Project Stage
Category
Based in
Team size
Active since
It's time to pay back to our communities. Tracee promotes financial inclusion in MENA and empowers humanitarian organizations and businesses through innovative and user-friendly cross-border payment solutions.
Tracee fulfills the day-to-day needs of organizations and individuals in a region with high potential, but lacking serious and efficient payment solutions (34% of 500 million owns credit/debit cards).
How ?
Smart wallet
To create a seamless UI/UX, Tracee removes the need for private keys and seed phrases while still enabling users to maintain custody of their funds. With just a phone number, millions of users can access a digital wallet. To achieve this, we use SEP30, a user-friendly key management protocol (link here)
Bulk payments & Stellar Aid Assist (SAA)
Solution
Payment streams using Soroban
Tracee simplifies the process of recurrent bulk payments and payrolls for NGOs by deploying Soroban to automate the process. This involves setting payment conditions, such as multi-sig and recurrence intervals, then the payment is executed by smart contracts in accordance with the conditions. Check out in product viz the detailed sequence diagrams.
Smart contract escrow-service using Soroban
Tracee uses Soroban as an escrow service to hold funds for service payments. The sender fills the provider & the service details as well as payment terms, which are confirmed by the provider. Smart contracts hold the funds and releases them based on the agreed terms. See the sequence of events in product viz.
On-ramp / Off-ramp solutions :
SEP06 is used for deposit and withdrawal API/SDK, without leaving the app. Tempo is considered for credit cards and SEPA transfers.
SEP24 is employed for hosted deposit & withdrawal with MoneyGram.
Stellar network: We use Horizon SDK to connect with Stellar network as well as several SEPs:
UI/UX: Click here to test the prototype
KYB: Partnering with tier-solution provider, mainly Sumsub
KYC: It is made through via off-ramp partner
The project architecture is illustrated below & describing the communication between the front-end, the back-end, Stellar & anchors. The use-cases of Soroban are considered upon the release it on the main net, more info about its implementation is in the "product viz below" and in "Additional info".
For our first submission, the reviewer expressed a desire for Tracee to succeed but couldn't find a clear application of Soroban. They noted the founder's personal motivation and acknowledged the challenges of operating in Lebanon but believed it could have a significant impact. The reviewer recommended that Tracee submit to the SCF Startup Camp for support in building its use case.
As of writing this application, Tracee participated in the SCF Startup Camp and was one of the Top 10 finalists (The prizes were not announced yet).
Previously, Tracee's main focus was on using Soroban to ensure traceability of donations by providing last-mile tracking. However, since the last time we submitted our application, we have taken the following steps:
Following the unsuccessful validation of the POC and further discussions with NGO representatives, Stellar teams, and participation in the SCF Startup Camp, Tracee began to pivot its approach.
Currently, Tracee's sole focus is on using the Stellar network to facilitate cross-border payments for NGOs and SMBs within and towards the MENA region. This includes automating the process of aid deliver through the use of Soroban, as well as implementing smart-contract escrow-service payments.
Additionally, we have surrounded ourselves with legal and regulatory advisors in both Europe and MENA to ensure that the proposed solution complies with all regulations and legal frameworks.
If just ONE subsidiary of an NGO (UNHCR) and ONE population (UKRAINE) made Stellar Aid Assist so successful and award-winning; just envision the monumental impact of scaling up to thousands of NGOs and innumerable populations. Our united efforts will forge a future filled with hope, collaboration, and lasting change.
Our story with Stellar
In late 2022, while driving through Beirut, I received a WhatsApp message (though remember, never text and drive) from my friend, R.S. The message contained a link to a story about how Stellar had streamlined aid delivery from UNHCR to Ukrainians, enabling them to access crucial support. Instantly, I replied, "This is exactly what we need; I'm on it."
Tracee had already launched traceability services on Polygon, but a transformative moment was just around the corner. A month later, I flew to the U.S. and met with SDF teams. I was immediately struck by their passion, their commitment to transforming the world, and the innovative and serious community backing them. They spoke our language and shared our values. As Denelle Dixon, CEO of SDF, said: "When blockchain meets real-world use, it can truly change the world for the better." Inspired by the potential of blockchain and driven by a desire to make a difference, Denelle articulated our vision.
With financial inclusion as our ultimate objective and helping our people reclaim their dignity as our daily mission, we set out to create a better world—one where no one is left behind. And so, the journey began.
Target Market
Marketing Strategy
Partnerships & collaboration
Sumsub: world leader in KYC/KYB & AML
Tempo: on-ramp/off-ramp anchor in EU (a Stellar partner)
Anchain.ai : on-chain fraud detection (a Stellar partner)
MoneyGram : hosted on-ramp/off-ramp (a Stellar partner)
Impact & Benefits of the Project:
The project involves the establishment of a payment corridor between EU and MENA. Millions of transactions on the Stellar network & Soroban will be processed. This development will significantly enhance the usability, adoption, and notoriety of Stellar as a pioneer in payment solutions. Initiating this project in these regions will be like a “ripple” effect, that will extend beyond them, and it’s on Stellar 😉.
For Organizations:
For MENA Population:
Smart contracts on Soroban
POI first deliverable
1. A comprehensive system architecture document outlining the design, key components, technology stack, and interaction with the Stellar network
2. Wireframes and mockups for high fidelity UI/UX for mobile and web + a complete interactive wireframe on mobile & web.
3. A Github repository that will gather all necessary codes, API keys, and explanatory documents and references.
To ensure a successful delivery, we have followed the following steps:
By successfully completing these steps, we are confident in delivering our first milestone and moving forward with the development of Tracee.
How can a reviewer check you completed your first deliverable?
We have assembled all the critical links for navigating this project's delivery into a single Linktree. This serves as a straightforward visual guide for reviewers. Nevertheless, reviewers will also find comprehensive referral links and explanations in the final section "References" of the document "Business & System architecture" in a Google Drive link.
Link: https://linktr.ee/traceeapp
Google drive document link: https://drive.google.com/file/d/1-11BnjHEUuY7pJr018f9PPXpXz01hr5Z/view?usp=drive_link
For reviewers, please submit a request or please share a general request at bassel@traceeapp.com (or here) so we share an access to all confidential docs.
P.S. The GitHub repository referenced is currently private, which may result in a 404 error if the reviewer tries to access it. We will gladly grant access upon receiving a request.
Tracee, a Paris-based tech startup, is dedicated to promoting financial inclusion for the underbanked and underserved communities by developing user-friendly, accessible, and affordable tech solutions. We accomplish this by adapting existing solutions for those with minimal tech literacy, or by creating cutting-edge innovations tailored to their needs. We aspire to inspire, captivate, and ultimately transform the financial landscape, ensuring no one is left behind.
Bassel Assaad, Founder & CEO.
Bassel has an MSc and PhD in IT from Sorbonne University in Paris. He worked on Designing complex systems and software solutions for the #1 automotive alliance in the world Renault-Nissan-Mitsubishi. He built mirdad.app, a collaborative micro-blogging platform for the MENA with 500k users. He published 9+ patents, and 30+ scientific papers
Wellington Junior, Back-end developer.
Wellington has a passion for software with an extensive experience building on Stellar, especially with Stellar Aid Assist. He believes in Leveraging blockchain technology for human good.
Alessandra Carneiro, back-end developer.
Alessandra is Passionate about exploring the potential of blockchain technology and focused on creating efficient and secure software solutions. She has experience in building projects for Stellar ecosystem, and currently working on Soroban.
Jaafar Morsel, front-end developer.
Jaafar has 10+ experience as a web developer, focusing on Front-end, and building on popular frameworks. He has built Mirdad webapp and keeping it running smoothly while helping build Tracee's first MVP.
Mathilde Monot, Legal advisor - EU
Mathilde is a corporate lawyer in Bureau de Paris, and handles all levels related to startups, and surrounded by councils related to KYC/AML and EU crypto regulations.
Marwan Kayal, Legal advisor - MENA
Marwan has a PhD in "The powerful implications of Blockchain Technology on Private International Law", and he is currently the Head of Arbitration & Construction Disputes Department in Bahrain.
Primed for Success
Our team is primed for success, originating from emerging countries and deeply understanding their populations' needs. We have a multidisciplinary team with extensive experience in the blockchain realm, particularly with Stellar and Soroban, having developed robust and efficient solutions.
We also tap into our extensive network to support developers and Tracee's business growth.
The founder, an experienced entrepreneur, will steer the startup using lean principles and is committed to realizing the vision of financial inclusion in his home region, where he already established a user base via his startup Mirdad.
Two exceptional legal advisors guide our startup, ensuring Tracee remains compliant with regulations in the countries it serves.
We are further strengthening the team by bringing on board a Fintech advisor, a full-stack developer, a DevOps specialist, and a security and compliance expert.
The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on December 5, 2022 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has been awarded to the project in XLM. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*This budget request has not been fully awarded to the project. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on day of payment as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.