Blockchain tokens platform WAVES has entered into a strategic partnership with bitcoin wallet provider Mycelium, which will allow users to send fiat money tokens through their smartphone app.

Both WAVES and Mycelium are currently running their respective crowdfunding campaigns. WAVES has raised over 7700BTC so far (more than $3 million according to current exchange rate) in the ICO, which will run till May 31, 2016. On the other hand, Mycelium’s crowdsale round is open till May 18, 2016.

"We're very pleased with the collaboration with Mycelium. It's the perfect partnership: the popularity and broad user base of the Mycelium wallet, with the powerful facilities offered by WAVES' blockchain-based fiat tokens”, WAVES founder Sasha Ivanov, said in a statement. "This opens a whole new era in financial technology, and one that we believe will prove enormously beneficial both within and outside the crypto community. We know that banks and financial corporations want to work with blockchains, but they are increasingly talking about using permissioned ledgers”.

WAVES aims to create an environment where the users of traditional online financial platforms will feel comfortable. It strongly believes in the potential of blockchain technology and wants to make it possible for traditional financial institutions to issue and support blockchain tokens representing national currencies and financial instruments. These tokens can be issued by any platform user and can be transferred, swapped, and traded on an integrated decentralized exchange.

"WAVES' vision is for an open ledger that can be used by everyone, banks and customers, whilst maintaining the KYC and AML their jurisdictions require of them”, Ivanov added.

IBTimes UK reported that Mycelium's Bitcoin wallet software has more than 200,000 users. The upgrade includes the integration of WAVES fiat assets, which will enable swift, efficient and decentralized transfer of national currencies as a result of blockchain technology. In addition, third-party developers and blockchains will add several new functionalities to the wallet, aimed at promoting mass-market adoption in the fiat world.

Also, the shift by Mycelium from a Bitcoin-only to a multi-currency mobile wallet solution will see support for multiple major cryptocurrencies, coupled with blockchain services and fiat token integration.

WAVES is currently in development, and it launched its testnet last month. The platform is expected to launch this summer. The Merkle reported that the addition of the service to the Mycelium wallet will take place later this year, adding that the fiat token transfer solution is one of the first blockchain-powered solutions of its kind to be found in mobile applications.