XFI coin is backed by a steady flow of liquidity within Cross Finance’s products. This ecosystem is expanding, launching new real-life products and attracting more users.

That boosts demand for XFI, which grants access to ecosystem products and serves as the primary payment coin in Cross Finance services.

CrossFi Chain

CrossFi Chain uses two coins: MPX (Mint Power) and XFI (CrossFi).

🔹MPX is a governance coin and a computing power unit, required for generating new XFI via staking.
🔹The nominal value of MPX is $0.02. Part of liquidity gained by MPX sale is redirected to the XFI liquidity pool.
🔹XFI grants access to various CrossFi Chain services, such as token creation, account abstraction, anonymous payments, cross-chain transfers, multisig, and more.

CrossFi App

It's a full-fledged banking app empowered with its proprietary processing engine. CrossFi App enables purchases, payments and transfers with XFI coin.

For security purposes CrossFi App uses a non-custodial method of interacting with XFI.

CrossFi xAPP

It's a decentralized app integrated with LayerZero and Sushi. Seamlessly integrated in CrossFi xAPP, XFI opens up access to yield farming and liquid staking derivatives.

XFI derives its value from the growing use of real-life financial products within the ecosystem, ensuring a stable liquidity flow.

Gotbit x Cross Finance

Tomorrow, the Cross Finance team will take part in a live Twitter Space to talk about mobile banking and crypto payment trends, Cross Finance products, and the results of Huobi's XFI staking program.

Don't miss:

🔹September, 5
🔹2 pm UTC

Join: https://x.com/gotbit_io/status/1698699957631410236?s=46&t=7CotQhDCzfDKdRVMcta9Hg

Fintech is considered one of the fastest growing industries in the world. Let's see what are the reasons for this growth and what are the prospects for fintech in the future.

Reasons

Digitization: The ongoing digitization of financial services is fueled by the mass adoption of mobile devices among users. According to Dataport, there are 5.44 billion unique mobile users worldwide, with a 14% forecasted increase until 2027. As of 2022, the estimated number of internet users worldwide grew to 5.16 billion.

New technologies: AI, blockchain, machine learning blur the boundaries of banking, empowering fintech companies with new tools for risk management and customization.

Market potential: In emerging markets with limited, aging financial infrastructure and outdated business models, fintech has vast potential. In Latin America, Africa, and Asia, fintech is driven by the need to resolve serious macro-issues that increase financial and digital inclusion.

Change of generations: Demand for banking transactions without visits to bank branches is driving the growth. The number of online banking users worldwide is expected to reach 3.6 billion by 2024, up from 2.4 billion in 2020, with the younger generations leading the race. In the US, 51% of adults use digital banking services, while 97% of Gen Z and millennials are using them as well.

Investment opportunities: Fintech gives vast opportunities for investment purposes, as the global fintech market is expected to grow at a CAGR of 23.58% from 2021 to 2025. In 2022, the value of investments into fintech companies worldwide reached $164.1 billion.

Forecast

According to Crunchbase, payments may remain the most-funded sector within fintech, especially startups focused on B2B payments. As Boston Consulting Group (BCG) predicts, financial technology revenues are projected to grow sixfold from $245 billion in 2023 to $1.5 trillion by 2030.

CrossFi APP is one of the three pillars of the Cross Finance ecosystem. CrossFi APP seamlessly combines traditional banking services with cryptocurrency capabilities, all packaged into a single app run on its proprietary processing engine.

CrossFi APP is a banking app with a non-custodial mechanism for interacting with digital assets, where one can open fiat and cryptocurrency accounts, buy, sell and exchange digital assets, make transfers, issue debit cards of leading payment systems with the ability to top-up them both from fiat and cryptocurrency accounts.

The extensive functionality of CrossFi APP became possible through our strategic partnerships with major players in the traditional financial sector:

VSK Bank

VSK Co. is a Brazil-based company with over 25 years of experience in the capital market. VSK specializes in creating structured finance solutions for high performance and profitability.

Bankcraft

Bankcraft, a fintech company headquartered in Dubai, has extensive expertise in complex SAAS solutions for banks, both developing banking products from scratch and implementing modules into existing systems.

UBC Group

Established over two decades ago, UBC Group now manages a variety of businesses across 22 countries in the fields of finance, trade, energy, industry, tourism, etc.

GEM

Global Emerging Markets (GEM) is a $3.4 billion investment group with offices in New York, Paris, and Bahamas. GEM manages a diverse set of investment vehicles focused on emerging markets across the world. GEM's portfolio spans assets in 70 countries across 5 continents.

CrossFi employs a non-custodial method of interacting with digital assets.

What does it mean in practical terms?

Platforms with the non-custodial method operate in a way where the clients’ coins remain in the clients' wallets. It's not required to send coins to any third-party address. Users continue employing MetaMask, but they link their MetaMask wallet to CrossFi APP's smart contract.

When they want to buy something via CrossFi APP and pay for that with the coins stored in their MetaMask wallets, the CrossFi APP banking processing engine provides the necessary fiat liquidity to make a purchase. Then it calculates the amount of XFI required for the purchase based on XFI's current exchange rate and relays this information to the smart contract, which debits funds from the user's linked Metamask wallet.

The entire process is seamless and almost instantaneous, making the user's experience of paying for purchases with cryptocurrencies simple and convenient.

At any given moment, users have the option to detach their MetaMask from the app. This ensures that all private keys and control over digital assets remain securely in the owner's hands. There's no need to transfer coins to an external wallet. Users retain possession of their coins. This approach enhances security, reliability, and fosters trust.

The non-custodial approach aligns with CrossFi's mission of establishing a fully functional banking system but without intermediaries, akin to traditional banking services.

Сan Cross Finance boost financial inclusion?

According to the World Bank’s report in 2021, 1.4 billion people remain unbanked, with a substantial concentration of unbanked people in developing nations like China, India, Vietnam, Nigeria, the Philippines, Mexico, Egypt, & Indonesia.

Let's take a look at the factors behind financial exclusion in the contemporary world and explore how emerging technologies can tackle this challenge.

The problem of unbanked

The absence of financial inclusion is closely tied to poverty, but it's not solely financial hardship that deters people from engaging with traditional finances. This also encompasses issues with bureaucratic procedures, reliance on low credit scores, high fees, etc. But digitalization of financial services and crypto can change the game.

Nigeria serves as an illustrative example. According to different estimates, as of 2022, approximately 40% of Nigerians are unbanked. However, the country demonstrates a high adoption rate of cryptocurrencies, with 99% of respondents being aware of BTC, and 22 million (10.3%) Nigerians holding cryptocurrency in 2022. Nigeria showcases a generation of crypto natives, individuals who have grown up familiar with cryptocurrencies since childhood, while being excluded from the traditional banking system.

What does CrossFi APP offer?

CrossFi App operates at the intersection of FinTech, DeFi, and banking industries, serving as a bridge between the cryptocurrency and traditional finances. This banking app empowered with its proprietary processing engine enables users to seamlessly and in a matter of few clicks use cryptocurrency just like fiat.

🔹Full-fledged banking app
🔹Issuance of debit cards from payment systems like Mastercard and VISA
🔹Non-custodial payments and purchases for cryptocurrency
🔹Cross-border transfers

As an ecosystem of financial products enabling the use of cryptocurrency in the real world, Cross Finance provides access to financial services for individuals previously deprived from traditional banking.

#TOKEN2049 Singapore is sold out!

Full house, 2 days, packed exhibition halls and lounges, spectacular speakers across 3 stages.

This is the best opportunity to connect with the leaders in #web3 and #crypto.

The Cross Finance team is proud to be a Title Partner of global event.

Stay tuned and don’t miss the live content from TOKEN2049!

We’re 100% ready to attend #TOKEN2049!

Our team will perform on Nexpace stage on September 13 and participate in a discussion on OKX Mainstage on September 14.

We are open for networking to explore new opportunities for collaboration and growth.

🔹Meet the Cross Finance team on booth P128, located on the 4th floor.

We are eagerly looking forward to the opportunity to connect with industry experts, thought leaders, and innovative companies.

P.S. Keep calm and grab a cool merch from us!

See you soon!