⚫️ What the CrossFinance team is working on?

The launch of CrossFi APP, our flagship product, is scheduled for January. Here a brief update on our team’s progress and other expected deliverables for the near future.

Making CrossFi APP unique

The CrossFi APP is an application that puts together blockchain, emission processing, card acquiring and an automated banking system. The market has not yet seen alternative solutions. In the CrossFI APP, you can order the card, open an account in dollars, or euros, and link your XFI wallet through non-custodial solutions. It means that we are not holding the wallet on our platform, the control stays in your hands.

“We have always declared that all assets stay in users’ hands at all times, only users can control their assets. We are moving towards the distributed model of storing data, using financial data, and processing transactions”, says Fedor Bogorodsky, Banking Director at Cross Finance.

Debit cards

Thanks to the partnership with VSK bank, we are starting to embed banking cards of the VISA’s payment system into the CrossFi APP. The feature will allow access to the CrossFi Chain’s coins via the card based on smart contract functionality. Also, our users will be able to pay with coins via their banking cards directly at online and offline shops. The users’ cards will be directly linked to their accounts, allowing the use of crypto on par with fiat.

Security

We are in the process of undergoing the PCI DSS and PIN DSS procedures. It is a long and laborious process that will confirm and guarantee our compliance with the safety system with the highest standards in the world. We are the first company on the market  who set sail to get this certification in integration with the blockchain. Blockchain is a distributed data model, hence the auditor needs to accept the whole structure where the payment process takes place.

IBAN

CrossFi will work with the International Bank Account Number (IBAN) software that allows swift identification of the country, financial organisation, and other recipients' (beneficiary) data for all types of currencies.

Business

We have developed our proprietary combined acquiring system. The system will allow payments in CrossFi Chain coins, other cryptocurrencies and fiat via the cards, as well as directly debiting the banking accounts.


We are getting ready to deliver to you a huge body of work already in January! Stay tuned!

Results of CrossFi Foundation's Airdrop Campaign

We're glad to announce the conclusion of the Airdrop campaign - many thanks to all participants who joined us on the journey! ❤️

We had a lot of applications. The prize pool is increased to give out more rewards!

More than 14,000 participants will be rewarded with MPX coins! We will pay out rewards to the selected entries within the next week.

Don't miss out on the chance to participate in other programmes and campaigns of CrossFi Foundation:

🔹https://xfi.foundation

Stay tuned for updates!

CrossFi Foundation Gleam campaign is completed

We are glad to announce the results of the Gleam contest. Thanks to each participant who joined us on this journey. Our community's enthusiasm and active participation have made this campaign an success!

Find out the winners list (from the 1st to the 500th places):

🔹https://gleam.io/sxY8Z/crossfi-foundation-giveaway

Please contact us via Discord and specify your wallet to get the rewards in MPX coins: https://discord.gg/crossfi

Congratulations! ❤️

Don't miss out on the chance to participate in other programs and campaigns of CrossFi Foundation:

🔹https://xfi.foundation

⚫️ What problems can Cross Finance help to solve in Asia?

Fintech in Asia has been born among the first and outperforms other regions. Financial disparity and high-cost remittance are top problems that Cross Finance aims to help solve in the region.

Bank the unbanked

Cross Finance provides access to banking services without barriers of traditional financial institutions.

🔹Among emerging fintech economies, more than 70% of the adult population in Southeast Asia have limited access to financial services or are unbanked, according to Bain. This is 483 million people. Indonesia is an obvious spot with half of its 274 million population lacking access to proper financial services.

Remittance markets

Cross Finance offering remittance payments based on blockchain technologies gives a sustainable alternative in the Asian market.

🔹Globally remittance payments cost around 6.20% of the amount sent: cutting fees just by 5% would save at least $16 billion each year, per the World Bank.

🔹India is the champion in receiving remittances with a staggering $100,000 million market in a year, or almost 3% of its GDP. China receives around half of that, the Philippines $38,000 million, and Vietnam $19,000 million. 

Providing alternatives to individuals

Cross Finance chain has a global business model and therefore can provide access to alternative financial solutions to individuals.
🔹According to McKinsey, more than 70% of the Asian population is expected to be part of the consuming class by 2030 with a growing demand for more sophisticated and diverse solutions for personal finance. 

🔹80% of people in China and India already use fintech solutions for digital payments, so a significant portion of personal finance solutions are also expected to be digital.

Providing alternatives to businesses

Cross Finance payment processing system also can help small and medium e-commerce businesses to get the most out of their efforts by reducing processing fees and increasing security.

🔹 Small and medium enterprises in Asia which correspond to more than 95% of all businesses are looking for the cheapest and safest ways to accept payments. With the Asian population being among the most tech-savviest, the e-commerce Asian market presents a real opportunity to be among the leaders in crypto adoption.

Learn more about Cross Finance products and solutions: https://crossfi.org/