“My target is to provide the decentralised solutions first of all”, - Fedor Bogorodskiy, Banking Director at #CrossFinance.
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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
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
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HTX launches a new phase of airdrop campaign featuring XFI!
From September 7 to September 21, HTX users have the opportunity to receive a 100% cashback on XFI trading fees, and they can share these rewards with their invited friends. As the inviter, you'll receive an 80% cashback on XFI trading fees, while your guests will receive a 20% cashback.
There are no limitations on the number of trades or guests. The rewards increase as you invite more friends, and as they engage in trading.
The rewards will be credited to participants' HTX accounts within 7 working days after the event ends.
Stay tuned and don't miss XFI promotions!
From September 7 to September 21, HTX users have the opportunity to receive a 100% cashback on XFI trading fees, and they can share these rewards with their invited friends. As the inviter, you'll receive an 80% cashback on XFI trading fees, while your guests will receive a 20% cashback.
There are no limitations on the number of trades or guests. The rewards increase as you invite more friends, and as they engage in trading.
The rewards will be credited to participants' HTX accounts within 7 working days after the event ends.
Stay tuned and don't miss XFI promotions!
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Cross Finance is the Main Partner of Beatland
Beatland is an international hybrid beatboxing battle. The project started in February 2023. The idea of the event is based on cultural shifter, technology, blockchain and creativity.
🔹Created and hosted by beatbox stars Mad Twinz.
🔹300 participants from more than 20 contries
🔹The top 8 artists in the final.
Competitors who reach the final will battle for a 50,000 USDT prize pool in Bali (Nuanu place) on November 18.
Stay in touch for more updates!
Beatland is an international hybrid beatboxing battle. The project started in February 2023. The idea of the event is based on cultural shifter, technology, blockchain and creativity.
🔹Created and hosted by beatbox stars Mad Twinz.
🔹300 participants from more than 20 contries
🔹The top 8 artists in the final.
Competitors who reach the final will battle for a 50,000 USDT prize pool in Bali (Nuanu place) on November 18.
Stay in touch for more updates!
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#TOKEN2049 is now history, but we still have plenty of impressions to share with you from the event!
Walk with the #CrossFinance team through the entire event site and immerse yourself in the crypto atmosphere.
By the way, how many Cross Finance logos did you find?
Walk with the #CrossFinance team through the entire event site and immerse yourself in the crypto atmosphere.
By the way, how many Cross Finance logos did you find?
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How Traditional Finances Benefit from Cryptocurrency Integration
The integration of cryptocurrency into traditional finance (TradFi) offers significant benefits. While TradFi services like lending, insurance, and payments have been around for centuries, it has its limitations, with 1.4 billion people worldwide remaining unbanked due to high entry barriers, inadequate credit levels, and hefty service fees. Bank charges for transfers, especially across borders, deter small transactions, and acquiring costs hinder the growth of small and medium-sized businesses. Crypto integration addresses these shortcomings, providing a solution for financial inclusion, reduced fees, and improved opportunities for businesses of all sizes.
Here come cryptocurrencies
Cryptocurrencies offer swift and cost-effective money transfers with minimal intermediaries, enabling small and medium-sized businesses to expand globally beyond their local markets. However, a complete transition to crypto has its constraints related to regulatory approach in different regions.
Here comes Cross Finance
The synergy between cryptocurrency and TradFi enhances the quality of services through innovative technologies maintaining their logical background intact. The video demonstration illustrates how payments can be effortlessly processed via a POS terminal using a bank card linked to the Cross Finance account. The payment process mirrors traditional card payments but is made in XFI coins, thanks to Cross Finance's proprietary processing engine. It calculates the number of XFI coins required to pay for the goods, taking into account the current price of XFI on exchanges, and sends this information to the smart contract to which the user’s wallet with XFI is linked. Simultaneously, the processing engine sends the necessary amount in fiat to pay for the goods to the merchant.
This is just one of the few features of Cross Finance. Cross Finance is a full-fledged banking application that grants access both to traditional finances and cryptocurrencies.
The integration of cryptocurrency into traditional finance (TradFi) offers significant benefits. While TradFi services like lending, insurance, and payments have been around for centuries, it has its limitations, with 1.4 billion people worldwide remaining unbanked due to high entry barriers, inadequate credit levels, and hefty service fees. Bank charges for transfers, especially across borders, deter small transactions, and acquiring costs hinder the growth of small and medium-sized businesses. Crypto integration addresses these shortcomings, providing a solution for financial inclusion, reduced fees, and improved opportunities for businesses of all sizes.
Here come cryptocurrencies
Cryptocurrencies offer swift and cost-effective money transfers with minimal intermediaries, enabling small and medium-sized businesses to expand globally beyond their local markets. However, a complete transition to crypto has its constraints related to regulatory approach in different regions.
Here comes Cross Finance
The synergy between cryptocurrency and TradFi enhances the quality of services through innovative technologies maintaining their logical background intact. The video demonstration illustrates how payments can be effortlessly processed via a POS terminal using a bank card linked to the Cross Finance account. The payment process mirrors traditional card payments but is made in XFI coins, thanks to Cross Finance's proprietary processing engine. It calculates the number of XFI coins required to pay for the goods, taking into account the current price of XFI on exchanges, and sends this information to the smart contract to which the user’s wallet with XFI is linked. Simultaneously, the processing engine sends the necessary amount in fiat to pay for the goods to the merchant.
This is just one of the few features of Cross Finance. Cross Finance is a full-fledged banking application that grants access both to traditional finances and cryptocurrencies.
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Why is decentralization the hottest topic in recent years?
The theme of decentralization ran throughout the TOKEN2049 conference, which attracted thousands of visitors & hundreds of experts last week in Singapore. All panel discussions touched on the question of how to avoid centralization of business processes. But what are the dangers of centralization?
Pros and cons of centralization
A centralized approach to organization and management leads to the fact that power is concentrated in the hands of a few leaders. It helps optimize administrative costs. Decisions are made by a narrow circle of leaders & are not discussed neither with employees nor with users which means the decision-making process itself takes little time.
On the other hand, this entails ineffective decision-making & stifles the pace of innovation and growth. The staff and audience feel disconnected without the ability to leave feedback. The lack of flexibility in a business is a huge risk factor.
If we talk about the world of crypto, then centralization here creates high risks of fraud. Let's recall the case of FTX, which was often cited on TOKEN2049 as an example of mismanagement. Only a few managers made decisions about investments, movements of user assets, and economic strategy.
What decentralization mechanisms can be used now?
Decentralization of decision making: With the help of blockchain technology, the decision-making process can be accelerated through the use of voting, while motivation can be launched through various channels, such as mining, staking, yield-farming, etc.
Effective communication: Decentralization offers various mechanics, such as rewards or loyalty programs, encouraging them to give active feedback.
Increased adaptability: Active feedback leads to faster decision-making & helps improve adaptability.
Thus, decentralization is a more adaptive, flexible & effective approach to business process management. It allows you to create systems where all participants, including users, benefit from active involvement.
The theme of decentralization ran throughout the TOKEN2049 conference, which attracted thousands of visitors & hundreds of experts last week in Singapore. All panel discussions touched on the question of how to avoid centralization of business processes. But what are the dangers of centralization?
Pros and cons of centralization
A centralized approach to organization and management leads to the fact that power is concentrated in the hands of a few leaders. It helps optimize administrative costs. Decisions are made by a narrow circle of leaders & are not discussed neither with employees nor with users which means the decision-making process itself takes little time.
On the other hand, this entails ineffective decision-making & stifles the pace of innovation and growth. The staff and audience feel disconnected without the ability to leave feedback. The lack of flexibility in a business is a huge risk factor.
If we talk about the world of crypto, then centralization here creates high risks of fraud. Let's recall the case of FTX, which was often cited on TOKEN2049 as an example of mismanagement. Only a few managers made decisions about investments, movements of user assets, and economic strategy.
What decentralization mechanisms can be used now?
Decentralization of decision making: With the help of blockchain technology, the decision-making process can be accelerated through the use of voting, while motivation can be launched through various channels, such as mining, staking, yield-farming, etc.
Effective communication: Decentralization offers various mechanics, such as rewards or loyalty programs, encouraging them to give active feedback.
Increased adaptability: Active feedback leads to faster decision-making & helps improve adaptability.
Thus, decentralization is a more adaptive, flexible & effective approach to business process management. It allows you to create systems where all participants, including users, benefit from active involvement.
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Future of traditional finance
The world is changing, and the banking services industry is changing with it. Digitalization has already allowed us to substitute our wallet with a smartphone. What other changes are to come in the near term? Many experts believe that in the future, traditional finance will implement DeFi products and mechanics, and there will be a synergy between two different approaches.
Pros of DeFi
Decentralized finance uses blockchain technology, which reduces or completely eliminates the number of intermediaries in transactions. This reduces the cost of transfers, making them faster and cheaper. According to the World Bank's Remittance Prices Worldwide report, transferring money internationally had an average transfer cost of 6.3% of the total transaction, with banks having the highest fees (approximately 11.69%).
Cryptocurrencies are a new asset that allows creation of new products, such as staking. Users are motivated to actively participate in the ecosystem by receiving incentives. With inflation rising to 8.8% in 2022, according to the International Monetary Fund, DeFi products are becoming a new instrument to hedge the inflationary risks.
TradFi and DeFi in one app
Users want to explore new opportunities for digital assets, but are not ready to give up their usual banking services. According to the GFT's Banking Disruption Index, consumers want the best of both worlds with digital and traditional banking features. An easy-to-use-digital banking app (47%) with a wide range of services and products available is in highest demand globally.
Ironically, there aren't enough apps like this on the market. Users often complain about poor usability and poor user experience of cryptocurrency-related apps.
That's why, when developing the CrossFi App, we set ourselves the goal of launching a full-fledged banking app, supporting both decentralized and traditional finances and enabling customers to use cryptocurrency just like fiat seamlessly and in a matter of few clicks.
The world is changing, and the banking services industry is changing with it. Digitalization has already allowed us to substitute our wallet with a smartphone. What other changes are to come in the near term? Many experts believe that in the future, traditional finance will implement DeFi products and mechanics, and there will be a synergy between two different approaches.
Pros of DeFi
Decentralized finance uses blockchain technology, which reduces or completely eliminates the number of intermediaries in transactions. This reduces the cost of transfers, making them faster and cheaper. According to the World Bank's Remittance Prices Worldwide report, transferring money internationally had an average transfer cost of 6.3% of the total transaction, with banks having the highest fees (approximately 11.69%).
Cryptocurrencies are a new asset that allows creation of new products, such as staking. Users are motivated to actively participate in the ecosystem by receiving incentives. With inflation rising to 8.8% in 2022, according to the International Monetary Fund, DeFi products are becoming a new instrument to hedge the inflationary risks.
TradFi and DeFi in one app
Users want to explore new opportunities for digital assets, but are not ready to give up their usual banking services. According to the GFT's Banking Disruption Index, consumers want the best of both worlds with digital and traditional banking features. An easy-to-use-digital banking app (47%) with a wide range of services and products available is in highest demand globally.
Ironically, there aren't enough apps like this on the market. Users often complain about poor usability and poor user experience of cryptocurrency-related apps.
That's why, when developing the CrossFi App, we set ourselves the goal of launching a full-fledged banking app, supporting both decentralized and traditional finances and enabling customers to use cryptocurrency just like fiat seamlessly and in a matter of few clicks.
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According to a poll of 603 global business decision-makers in the UK, China, and the US, nearly 90% of the businesses are deploying blockchain technology in some capacity, with 87% saying they plan to invest in blockchain in the next year. The enterprise adoption of blockchain is expected to deliver more effective business processing. The key features that attract enterprises are security, supply chain efficiency, data protection, blockchain-based solutions for internal workflows, payment gateways, etc.
Thanks to its modular architecture, CrossFi solutions can be effectively integrated in the operational systems of businesses of various sizes, from small stores to large corporations.
What CrossFi offers to enterprises?
Accounts: Open an account and receive any liquid assets across more than six networks with minimal fees.
Exchange: Whether you want to store or to convert received crypto to fiat, it's a matter of a few clicks in your business account.
POS terminals: Start accepting both fiat and cryptocurrencies, using a single POS terminal.
Analytics: business account grants access to analytics for all transactions and active products. Open a business account and gain access to our marketing tools. Choose a period or a product and receive a report in 30 seconds. Automatic reporting is also available.
Products for clients: Quick emission of virtual cards, activation of physical cards via mobile number, easy-to-make and fast transactions.
Tokenization: A fully EVM-compatible smart contract system, SDK, and other tools enable you to launch your own tokens and build apps. Tokenize your loyalty program and intensify your clients' loyalty and motivation with tangible rewards.
All services accessible via a single business account. CrossFi for business is a synergy of best practices from traditional banking and the innovative DeFi sector. Bringing them together, we offer a set of handy tools for businesses enabling them to grow faster, optimize their workflow, facilitate payments and money transfers.
Thanks to its modular architecture, CrossFi solutions can be effectively integrated in the operational systems of businesses of various sizes, from small stores to large corporations.
What CrossFi offers to enterprises?
Accounts: Open an account and receive any liquid assets across more than six networks with minimal fees.
Exchange: Whether you want to store or to convert received crypto to fiat, it's a matter of a few clicks in your business account.
POS terminals: Start accepting both fiat and cryptocurrencies, using a single POS terminal.
Analytics: business account grants access to analytics for all transactions and active products. Open a business account and gain access to our marketing tools. Choose a period or a product and receive a report in 30 seconds. Automatic reporting is also available.
Products for clients: Quick emission of virtual cards, activation of physical cards via mobile number, easy-to-make and fast transactions.
Tokenization: A fully EVM-compatible smart contract system, SDK, and other tools enable you to launch your own tokens and build apps. Tokenize your loyalty program and intensify your clients' loyalty and motivation with tangible rewards.
All services accessible via a single business account. CrossFi for business is a synergy of best practices from traditional banking and the innovative DeFi sector. Bringing them together, we offer a set of handy tools for businesses enabling them to grow faster, optimize their workflow, facilitate payments and money transfers.
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Why are cryptocurrencies a must-have of modern online banking?
Cryptocurrencies are one of the main digital banking trends reshaping the industry.Online banking finds itself forced to respond to the demand of its target audience, which in developing countries is showing increasing interest in cryptocurrencies. According to a recently published Chainalysis report, developing countries have become the main players in the cryptocurrency market in terms of digital assets adoption speed, with African and Asian countries leading the race.
Chainalysis report's key findings
🔹Lower-middle-income countries are at the forefront of mass cryptocurrency adoption, with India leading the Grassroots Adoption Index in 2023.
🔹Nigeria ranks as the second-highest country in the world in terms of crypto adoption.
🔹Nigeria’s crypto transaction volume grew year-over-year to $56.7bn.
🔹Crypto is one solution to Nigeria’s economic challenges, such as Naira’s decreasing value, Chainalysis says.
🔹Central and South Asian states dominate the Index, with six of the top 10 countries located in this region: India, Vietnam, the Philippines, Indonesia, Pakistan, and Thailand.
🔹These six countries account for almost 20% of global crypto activity.
🔹India is also the largest crypto market globally in terms of estimated transaction volume, second only to the United States.
🔹South Asian countries demonstrate high interest in gaming and gambling platforms, especially in the Philippines (19.9% of crypto-related web traffic).
🔹Vietnam and Pakistan show high demand on P2P exchange, overtopping India, the Philippines, Indonesia, and Thailand by this indicator.
As Chainalysis analysts write, crypto in these countries are not just an investment, but an instrument to facilitate daily transactions.
The statistics demonstrate that cryptocurrencies have penetrated many residents’ day-to-day lives and currently become an important part of everyday routine transactions.
Cryptocurrencies are one of the main digital banking trends reshaping the industry.Online banking finds itself forced to respond to the demand of its target audience, which in developing countries is showing increasing interest in cryptocurrencies. According to a recently published Chainalysis report, developing countries have become the main players in the cryptocurrency market in terms of digital assets adoption speed, with African and Asian countries leading the race.
Chainalysis report's key findings
🔹Lower-middle-income countries are at the forefront of mass cryptocurrency adoption, with India leading the Grassroots Adoption Index in 2023.
🔹Nigeria ranks as the second-highest country in the world in terms of crypto adoption.
🔹Nigeria’s crypto transaction volume grew year-over-year to $56.7bn.
🔹Crypto is one solution to Nigeria’s economic challenges, such as Naira’s decreasing value, Chainalysis says.
🔹Central and South Asian states dominate the Index, with six of the top 10 countries located in this region: India, Vietnam, the Philippines, Indonesia, Pakistan, and Thailand.
🔹These six countries account for almost 20% of global crypto activity.
🔹India is also the largest crypto market globally in terms of estimated transaction volume, second only to the United States.
🔹South Asian countries demonstrate high interest in gaming and gambling platforms, especially in the Philippines (19.9% of crypto-related web traffic).
🔹Vietnam and Pakistan show high demand on P2P exchange, overtopping India, the Philippines, Indonesia, and Thailand by this indicator.
As Chainalysis analysts write, crypto in these countries are not just an investment, but an instrument to facilitate daily transactions.
The statistics demonstrate that cryptocurrencies have penetrated many residents’ day-to-day lives and currently become an important part of everyday routine transactions.
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#TOKEN2049: 10 days later
Let's take a look back at what it was like!
Put a 🔥 for the cool Cross Finance booth.
Let's take a look back at what it was like!
Put a 🔥 for the cool Cross Finance booth.
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The Roadmap of Cross Finance Ecosystem 2023-2024
The roadmap encompasses development plans, initiatives, and strategies that focus on maximizing the utility, value, and security of our ecosystem. It provides a chronological overview of new products launches and offline activities.
So, this quarter, we plan to launch the Cross Finance website, start the CrossFi Foundation and various programs related to it.
🔹Explore all of Cross Finance's plans above.
For more information, stay tuned here. Lots of updates coming soon.
The roadmap encompasses development plans, initiatives, and strategies that focus on maximizing the utility, value, and security of our ecosystem. It provides a chronological overview of new products launches and offline activities.
So, this quarter, we plan to launch the Cross Finance website, start the CrossFi Foundation and various programs related to it.
🔹Explore all of Cross Finance's plans above.
For more information, stay tuned here. Lots of updates coming soon.
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Telegram launched Stories for channels calling them by far the most-requested feature in the history of messenger.
However, this feature is available only to those channels with a Premium subscription which receive votes from users.
Votes will give us the opportunity to publish more interesting content for you.
🔹Click on the "vote" button.
Thank you all in advance!
https://t.me/crossfichain?boost
However, this feature is available only to those channels with a Premium subscription which receive votes from users.
Votes will give us the opportunity to publish more interesting content for you.
🔹Click on the "vote" button.
Thank you all in advance!
https://t.me/crossfichain?boost
Telegram
CrossFi News
Boost this channel to help it unlock additional features.
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CrossFi News pinned «Telegram launched Stories for channels calling them by far the most-requested feature in the history of messenger. However, this feature is available only to those channels with a Premium subscription which receive votes from users. Votes will give us the…»
The CrossFi ecosystem is in a stage of active growth, filling with new services and applications. To fuel this development and stimulate the creation of new user-friendly tools, bridging crypto and fiat finances, the role of the supporting body was given to the CrossFi Foundation.
What is CrossFi Foundation?
CrossFi Foundation is a non-profit organization, which plays a crucial role in the scaling of the Cross Finance ecosystem. It is self-regulating, with most active users of the ecosystem being able to decide on its future and development.
CrossFi Foundation's main goal is to grant support to those who are interested in developing the ecosystem.
It narrows 4 key grant directions, with total budget reaching $50,000,000:
🔹Grants for users. They can enjoy airdrops for subscribing to CrossFi's social networks and inviting friends, take part in zealy and gleam campaigns with rewards or play a role of a CrossFi Chain tester with tangible incentives.
🔹Grants for ambassadors. If you have audience to share your experience with or you are a creator, you can apply for a CrossFi Foundation grant.
🔹Grants for developers. The CrossFi Foundation is supporting innovators building tools, services and dApps based on the CrossFi EVM-compatible blockchain. Both those who have ready-made solutions or just a cool idea can apply.
🔹Grants for validators. The CrossFi Foundation motivates those who participate in testnet or raise a full node, becoming a validator.
All grants are awarded in MPX coins, except for grants for product and service development. Developers receive grants in XFI coin.
Stay tuned so you don't miss the launch of CrossFi Foundation.
What is CrossFi Foundation?
CrossFi Foundation is a non-profit organization, which plays a crucial role in the scaling of the Cross Finance ecosystem. It is self-regulating, with most active users of the ecosystem being able to decide on its future and development.
CrossFi Foundation's main goal is to grant support to those who are interested in developing the ecosystem.
It narrows 4 key grant directions, with total budget reaching $50,000,000:
🔹Grants for users. They can enjoy airdrops for subscribing to CrossFi's social networks and inviting friends, take part in zealy and gleam campaigns with rewards or play a role of a CrossFi Chain tester with tangible incentives.
🔹Grants for ambassadors. If you have audience to share your experience with or you are a creator, you can apply for a CrossFi Foundation grant.
🔹Grants for developers. The CrossFi Foundation is supporting innovators building tools, services and dApps based on the CrossFi EVM-compatible blockchain. Both those who have ready-made solutions or just a cool idea can apply.
🔹Grants for validators. The CrossFi Foundation motivates those who participate in testnet or raise a full node, becoming a validator.
All grants are awarded in MPX coins, except for grants for product and service development. Developers receive grants in XFI coin.
Stay tuned so you don't miss the launch of CrossFi Foundation.
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The incredible guys from Beatland!
On November 18-19 in Bali they will show their skills on stage.
🔹Cross Finance is a Title Partner of Beatland festival.
Watch this video and put a 🔥 for upcoming battle!
On November 18-19 in Bali they will show their skills on stage.
🔹Cross Finance is a Title Partner of Beatland festival.
Watch this video and put a 🔥 for upcoming battle!
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Main events from the Fintech world over the past week:
🔹India raises tax on outbound remittances in attempt to stem capital outflow
From October 1, 2023, the tax rate on outbound remittances from India jumps up to 20% from the current 5%. It will be possible to avoid taxation only if the volume of outbound remittances does not exceed INR 700,000 (app. $8500) per financial year or if the funds are allocated to educational & medical expenses. Vacation expenses, investments, & gifts are subject to taxation.
The reason for tightening taxation is the desire to limit the outflow of capital from India, which has intensified in recent years.
🔹B2B payments platform raises $30 million in attempt to fuel its expansion in $125-trillion market
Slope is a B2B payments platform that offers a range of services to streamline B2B workflows, automate order-to-cash processes, & simplify payments. This week Slope closed a $30 million venture round, with Union Square Ventures leading the round and OpenAI’s Sam Altman being among investors.
The company claims that its mission is to bring the sector of B2B payments into the digital age, using artificial intelligence-driven tools for risk assessment, payment reconciliation & cash management.
🔹Central America faces record-breaking remittances
Central America gets ready for another record-breaking year for inbound remittances, with regional totals approaching $45 billion. Guatemala alone is expected to receive $19.5 billion, while remittances in Nicaragua demonstrated an increase by 58.6% between January and June 2023. The main driver of growth is the recovery of migration flows in the USA after the pandemic and the growth of hourly wages in the US market.
Inbound remittances for some developing countries account for a lion's share of their national GDPs. For Nicaragua, they account for app. 30% of GDP. At the same time, according to the International Organization for Migration, the global average fee for cross-border remittances remains relatively high, standing at 6.3%.
🔹India raises tax on outbound remittances in attempt to stem capital outflow
From October 1, 2023, the tax rate on outbound remittances from India jumps up to 20% from the current 5%. It will be possible to avoid taxation only if the volume of outbound remittances does not exceed INR 700,000 (app. $8500) per financial year or if the funds are allocated to educational & medical expenses. Vacation expenses, investments, & gifts are subject to taxation.
The reason for tightening taxation is the desire to limit the outflow of capital from India, which has intensified in recent years.
🔹B2B payments platform raises $30 million in attempt to fuel its expansion in $125-trillion market
Slope is a B2B payments platform that offers a range of services to streamline B2B workflows, automate order-to-cash processes, & simplify payments. This week Slope closed a $30 million venture round, with Union Square Ventures leading the round and OpenAI’s Sam Altman being among investors.
The company claims that its mission is to bring the sector of B2B payments into the digital age, using artificial intelligence-driven tools for risk assessment, payment reconciliation & cash management.
🔹Central America faces record-breaking remittances
Central America gets ready for another record-breaking year for inbound remittances, with regional totals approaching $45 billion. Guatemala alone is expected to receive $19.5 billion, while remittances in Nicaragua demonstrated an increase by 58.6% between January and June 2023. The main driver of growth is the recovery of migration flows in the USA after the pandemic and the growth of hourly wages in the US market.
Inbound remittances for some developing countries account for a lion's share of their national GDPs. For Nicaragua, they account for app. 30% of GDP. At the same time, according to the International Organization for Migration, the global average fee for cross-border remittances remains relatively high, standing at 6.3%.
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TOKEN2049 in Singapore gave us the opportunity to network with many companies from the blockchain industry - payment and trading platforms, DeFi protocol developers, and venture funds. Everyone had their own view on the future of the industry, but there was something in common. When summarized, we saw a list of the most current trends in the blockchain industry and verified that CrossFi is developing in the right direction:
🔹Evolution instead of revolution: the crypto market grew out of adolescence with its maximalism and desires to destroy the old world and create a new one. Now we are hearing more discussions of synergy between crypto and traditional finances and about blockchain solutions able to be implemented into existing corporate systems.
🔹Crypto-fiat bridges: solutions that will allow seamless, fast and secure transfer of assets from fiat to cryptocurrencies and vice versa are still being actively in need. There is less talk about a total transition to cryptocurrency payments - it is obvious to everyone that users are not yet ready to completely switch to digital assets. Meanwhile, there are a growing number of users and merchants who would like to add cryptocurrency to the list of their payment instruments.
🔹Turnkey blockchain solutions: many business owners would like to implement blockchain solutions into their processes, but there is a lack of ready-made solutions that can be easily integrated into existing systems and do not require a complete reformatting of internal systems. Many are not ready for a complete transition to blockchain-based corporate systems, however they are ready to implement several blockchain-based modules.
🔹User-friendly interfaces: perhaps this is the key longtime topic for the blockchain industry. The market still lacks apps that are intuitive and easy to use, yet have extensive functionality and a high level of security, catering both needs of retail users and merchants.
🔹Evolution instead of revolution: the crypto market grew out of adolescence with its maximalism and desires to destroy the old world and create a new one. Now we are hearing more discussions of synergy between crypto and traditional finances and about blockchain solutions able to be implemented into existing corporate systems.
🔹Crypto-fiat bridges: solutions that will allow seamless, fast and secure transfer of assets from fiat to cryptocurrencies and vice versa are still being actively in need. There is less talk about a total transition to cryptocurrency payments - it is obvious to everyone that users are not yet ready to completely switch to digital assets. Meanwhile, there are a growing number of users and merchants who would like to add cryptocurrency to the list of their payment instruments.
🔹Turnkey blockchain solutions: many business owners would like to implement blockchain solutions into their processes, but there is a lack of ready-made solutions that can be easily integrated into existing systems and do not require a complete reformatting of internal systems. Many are not ready for a complete transition to blockchain-based corporate systems, however they are ready to implement several blockchain-based modules.
🔹User-friendly interfaces: perhaps this is the key longtime topic for the blockchain industry. The market still lacks apps that are intuitive and easy to use, yet have extensive functionality and a high level of security, catering both needs of retail users and merchants.
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0x Hosomaki, DeFi Strategy Lead at Cross Finance, was speaking about crypto and fiat payments during the TOKEN2049. Listen to his full presentation that showcases the full capabilities of the Cross Finance ecosystem.
Here are the key points:
🔹Differences and features of Cross Finance
We see fintech applications such as Revolut, PayPal, where you can pay someone in a super fast environment,user friendly, but yet it's still under the cover of a legacy payment & a centralized means of payment. We believe that Cross Finance is in phase three where you can make anything you want in just a few clicks. Pay someone through your DeFi wallet, connect obviously to Cross Finance through our DApp portal and let's break down how it works in different stages.
🔹How Cross Finance works
You come into CrossFi App, which has an integration of LayerZero. LayerZero allows us to swap tokens through Sushi on more than six networks using more than 200 tokens. This is only like super liquid tokens. So you can even imagine using your, let's say shitcoin to pay for your bread in Paris. Then the funds are sent to the CrossFi Chain which gives us an opportunity to have fast, reliable and secure transactions. Then the payment processor, depending on what was the initial action you had Visa, Mastercard, any of these or simply a payment Swift is made. All of these steps are on chain visible & you can check them through the Explorer.
🔹The CrossFi Chain
The CrossFi Chain is an EVM compatible chain. We incentivize people to come build on top of our application, which is going to be the stack on top of the banking system using crypto. And you're wondering, what is going to be the token that we're going to use in order to pay for transactions & who are going to be the validators? So the XFI token in itself will be used as an incentive, but also through governance where you will be able to vote what the future of our blockchain will look like and make fees, anything you want.Modular through governance. This is something super important for us.
Here are the key points:
🔹Differences and features of Cross Finance
We see fintech applications such as Revolut, PayPal, where you can pay someone in a super fast environment,user friendly, but yet it's still under the cover of a legacy payment & a centralized means of payment. We believe that Cross Finance is in phase three where you can make anything you want in just a few clicks. Pay someone through your DeFi wallet, connect obviously to Cross Finance through our DApp portal and let's break down how it works in different stages.
🔹How Cross Finance works
You come into CrossFi App, which has an integration of LayerZero. LayerZero allows us to swap tokens through Sushi on more than six networks using more than 200 tokens. This is only like super liquid tokens. So you can even imagine using your, let's say shitcoin to pay for your bread in Paris. Then the funds are sent to the CrossFi Chain which gives us an opportunity to have fast, reliable and secure transactions. Then the payment processor, depending on what was the initial action you had Visa, Mastercard, any of these or simply a payment Swift is made. All of these steps are on chain visible & you can check them through the Explorer.
🔹The CrossFi Chain
The CrossFi Chain is an EVM compatible chain. We incentivize people to come build on top of our application, which is going to be the stack on top of the banking system using crypto. And you're wondering, what is going to be the token that we're going to use in order to pay for transactions & who are going to be the validators? So the XFI token in itself will be used as an incentive, but also through governance where you will be able to vote what the future of our blockchain will look like and make fees, anything you want.Modular through governance. This is something super important for us.
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How CrossFi is transforming banking services
According to a forecast by Juniper Research, the number of online banking users worldwide is expected to reach 3.6 billion by 2024. According to another study, at the end of 2022, the number of cryptocurrency owners in the world reached 425 million people. What if there was an app that combines traditional finance and new technologies from the world of cryptocurrencies?
Uniting TradFi and DeFi in one banking app
Conservative users of banking apps could receive an easy entry to cryptocurrencies, while cryptocurrency owners would use banking services without having to switch between different apps and services.
Unbanked persons who account for hundreds of millions inhabitants in developing countries are the third category of users of this multifunctional app. They could receive access to two worlds of financial services at once. Thus, we are talking about over 5 billion people who will have access to new tools - from traditional finance to cryptocurrencies.
The connection of these two worlds, cryptocurrencies and traditional finance, require new solutions. They must enhance the experience of traditional finance, apply its inherent mechanisms and intertwine them with new technologies and opportunities that digital innovations offer. This is the concept we focused on when developing CrossFi.
What features does CrossFi offer to its users?
🔹Interoperability of cryptocurrencies and real-world payments
🔹Improved user experience when managing fiat and crypto assets within one app
🔹EVM-compatible environment for developers looking for a platform to launch their decentralized solutions
Users of CrossFi APP, a full-fledged banking app, can easily open fiat and cryptocurrency accounts, buy, sell and exchange digital assets, make transfers, issue debit cards of leading payment systems.
Users of CrossFi xAPP, a decentralized app integrated with LayerZero and Sushi, benefit from receiving access to yield farming and liquid staking derivatives.
According to a forecast by Juniper Research, the number of online banking users worldwide is expected to reach 3.6 billion by 2024. According to another study, at the end of 2022, the number of cryptocurrency owners in the world reached 425 million people. What if there was an app that combines traditional finance and new technologies from the world of cryptocurrencies?
Uniting TradFi and DeFi in one banking app
Conservative users of banking apps could receive an easy entry to cryptocurrencies, while cryptocurrency owners would use banking services without having to switch between different apps and services.
Unbanked persons who account for hundreds of millions inhabitants in developing countries are the third category of users of this multifunctional app. They could receive access to two worlds of financial services at once. Thus, we are talking about over 5 billion people who will have access to new tools - from traditional finance to cryptocurrencies.
The connection of these two worlds, cryptocurrencies and traditional finance, require new solutions. They must enhance the experience of traditional finance, apply its inherent mechanisms and intertwine them with new technologies and opportunities that digital innovations offer. This is the concept we focused on when developing CrossFi.
What features does CrossFi offer to its users?
🔹Interoperability of cryptocurrencies and real-world payments
🔹Improved user experience when managing fiat and crypto assets within one app
🔹EVM-compatible environment for developers looking for a platform to launch their decentralized solutions
Users of CrossFi APP, a full-fledged banking app, can easily open fiat and cryptocurrency accounts, buy, sell and exchange digital assets, make transfers, issue debit cards of leading payment systems.
Users of CrossFi xAPP, a decentralized app integrated with LayerZero and Sushi, benefit from receiving access to yield farming and liquid staking derivatives.
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