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  • Writer's pictureTom

Is the Fiat Wallet finally coming to Sorare?

First of all, this article has nothing to do with the well-known Italian car company, called Porsche. It does however have every to do with how we are dispositing and withdrawing money to/from Sorare.

What is FIAT? In short, it's the money in our wallet or purse.

Fiat money is a type of currency that is not backed by a physical commodity like gold or silver. Its value is based on trust and confidence in the government that issues it. The US dollar is the most widely used fiat money today. The British pound, euro, and Japanese yen are all major currencies. Fiat money is declared legal tender by the government and used for transactions. The government controls the supply of fiat money to maintain its value. It offers flexibility for economic management but can be subject to inflation if too much money is printed.

Why is a FIAT wallet important for Sorare?

At the moment we are sending money thru Ramp/Moonpay, bank transfer, or credit cards. It works fine but it adds an extra threshold to the way we add or withdraw money. The threshold being expensive fees, complicated, long waiting times, or an extra unneeded step in the process. A process that needs to be as smooth as possible to attract new players and add liquidity to the website. And that's the goal of Sorare, getting more and more active players. Smooth equals: fewer clicks to do what you want, fewer fees, instant payment, ...

After an extensive search to find statistics about the growth of new players on the Sorare platform, I got help from jimmiijimjim on the Sorare Discord channels and landed on Sorarebase and found this interesting statistic.

This is the curve of managers who bought a card for the very first time. Football only.

Sorare new managers stats

Which is in a steady decline since January '22, yet not negative. I imagine this situation wouldn't bring joy to Sorare.

The Sorare threshold Imagine: I'm a starting player and I want to play for 10 euros in Sorare. Ramp will take 25,3% of your money. Thank you, come again. (It's still less than the Belgian government though) In the second screenshot, the percentage is more doable, still the barrier for paying almost 7 euros is high in my opinion.

Sorare processing Fee, RAMP
Sorare processing Fee, RAMP

Or you don't have to imagine, just Google, and these kind of stories are never far away:

Sorare Reddit

Wen FIAT wallet?

The hype on Discord and Twitter is building for weeks now and it seems Sorare is close to implementing it into the site. Their roadmap indicates a launch this summer and we've been seeing some signs of testing. Here is a tweet by the Sorare Support account about the Fiat Wallet.

Sorare Support twitter Fiat Wallet

I've seen rumors about Mangopay being added to the site and a recent bug and error message in Sorare seems to confirm it.

Sorare Fiat Wallet

Mangopay is a French company that focuses on b2b. They already work with other well-known names like La Redoute, Chrono24, VeePee, Vinted. Maybe not the biggest names outside of Europe, but they are well-known platforms. A promising collab if it's true. How will the Sorare fiat wallet affect us?

Unfortunately, I don't think we'll be seeing a huge increase in new players. I also don't think our cards will be increasing in price. However, the addition of the Fiat Wallet will always be a positive action the platform can take. The solution for the challenge in the mass adoption of the platform lies elsewhere I think.



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