At Sorare, we’re on a mission to drive the mass adoption of Web3 technology through an innovative sports and entertainment experience. Achieving this involves removing pain points every step of the way so Managers can freely enjoy our next-generation fantasy game.
In Web3 today, it’s difficult to seamlessly make payments. To date, we have tirelessly developed and refined our infrastructure to reduce friction in this area. We’re taking another big step in that endeavor: Starting Wednesday, Aug. 2, a Cash Wallet will be available to all Sorare Managers as part of the Sorare Wallet System.
Our team has spent months undertaking one of the biggest, most technically complex projects in Sorare history. To do so, we partnered with Mangopay, a trusted payment and wallet solutions provider, to deliver a custom wallet system ahead of the busy Q4 sports calendar. We consider this moment a major milestone not only for Sorare, but for all of Web3. We’re shipping one of the most innovative and intuitive solutions on a digital marketplace, allowing Managers to freely transact in both fiat money (i.e. cash) and Ether (ETH).
Below is an overview of Cash Wallet and improvements to the platform. More details are available on our Help Center. You can also follow @SorareSupport to get the latest updates.
Timing
Over the next several days, these changes will happen progressively, so Managers may notice slight changes in the UX leading up to the full rollout.
What is Cash Wallet?
The Cash Wallet offers a secure and effortless solution for making transactions on Sorare. Serving as a virtual wallet, you can buy, sell, and trade Sorare digital player cards with Euros (EUR), British Pounds (GBP), and U.S. Dollars (USD). Rewards can also be received in cash across the platform.
To take this giant step toward launching a seamless payment experience for our community, we partnered with Mangopay, a leading provider of payment solutions, to support Sorare Managers in more than 200 countries. We’re excited to work with an established player in the fintech industry like Mangopay — which provides services for the likes of Rakuten and Ticketmaster — to deliver a best-in-class offering.
Digital player cards will still be backed by NFTs and held in Sorare’s ETH Wallet. The addition of Cash Wallet will make it easier for Sorare Managers to buy, sell, and trade their digital player cards, as well as deposit and withdraw cash.
Supported Currencies & Countries
At launch, Cash Wallet will support EUR, GBP, and USD.
The Cash Wallet is accessible in 215 countries (see list here). While Managers who live in one of a few unsupported geographies can’t use Cash Wallet, they can still use the ETH Wallet.
If you live in a supported country that is not a EUR, GBP, or USD zone, you can still take advantage of the new payment experience using your local currency. Your bank may charge a fee for the conversion to the currency you select.
When activating Cash Wallet, all Managers must select either EUR, GBP, or USD as their main currency. Please note that once you select your currency and verify your account, your currency selection will be locked and you won’t be able to change it.
Managers will be able to buy, sell, and trade with other Sorare Managers regardless of their selected currency.
Payment Methods, Deposits & Withdrawals
Bidding on New Card Auctions, Buying Starter Bundles & Manager Sales
All Managers can use and store a credit/debit card directly in their Cash Wallet. This can be used to bid on New Card Auctions and buy Starter Packs.
They can also use a credit/debit card to buy directly in the Manager Sales Marketplace. Upon initial rollout, credit/debit card direct buy functionality in Manager Sales is only for Managers who select EUR or GBP as their currency. We’re aiming to have USD functionality available in September. As a reminder, your currency selection locks once your Cash Wallet is active. Be sure to select the currency you plan to transact with in the long term.
Depositing Cash
There are multiple methods available to securely deposit and store funds into the Cash Wallet.
Managers can deposit funds from a bank account to their Cash Wallet. This functionality is available for all supported currencies at launch (EUR, GBP, and USD).
They can also use a credit/debit card to deposit funds into their Cash Wallet. To begin with, this functionality is only for users who select EUR or GBP as their currency. We’re aiming to add USD functionality in September.
At a later date, we also plan to add ApplePay and Google Pay support. We’re also exploring ways to support other methods, such as PayPal.
Withdrawing Cash
Now Managers can securely withdraw cash funds from the platform to a saved bank account with just a few clicks. Your trust is key, so we want to make sure you can flexibly withdraw your funds with no friction.
Please note that you can’t withdraw ETH from your ETH Wallet directly to your bank account. You will still need to follow the same ETH withdrawal process as normal.
New Card Auctions & Manager Sales
New Card Auctions
With New Card Auctions, Managers can use their preferred payment method when bidding on auctions.
Manager Sales
For Manager Sales, sellers can choose to receive only cash, only ETH, or both. For buyers this means:
- Cash-only buyers can see any listing where the seller accepts cash. They CANNOT see ETH-only listings.
- Buyers with both wallets active can see all listings. They can use cash or ETH to purchase, but NOT a combination of both.
- ETH-only buyers can see all listings, but CANNOT purchase cards from sellers who only accept cash.
For all listings where cash is accepted, prices are pegged to the cash value of the seller’s preferred currency (EUR/GBP/USD). For ETH-only listings, the value is still pegged to ETH.
We are assessing additional third-party partnerships that would allow Managers to purchase cards listed for ETH with fiat money (i.e. cash), and vice-versa. We will provide additional updates in the future.
Cash Rewards
Managers now have the option to receive rewards in cash across all Sorare sports, including Football, MLB, and NBA (coming in Season 2). Managers can still opt to receive rewards in ETH. This will be available for both Sorare: Football and Sorare: MLB Game Weeks starting Friday, Aug. 4.
Activating Your Cash Wallet
To activate your Cash Wallet, in line with industry standard anti-fraud practices, you are required to share basic information like your full name, email, country of residence, nationality, and date of birth (see chart below). You will then be prompted to choose your preferred currency for your cash balance. Remember, this choice is permanent and affects how card prices are displayed. To access features such as withdrawal, deposit, and rewards claiming, you will need to provide a form of ID for verification purposes.
Starting Wednesday, Aug. 2, Cash Wallet is the default option for new Managers who sign up. New Managers can activate their ETH Wallet with one click in their settings. All Managers can freely switch between using Cash Wallet and ETH Wallet at any time.
Identification Requirements
Based on actions you’d like to take with your Cash Wallet, varying levels of account identification are required:
Fees
A small fee is assessed on the following types of Cash Wallet transactions:
- Purchases with a credit/debit card in Manager Sales
- Deposits with a credit/debit card
- Deposits from a bank account
- Withdrawals to a bank account
No Changes to ETH Wallet
There are no changes to the ETH Wallet. Digital player cards will still be backed by NFTs and held in Sorare’s ETH Wallet. Ramp and MoonPay will still be available.
Building Together
One of our guiding principles is to “Build With the Fans, For the Fans” — and we firmly believe introducing Cash Wallet is another way for our community to “Own their Game.” Moreover, Sorare Managers played an incredibly important role in creating Cash Wallet; we engaged Managers in feedback sessions and usability testing throughout the project to inform and refine the user experience. You’ve made the product much stronger!
This is just the beginning of Cash Wallet on Sorare. We will be monitoring the experience and constantly making improvements. We thank you for the continued support and are very excited for this next chapter in Sorare’s journey!
For Cash Wallet and other Sorare product updates, be sure to follow @SorareSupport.
About Mangopay
Mangopay, a leading payment service provider, offers a secure and user-friendly payment infrastructure that empowers businesses to seamlessly manage their financial transactions. Through its innovative technology, Mangopay provides a robust payment solution that integrates smoothly into platforms like Sorare, ensuring a frictionless user experience for digital collectibles enthusiasts. Since its launch in 2013, Mangopay has accompanied over 2,500 platforms of all sizes, from entrepreneurs and startups to big names.
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