What is Suni Wallet?
Suni Wallet is a universal cryptocurrency ecosystem that operates on the rails of blockchain and Lightning Network (LND), and soon also on USDC and USDT stablecoins. As the platform’s main features, customers will be able to offer and take loans among ecosystem users, as well as buy/sell cryptocurrencies and fiat currencies among themselves. A commercial point of sale (POS) is also provided for businesses and individuals to universally receive payments in these cryptocurrencies.
Suni Wallet supports Satoshis (Sats) on Lightning Network (LND) and Bitcoin (BTC) on the blockchain. Soon, USDT and USDC will also be supported.
Download the app through the APP Store/Play Store and follow the steps, it’s very simple!
Once you have downloaded the app to your smartphone from the App Store or Play Store, you need to sign up with your email and create your password. You will then receive a welcome email from Suni Wallet, asking you to confirm your registration. This will only give you access to create your various wallets and limit your ability to transfer crypto assets (Satoshis, BTC) up to a daily cumulative amount of $250.
To access higher daily cumulative transfer limits and the functionalities of P2P loans, P2P buying/selling, and the commercial POS, you will need to go through a straightforward identity verification process through our strategic partner, MetaMap. Here, you will follow the step-by-step instructions on our Suni Wallet platform. Subsequently, in a process that takes minutes and no more than 24 hours, you will be notified of your approval and entry into the full Suni Wallet ecosystem.
This ensures that all users of the Suni Wallet ecosystem are operating in an environment with counterparts verified through a robust KYC process.
The benefits of using Suni Wallet include:
Suni Wallet’s Privacy Policy is focused on safeguarding your personal and financial data. You can access our privacy policy in the relevant section of our website and in the app.
The SuniWallet referral plan is a program that rewards our users for inviting new members to our platform. By referring new users, you can earn a percentage of the first transaction they make.
To participate in our referral plan, get your code and share it with your friends. Remember that your referrals must use your code when they create their account. You will receive your reward when your referral completes their first transaction on the platform. You will automatically earn 0.3% of this first transaction. If this percentage is less than $1, you will receive a guaranteed minimum reward of $1. If it is higher, you keep that 0.3%.
To get your referral code, you must first complete at least one transaction in the SuniWallet application. After that, you can find your referral code in the app menu under the “Invite a friend” button.
There is no limit to the number of referrals you can invite. You can share your referral code with as many people as you wish and still earn bonuses for every first transaction they make.
You will earn 0.3% of the first transaction made by each of your referrals at Suni. If this percentage is more than $1.00, you will receive that amount. If it is less than $1, you will receive a minimum guaranteed reward of $1 per referral. The reward is awarded after the referral completes their first transaction and will be added to your Suni Wallet account.
Using the Wallet(s):
You can add funds to your universal Suni Wallet by transferring cryptocurrencies from other compatible wallets (inside or outside the ecosystem).
Another way to add funds is by purchasing cryptocurrencies with fiat currency (USD, Quetzales, and Bolivares; soon all fiat currencies from Latin America) through the P2P buying/selling module.
In Suni Wallet, you can create as many wallets as you want, and they can be of any of the supported platform types within the ecosystem (blockchain/Lightning (LND)).
To send cryptocurrencies to another person, log in to your account:
To receive cryptocurrencies from another person, log in to your account:
The Lightning Network is a solution for transferring Bitcoin (subunits => Satoshis) that enables universal transactions starting from amounts as small as one cent, instantly and at a low cost (0.3%).
One of the great advantages that Suni Wallet offers is the ability to easily move subunits of BTC (Satoshis) between the blockchain platform and the Lightning Network (LND) platform, and vice versa. This can be done at a low cost when moving from LND to the blockchain, and the cost that results from the blockchain’s own algorithm when moving from the blockchain to LND.
This advantage is particularly significant for users who hold positions in BTC on the blockchain, as it provides them with access to trade their crypto assets on the Lightning Network in a universal, immediate, low minimum amount (starting from 1 cent), and low-cost (0.3%) manner.
Loans (P2P):
Cryptocurrency loans in Suni Wallet work by connecting lenders and borrowers on a secure and automatically managed platform.
Borrowers post a credit application (with amount and term) in the ecosystem, and the ecosystem automatically assigns a reliable credit score based on Big Data and AI from the mobile device.
Lenders browse the list of loan requests on the platform and choose the one that best fits their credit decision, based on the borrower’s credit score, requested amount, and term. They make an offer to the borrower, specifying an annualized interest rate; if accepted by the borrower, the transaction is completed.
Once the transaction is closed, an unsecured loan contract is issued with the agreed-upon terms, identifying both the lender and the borrower by name at that moment. This electronic contract is automatically sent to both parties via email.
The credit is transacted solely through the LND platform, so the transactional currency is Satoshis (in users’ LND wallets). However, the loans are denominated in USDC to avoid the volatility of BTC (and its subunit Satoshi). The loan settlement and its monthly installment payments are collected in Satoshis at the Satoshi/USDC exchange rate at the time of each transaction.
The credits to be requested can vary in amount, from 50 USDC up to its available capacity.
Every user who applies for a loan for the first time has an initial borrowing limit equivalent to 50 USDCs. Once they repay their loan promptly and satisfactorily, their credit limit increases in incremental steps of 50 USDCs, up to a maximum of 500 USDCs (provided that their payments for each loan have been made promptly and satisfactorily).
If a borrower falls behind on any of their installments but later catches up, their credit limit reverts to a maximum of 50 USDCs, and the scalability process starts over.
When a borrower defaults on their obligation, they lose their ability to request new loans; however, the platform will continue to automatically collect outstanding balances.
The loan terms are a minimum of one month and a maximum of three months, with monthly installments. The interest rate is to be agreed upon between the lender and the borrower in a supply and demand market (ranging from 0% to 200% annually), and the loans can be prepaid without penalty.
The platform charges the following fees:
Buying/Selling (P2P):
Currently, Suni Wallet is solely focused on cryptocurrency transactions. Direct conversion to fiat currency with Suni Wallet is not available.
However, users within the Suni Wallet ecosystem do have access to a peer-to-peer (P2P) cryptocurrency/fiat buying and selling market.
It is the platform that brings together offers and demands from users within the Suni Wallet ecosystem to buy and/or sell cryptocurrencies such as Satoshis (LND) and BTC in exchange for fiat currency.
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It all starts with cryptocurrency buy/sell positions created by a “Maker” (the user who publishes) by posting an advertisement.
It all ends when a “Taker” user accepts the offer, and the transaction is executed between the parties.
I select whether it is a buying or selling operation for cryptocurrencies.
I choose the type of cryptocurrency I am buying or selling, the fiat currency to exchange, the user’s wallet to use, and set the price. This can be a price freely determined by the “Maker,” or if they prefer, they can preselect the “market price” or the “best price within the ecosystem.”
I enter the total amount of the transaction (in cryptocurrency or its equivalent in fiat) and the associated limits for my offer (see the question about limits). Then, I select the payment method (see the question about payment methods) and the time limit for completing the transaction by the “Taker” (the user responding to the buying/selling notice) before an appeal process begins (see the question about the appeal process). Here, I can optionally add a comment and/or an automatic response to the “Taker.” Finally, I confirm the publication of the notice or cancel it. It’s important to note that the cryptocurrency funds associated with this transaction will remain locked while the notice is active. From this moment, platform users (“Takers”) can view the published notice in the buying/selling section.
In the Buying/Selling section, I select the currency I’m looking for (BTC, SATOSHIS (LND)), as well as the type of operation I want to perform (buy or sell).
If I, as the “Taker,” want to buy cryptocurrency, I choose the buying notice that seems most suitable and enter the amount I want to pay (which must be within the limits set by the “Maker”). Then, I select the wallet to use for the transaction and confirm the purchase. It’s important to note that, up to this point, I have the option to cancel the operation. Once the purchase is confirmed, I choose the corresponding payment method and confirm the payment execution (this includes sending the payment receipt through the in-app chat).
Once the “Maker” confirms the receipt of the payment, they proceed to release the cryptocurrency.
If I, as the “Taker,” want to sell cryptocurrency, I choose the selling notice that seems most suitable and enter the amount of BTC/SATS I want to sell (which must be within the limits set by the “Maker”). Next, I specify my payment receipt method, select the wallet to use for the transaction, and confirm the sale. It’s important to note that, up to this point, I have the option to cancel the operation. Once the sale is confirmed, I verify that I have received the payment (via the “Maker’s” chat and in my bank account) and proceed to release the cryptocurrency.
When a “Maker” user posts a buying/selling notice, they must establish both a minimum and a maximum limit, which refer to the number of partial transactions they are willing to conduct. The minimum limit is set based on the smallest transaction that the “Maker” is willing to accept. On the other hand, the maximum limit is determined based on the maximum risk the “Maker” is willing to take with each individual counterparty.
After the maximum payment processing time set by the “Maker” has elapsed, if the parties still cannot verify the payment made by the counterparty according to the established instructions, an appeal process can be initiated on the platform. Here, the customer support department can assess the arguments and documentation presented by the parties and decide to release or return the frozen cryptocurrency.
Suni Wallet charges a 0.5% fee to each party (Maker and Taker) for executed transactions, in addition to a 0.3% transfer fee to the holder of the wallet sending the cryptocurrency.
Fixed prices do not vary with respect to time while variable prices will fluctuate with respect to the market price of the cryptocurrency.
Commercial POS:
The Suni Wallet Commercial POS is a payment gateway that allows businesses (legal entities or individuals) to accept cryptocurrency payments (BTC and Satoshis LND). Your smartphone becomes the commercial POS without the need to acquire any additional devices.
You can integrate it by following the instructions provided on the platform, offering your customers an additional payment option, and accessing a market of consumers with cryptocurrency holdings.
Suni Wallet charges businesses a 0.5% fee on payments processed by the Commercial POS.
The merchant should access the hamburger menu (=) and select “My business.” Begin by entering the name of the business, its address, and phone number. You will also define the expiration time for sales receipts.
Once the business is created on the platform, the merchant proceeds to select the types of cryptocurrencies (BTC, Satoshis LND) they are willing to accept (either one or both), thereby creating receiving/concentration wallets for the business for each type of currency (BTC, Satoshis LND).
Now, the merchant can add as many cashiers as desired by providing their names, last names, and email addresses. They will also set a unique password for each cashier. Once the cashier is configured, pressing the “create” button will send the designated cashier an email with their credentials (email and password). This activates the cashier on the platform to receive payments for the business.
The cashier must log in to Suni Wallet using their email and the assigned password. This way, the cashier can access the Suni Wallet platform in cashier-business mode, where they can only receive payments in the wallets of the business that have been selected by currency type. At the end of the day, they can also perform the cash register closure.
When the cashier is processing a payment for a sale in the Lightning Network wallet of the business, they must create a receipt by entering the amount to be charged in dollars and providing a brief description of the sale. Afterward, they press “continue,” and the sale amount in dollars, along with its equivalent in Satoshis (LND) at the current market exchange rate, is displayed. They press “continue” again, and a receipt with a QR code and token is generated. The cashier shows the QR code to the purchasing customer or sends the token to their phone. The customer completes the payment using this receipt in their LND wallet, and the funds are instantly transferred to the business’s wallet, which is operated by the cashier. The merchant will see the sales amount credited instantly to the receiving/concentration wallet of the business in LND. Similarly, the cashier can immediately view the sale made from their cashier’s perspective. At the end of the day, the cashier selects the “close register” mode, and the merchant will automatically receive an email with all the transactions carried out by the designated cashier on that day. Here, the cashier can also see in their cashier-business wallet the number of transactions processed and the total amount of sales they made that day.
When the cashier is processing a payment for a sale in the BTC blockchain wallet of the business, the process is like the one described above, with the difference being that the cashier provides the purchasing customer with the encoded address of the business’s BTC wallet, and they do not issue a receipt as they do with LND. The purchasing customer then transfers the corresponding amount from their BTC wallet. The funds will appear in the business’s BTC wallet as “Pending,” which means they will be received in a deferred manner once the operation is confirmed on their respective networks.
