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!

How CrossFi Chain Works. All You Need to Know

The Cross Finance ecosystem is built on the CrossFi Chain with a modular architecture based on Tendermint and two native coins, MPX and XFI. Let's delve into the key aspects of the CrossFi Chain and its advantages for users.

CrossFi Chain's Features

🔹Safety: the Tendermint Core architecture is a Byzantine Fault Tolerant (BFT) consensus protocol. This protocol ensures security and integrity of the data transmitted through the network by automatically blocking nodes that try to send incorrect information.

🔹Speed: Transactions are included in blocks in seconds.

🔹Scalability and EVM Compatibility: CrossFi Chain seamlessly interacts with various networks, enabling cross-chain bridges and easy transfer of digital assets between blockchains.

Dual Coin Model

CrossFi Chain uses two coins: MPX and XFI. MPX, a stable coin with unlimited emission, serves as a unit of minting power for generating XFI and as a payment coin for transaction fees. Users who stake MPX coins receive XFI as rewards. XFI, a volatile coin with limited emission, functions as a means of payment and grants access to all Cross Finance products. XFI is tradable on crypto exchanges, such as Huobi and MEXC. The issue of XFI is projected to extend for a duration of 20 years.

Why CrossFi Chain Uses Two Coins

The dual-coin model enables a sustainable and efficient economy within the CrossFi product ecosystem. In our earlier posts, you can find more details on CrossFi Chain liquidity.

Cross Finance meets partners at TOKEN2049! Pleased to communicate with Huobi!

Just a friendly reminder: don’t forget to set your phones because tomorrow Fedor Bogorodsky, Banking Director, is attending the «Ecosystem and Industry Growth: Envisioning the Decade Ahead for Crypto» session.

Fedor will share the #TOKEN2049 stage with Justin Sun and other industry leaders.

Stay tuned!

#CrossFinance

#TOKEN2049 Day 2

Today we continue to communicate with the participants of the conference and establish new connections. There will be a lot of interesting content ahead.

In 10 minutes Fedor Bogorodskiy will speak from the #CrossFinance team at the OKX Mainstage with industry leaders.

Stay tuned!

Thank you, @TOKEN2049

We would like to extend our gratitude to all the attendees, colleagues, and partners who joined us at the #TOKEN2049 conference. It was an absolute privilege to be a part of this leading event in the #web3 and #crypto industries!

Being on the same stage as industry leaders was an invaluable experience for Cross Finance. We were inspired by the discussions, insights, and innovations that were shared throughout the conference. We are excited to witness the collective drive for shaping the future of decentralized finance.

There will be many more events to come. Stay tuned for more updates from Cross Finance!

#TOKEN2049 #CrossFinance #Web3 #Crypto #DecentralizedFinance