney network.

The pilot is set to expand to include up to 20,000 participants, including both local users and foreign visitors. By embedding wallet creation and management into its existing payment app, TrueMoney aims to simplify the user experience with blockchain payment tools, eliminating the need for users to manage seed phrases or private keys separately.

Fireblocks, known for its robust infrastructure that has facilitated over $16 trillion in digital asset transfers and managed more than 750 million wallets, is providing the necessary digital asset wallet infrastructure for this project. TrueMoney, operated by Ascend Money, offers a variety of services including QR payments, transfers, bill payments, remittances, insurance, and gold investments, boasting a user base of approximately 27 to 32 million in Thailand and acceptance by millions of merchants.