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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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Bank for International Settlements's report sheds light on cryptocurrencies in cross-border transfers
The Bank for International Settlements (BIS) project, codenamed Atlas, studied the structure of cross-border payments in Bitcoin based on data obtained from crypto exchanges (off-chain data) and from public blockchains (on-chain data) gathered from nodes.
According to the study, transactions under $500 make up the bulk of Bitcoin transactions. This may indicate that Bitcoin is actively used for retail payments and remittances across the globe. Moreover, the study revealed that Bitcoin was increasingly being used for remittances, providing a lifeline for individuals in regions with limited access to traditional banking services.
For a long time, the world's central banks spoke only about the risks of cryptocurrencies, but as the DeFi market is expanding, they started to carefully mention the opportunities cryptocurrencies present to the financial system. Apparently, the world of cryptocurrencies will gradually merge with the world of traditional finance and they will be able to coexist, enriching each other.
Payments startups are on the funding rise
Although the macroeconomic situation in the world is holding back the growth of investment activity, startups developing with payment solutions are successfully conducting funding rounds, attracting millions to develop the payment industry.
South Africa-based digital payment service provider Peach Payments received $30 mln in funding round led by UK-based private equity fund Stockholm, Sweden-based Brite Payments which specializes in instant bank payments across Europe raised $60M in funding.
South African payments infrastructure Stitch has raised $25 million in a Series A extension. Such an intensive investors' activity demonstrates a move towards an open banking and fintech boom on the market.
Obviously, developing economies are undergoing a profound financial transformation, with the emergence of open finance.
The Bank for International Settlements (BIS) project, codenamed Atlas, studied the structure of cross-border payments in Bitcoin based on data obtained from crypto exchanges (off-chain data) and from public blockchains (on-chain data) gathered from nodes.
According to the study, transactions under $500 make up the bulk of Bitcoin transactions. This may indicate that Bitcoin is actively used for retail payments and remittances across the globe. Moreover, the study revealed that Bitcoin was increasingly being used for remittances, providing a lifeline for individuals in regions with limited access to traditional banking services.
For a long time, the world's central banks spoke only about the risks of cryptocurrencies, but as the DeFi market is expanding, they started to carefully mention the opportunities cryptocurrencies present to the financial system. Apparently, the world of cryptocurrencies will gradually merge with the world of traditional finance and they will be able to coexist, enriching each other.
Payments startups are on the funding rise
Although the macroeconomic situation in the world is holding back the growth of investment activity, startups developing with payment solutions are successfully conducting funding rounds, attracting millions to develop the payment industry.
South Africa-based digital payment service provider Peach Payments received $30 mln in funding round led by UK-based private equity fund Stockholm, Sweden-based Brite Payments which specializes in instant bank payments across Europe raised $60M in funding.
South African payments infrastructure Stitch has raised $25 million in a Series A extension. Such an intensive investors' activity demonstrates a move towards an open banking and fintech boom on the market.
Obviously, developing economies are undergoing a profound financial transformation, with the emergence of open finance.
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Cross Finance x MetaTalks Media
AMA session
🔹7 October at 16:30 UTC time
Guest: Oxyoshi - Business Development Executive at Cross Finance.
🔹Twitter Space: https://twitter.com/i/spaces/1ZkKzjDnAlLKv
Lets speak about #cryptocurrency, #Decentralization and #banking!
AMA session
🔹7 October at 16:30 UTC time
Guest: Oxyoshi - Business Development Executive at Cross Finance.
🔹Twitter Space: https://twitter.com/i/spaces/1ZkKzjDnAlLKv
Lets speak about #cryptocurrency, #Decentralization and #banking!
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Digitalization of financial services, digital payments and remittances, neobanking and DeFi are the main trends in the financial industry. Recent statistical data clearly shows the speed at which these areas are growing and which trends are dominant. Here are some key factors.
Rise of Digital Payment Segment:
🔹Payment systems are growing at an accelerated pace. Even the economic downturn amid the pandemic failed to stop its growth.
🔹Digital payments are likely to remain a dominant trend, as consumers increasingly prefer the convenience and speed of mobile payment solutions.
🔹Total transaction value is expected to show an annual growth rate (CAGR 2023-2027) of 11.80%, with total transaction value reaching $14.78 trillion by 2027.
Growth of digital payment user base:
🔹The number of users in the Digital Payments market is expected to amount to 5.48bn users by 2027.
🔹Inside the digital payments sector, digital commerce, remittances and mobile POS payments are the most fast-growing segments, with the number of users of digital remittances adding 12.5% within the last year.
🔹India, Asia, Brazil are the key regions for the digital payments sector.
Decentralized technology enhancement:
🔹64% and 44% of consumers are interested in using cryptocurrency payments for travel products and hotel bookings, respectively.
Rise of Digital Payment Segment:
🔹Payment systems are growing at an accelerated pace. Even the economic downturn amid the pandemic failed to stop its growth.
🔹Digital payments are likely to remain a dominant trend, as consumers increasingly prefer the convenience and speed of mobile payment solutions.
🔹Total transaction value is expected to show an annual growth rate (CAGR 2023-2027) of 11.80%, with total transaction value reaching $14.78 trillion by 2027.
Growth of digital payment user base:
🔹The number of users in the Digital Payments market is expected to amount to 5.48bn users by 2027.
🔹Inside the digital payments sector, digital commerce, remittances and mobile POS payments are the most fast-growing segments, with the number of users of digital remittances adding 12.5% within the last year.
🔹India, Asia, Brazil are the key regions for the digital payments sector.
Decentralized technology enhancement:
🔹64% and 44% of consumers are interested in using cryptocurrency payments for travel products and hotel bookings, respectively.
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During the TOKEN2049 Fedor Bogorodsky, Banking Director at Cross Finance, attended the «Ecosystem and Industry Growth: Envisioning the Decade Ahead for Crypto» session.
Let's take a look at the key points from Fedor's speech.
About CrossFi's goals
🔹CrossFi's ultimate goal is to offer a product that is not only free of charge, but also easily accessible in every corner of the globe, at any given moment, without any limitations.
🔹CrossFi's primary objective is to offer decentralized solutions for all users and merchants who could seamlessly transact and embrace cryptocurrencies in their everyday lives.
🔹DeFi helps eliminate all boundaries and liberate ourselves from any external constraints, this it's CrossFi's top priority.
On product concept
🔹CrossFi APP is a product that is incredibly user-friendly and effortlessly accessible.
🔹It operates in a thriving sector, transcending boundaries and embracing the virtual realm of the metaverse in all its diverse forms.
Interaction of chains
🔹CrossFi prioritizes the seamless integration of blockchains, not only within one network but also with other chains in the ecosystem in a streamlined and simplified manner.
Current developments
🔹CrossFi is currently in the process of implementing the LayerZero technology for DeFi, DAO, and Cross Finance initiatives, specifically the CrossFi platform.
Let's take a look at the key points from Fedor's speech.
About CrossFi's goals
🔹CrossFi's ultimate goal is to offer a product that is not only free of charge, but also easily accessible in every corner of the globe, at any given moment, without any limitations.
🔹CrossFi's primary objective is to offer decentralized solutions for all users and merchants who could seamlessly transact and embrace cryptocurrencies in their everyday lives.
🔹DeFi helps eliminate all boundaries and liberate ourselves from any external constraints, this it's CrossFi's top priority.
On product concept
🔹CrossFi APP is a product that is incredibly user-friendly and effortlessly accessible.
🔹It operates in a thriving sector, transcending boundaries and embracing the virtual realm of the metaverse in all its diverse forms.
Interaction of chains
🔹CrossFi prioritizes the seamless integration of blockchains, not only within one network but also with other chains in the ecosystem in a streamlined and simplified manner.
Current developments
🔹CrossFi is currently in the process of implementing the LayerZero technology for DeFi, DAO, and Cross Finance initiatives, specifically the CrossFi platform.
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🔹 What African states have the highest diaspora remittance inflow
Business Insider Africa published a rating of the top 10 African countries with the highest diaspora remittance inflow.
Despite the economic slowdown in source countries, remittance flows to the region are projected to rise by 1.3 and 3.7 per cent in 2023 and 2024, respectively. It means that African diasporas abroad will look for more convenient ways to send money to their motherlands. And these flows are not just pocket change, it's a game-changer for Africa's economic stability and growth.
🔹 Neobanks' profits are expected to grow on higher interest rates
Neobanks offer lower fees, meaning that their profits from transfers are also lower than traditional banks have. However, higher interest rates are now compensating for that, FT reports. Neobanks pay savers about twice as much on average on savings accounts as traditional banks.
Follow the money. This principle also applies to forecasting the growth of the user base of fintech apps. Users flow into apps where they see more benefits for themselves.
🔹 Lower remittance fee could save A$79 million annually to Pacific Island households
If remittance costs to Fiji, Tonga, and Vanuatu were reduced to the United Nations’ target of less than 3% per transaction, more than 79 million of Australian dollars annually would go directly to households in those countries, writes Dr Collins, research fellow at the Lowy Institute, an independent international policy think tank located in Sydney.
Remittances contribute significantly to GDP of the Pacific Islands region. However, currently, this region suffers from the highest transaction fees in the world.
The inability to reduce remittance costs to at least the global average level indicates that the current financial system can't cope with the challenges in certain financial corridors. The digitalization of remittances has the tools to dramatically reduce these fees. We can expect that the mass adoption of digital assets in remittances will begin there.
Business Insider Africa published a rating of the top 10 African countries with the highest diaspora remittance inflow.
Despite the economic slowdown in source countries, remittance flows to the region are projected to rise by 1.3 and 3.7 per cent in 2023 and 2024, respectively. It means that African diasporas abroad will look for more convenient ways to send money to their motherlands. And these flows are not just pocket change, it's a game-changer for Africa's economic stability and growth.
🔹 Neobanks' profits are expected to grow on higher interest rates
Neobanks offer lower fees, meaning that their profits from transfers are also lower than traditional banks have. However, higher interest rates are now compensating for that, FT reports. Neobanks pay savers about twice as much on average on savings accounts as traditional banks.
Follow the money. This principle also applies to forecasting the growth of the user base of fintech apps. Users flow into apps where they see more benefits for themselves.
🔹 Lower remittance fee could save A$79 million annually to Pacific Island households
If remittance costs to Fiji, Tonga, and Vanuatu were reduced to the United Nations’ target of less than 3% per transaction, more than 79 million of Australian dollars annually would go directly to households in those countries, writes Dr Collins, research fellow at the Lowy Institute, an independent international policy think tank located in Sydney.
Remittances contribute significantly to GDP of the Pacific Islands region. However, currently, this region suffers from the highest transaction fees in the world.
The inability to reduce remittance costs to at least the global average level indicates that the current financial system can't cope with the challenges in certain financial corridors. The digitalization of remittances has the tools to dramatically reduce these fees. We can expect that the mass adoption of digital assets in remittances will begin there.
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Cross Finance AMA Session!
Cross Finance speaker will participate in an AMA session where he will answer all questions about the ecosystem.
🔹October 14 at 11:00 UTC
🔹Location: @geekchatglobal
Join the AMA and learn new things about Cross Finance!
Cross Finance speaker will participate in an AMA session where he will answer all questions about the ecosystem.
🔹October 14 at 11:00 UTC
🔹Location: @geekchatglobal
Join the AMA and learn new things about Cross Finance!
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CrossFi is in the final stages of opening its first office in Dubai.
Our work is progressing rapidly. Stay tuned for our next announcement!
As our office prepares to open its doors, take a glimpse at its current state and how it will look in the future.
Our work is progressing rapidly. Stay tuned for our next announcement!
As our office prepares to open its doors, take a glimpse at its current state and how it will look in the future.
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CrossFi has different social media pages for easy navigation for our users.
Communicate and follow our project where it's more convenient for you!
Twitter
Facebook
Discord
Medium
LinkedIn
We would also like to remind you that you can chat with like-minded people or ask questions about the project on our Telegram chat and Discord.
Note: You will need to be verified in Discord to post messages there
Communicate and follow our project where it's more convenient for you!
Discord
Medium
We would also like to remind you that you can chat with like-minded people or ask questions about the project on our Telegram chat and Discord.
Note: You will need to be verified in Discord to post messages there
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Is decentralization a myth?
Last week, THORChain-based THORSwap DEX halted activity after it was revealed that illicit funds may have been funneled through the decentralized exchange. Thorswap will remain paused until it is able to implement “a more durable and comprehensive solution” to improve security. As it was clarified later, services such as Liquidity pools actions, Earn for savers, Borrow for lending, and Staking actions remain operational. This case highlighted several acute problems existing in the world of decentralized finance. Are decentralized finances really reliable? Let's discuss it.
Key issues of decentralization
🔹Security issues within decentralized apps and platforms remain unresolved for many projects
🔹The fight against money laundering is, of course, a good initiative. However, the centralized decision to stop DEX immediately drew criticism from the crypto community. The fundamental advantages of DEX are declared to be uncensorability and the absence of a central governing body. In the case of ThorSwap, the shutdown was carried out without any discussion with users in a totally centralized manner.
Life hacks when choosing DeFi
All these problems are the price to pay for bridges between the world of decentralized finance and traditional finance. DeFi will have to comply with some key financial market regulations such as AML and KYC. It is aimed to ensure the security of users' funds and protect them from fraud. Here is the shortlist of the key criteria to pay attention to when choosing DeFi app:
🔹non-custodial method of interaction with digital assets
🔹active support for the developer community who create dapps; for example, grant programs
🔹cooperation with major TradFi players in order to provide seamless flow of liquidity between DeFi and TradFi
These are not the only criteria, but they can be used to assess the project's commitment to the idea of decentralization.
And what do you think? Is decentralization a myth?
Last week, THORChain-based THORSwap DEX halted activity after it was revealed that illicit funds may have been funneled through the decentralized exchange. Thorswap will remain paused until it is able to implement “a more durable and comprehensive solution” to improve security. As it was clarified later, services such as Liquidity pools actions, Earn for savers, Borrow for lending, and Staking actions remain operational. This case highlighted several acute problems existing in the world of decentralized finance. Are decentralized finances really reliable? Let's discuss it.
Key issues of decentralization
🔹Security issues within decentralized apps and platforms remain unresolved for many projects
🔹The fight against money laundering is, of course, a good initiative. However, the centralized decision to stop DEX immediately drew criticism from the crypto community. The fundamental advantages of DEX are declared to be uncensorability and the absence of a central governing body. In the case of ThorSwap, the shutdown was carried out without any discussion with users in a totally centralized manner.
Life hacks when choosing DeFi
All these problems are the price to pay for bridges between the world of decentralized finance and traditional finance. DeFi will have to comply with some key financial market regulations such as AML and KYC. It is aimed to ensure the security of users' funds and protect them from fraud. Here is the shortlist of the key criteria to pay attention to when choosing DeFi app:
🔹non-custodial method of interaction with digital assets
🔹active support for the developer community who create dapps; for example, grant programs
🔹cooperation with major TradFi players in order to provide seamless flow of liquidity between DeFi and TradFi
These are not the only criteria, but they can be used to assess the project's commitment to the idea of decentralization.
And what do you think? Is decentralization a myth?
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CrossFi's commitment to decentralization
CrossFi’s vision is that decentralization is not a myth, but as an ecosystem, bridging the gap between DeFi and traditional finance, we admit that the interaction with TradFi implies certain limits and requires partnerships with traditional financial institutions when it comes to crypto-fiat liquidity flow.
How is this approach implemented in CrossFi
CrossFi Chain is a blockchain with a modular architecture consisting of two main parts, Cosmos and EVM. The Cosmos part is responsible for blocks creation and confirmation, transactions and new coins issuance. The EVM part is responsible for interacting with smart contracts and creating Dapps.
Balancing between DeFi and TradFi
CrossFi ecosystem is built on three flagship piles:
🔹CrossFi APP. It is a non-custodial banking app, where one can open fiat and cryptocurrency accounts, buy, sell and exchange digital assets, make transfers, issue debit cards of leading payment systems. The functionality of CrossFi APP became possible through partnerships with major TradFi players, such as Brazil-based VSK Co. and Dubai-based Bankcraft.
🔹CrossFi xAPP. Integrated with LayerZero and Sushi, this Dapp enables crypto asset exchange and cross-chain transactions, enabling passive income through farming and liquid derivatives staking.
🔹CrossFi Foundation is a non-profit organization, aimed at scaling the Cross Finance ecosystem. The Foundation's goal is to motivate users to contribute to the ecosystem's development, offer ideas, create products, or just spread the word about them.
Thus, at CrossFi we work in two directions. We rely on a decentralized network, develop our own blockchain and support the creation of Dapps based on it. On the other hand, we took into account TradFi's constraints when developing a universal financial app that allows you to interact with crypto and fiat in one window.
CrossFi’s vision is that decentralization is not a myth, but as an ecosystem, bridging the gap between DeFi and traditional finance, we admit that the interaction with TradFi implies certain limits and requires partnerships with traditional financial institutions when it comes to crypto-fiat liquidity flow.
How is this approach implemented in CrossFi
CrossFi Chain is a blockchain with a modular architecture consisting of two main parts, Cosmos and EVM. The Cosmos part is responsible for blocks creation and confirmation, transactions and new coins issuance. The EVM part is responsible for interacting with smart contracts and creating Dapps.
Balancing between DeFi and TradFi
CrossFi ecosystem is built on three flagship piles:
🔹CrossFi APP. It is a non-custodial banking app, where one can open fiat and cryptocurrency accounts, buy, sell and exchange digital assets, make transfers, issue debit cards of leading payment systems. The functionality of CrossFi APP became possible through partnerships with major TradFi players, such as Brazil-based VSK Co. and Dubai-based Bankcraft.
🔹CrossFi xAPP. Integrated with LayerZero and Sushi, this Dapp enables crypto asset exchange and cross-chain transactions, enabling passive income through farming and liquid derivatives staking.
🔹CrossFi Foundation is a non-profit organization, aimed at scaling the Cross Finance ecosystem. The Foundation's goal is to motivate users to contribute to the ecosystem's development, offer ideas, create products, or just spread the word about them.
Thus, at CrossFi we work in two directions. We rely on a decentralized network, develop our own blockchain and support the creation of Dapps based on it. On the other hand, we took into account TradFi's constraints when developing a universal financial app that allows you to interact with crypto and fiat in one window.
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Fake news on Bitcoin ETF approval fuels Bitcoin's price to almost $30,000
On October 16, Cointelegraph published a false post in X claiming that the US SEC had greenlit a spot Bitcoin ETF from BlackRock. This news briefly propelled the price of Bitcoin to $30,000. Preliminary data suggests that a Cointelegraph intern deliberately disseminated this news, shortly after placing a leveraged 50x order on Rollbit. This maneuver resulted in a $2.25 million profit. However, the foremost observation here is that market participants eagerly anticipate the approval of a BTC ETF, which promises to facilitate closer integration between digital assets and the traditional financial sector.
Remittances to Mexico, the second-largest recipient of overseas remittances after India, are approaching record levels
Over the 12 months ending in August, a total of more than $62 billion was sent in remittances to Mexico. This is happening in the context of a strengthening exchange rate for the Mexican peso against the US dollar, with national currency's purchasing power decreasing by 9.9% year-on-year. The peso's ascent led to higher transaction costs for those sending US dollars to Mexico, prompting individuals to seek alternative methods for sending money transfers and reducing fee expenses. In the coming year, we can anticipate a rise in the utilization of services using cryptocurrencies.
EU authorities stated that DeFi does not pose a threat to financial stability
The European Securities and Markets Authority (ESMA) concluded that the DeFi market does not pose a high risk to the financial stability of the European Union. In a report released last week, the regulator highlighted that digital currencies used in DeFi protocols constitute an emerging ecosystem. The principal risks associated with DeFi include high volatility, wash trading, fraud, hacks, and a substantial risk of asset loss. While the report doesn't signify unconditional support for cryptocurrency development, it demonstrates a more positive stance from the regulator.
On October 16, Cointelegraph published a false post in X claiming that the US SEC had greenlit a spot Bitcoin ETF from BlackRock. This news briefly propelled the price of Bitcoin to $30,000. Preliminary data suggests that a Cointelegraph intern deliberately disseminated this news, shortly after placing a leveraged 50x order on Rollbit. This maneuver resulted in a $2.25 million profit. However, the foremost observation here is that market participants eagerly anticipate the approval of a BTC ETF, which promises to facilitate closer integration between digital assets and the traditional financial sector.
Remittances to Mexico, the second-largest recipient of overseas remittances after India, are approaching record levels
Over the 12 months ending in August, a total of more than $62 billion was sent in remittances to Mexico. This is happening in the context of a strengthening exchange rate for the Mexican peso against the US dollar, with national currency's purchasing power decreasing by 9.9% year-on-year. The peso's ascent led to higher transaction costs for those sending US dollars to Mexico, prompting individuals to seek alternative methods for sending money transfers and reducing fee expenses. In the coming year, we can anticipate a rise in the utilization of services using cryptocurrencies.
EU authorities stated that DeFi does not pose a threat to financial stability
The European Securities and Markets Authority (ESMA) concluded that the DeFi market does not pose a high risk to the financial stability of the European Union. In a report released last week, the regulator highlighted that digital currencies used in DeFi protocols constitute an emerging ecosystem. The principal risks associated with DeFi include high volatility, wash trading, fraud, hacks, and a substantial risk of asset loss. While the report doesn't signify unconditional support for cryptocurrency development, it demonstrates a more positive stance from the regulator.
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How CrossFi streamlines cross-border transfers and remittances
Financial interaction between different regions and countries is increasing every year. At the same time, the industry continues to suffer its eternal problems, such as high transaction fees and low speed of money turnover. 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%). When it comes to trillions, even one thousandth of a percent matters.
TradFi and DeFi Synergy
Digital assets allow to reduce or completely eliminate the number of intermediaries when processing transactions. This helps tackle the problem of high trx fees of cross-border transfers and remittances, making transactions faster and cheaper.
However, let's be honest - the world is not yet ready to completely switch to digital assets. There are few places where you can pay for groceries or utility bills with bitcoins or pay subcontractors with stablecoins. Thus, users need solutions that combine the benefits of digital assets while allowing them to quickly and seamlessly transfer assets into fiat.
That was the idea we focused on when developing our CrossFi APP. Not a competition between digital assets and traditional finance, but rather a synergy of DeFi and TradFi.
CrossFi App is a multifunctional banking app, serving as a bridge between the cryptocurrency and traditional finances. This banking app empowered with its proprietary processing engine enables customers to use cryptocurrency just like fiat seamlessly and in a matter of few clicks:
🔹Full-fledged banking app
🔹Accounts for fiat and liquid assets across more than six networks with minimal fees
🔹Business accounts, POS terminals with acceptance of both of fiat and crypto
🔹Quick emission of virtual cards, activation of physical cards of payment systems like Mastercard and VISA
🔹Non-custodial method of interaction with cryptocurrency
🔹Cross-border transfers
Financial interaction between different regions and countries is increasing every year. At the same time, the industry continues to suffer its eternal problems, such as high transaction fees and low speed of money turnover. 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%). When it comes to trillions, even one thousandth of a percent matters.
TradFi and DeFi Synergy
Digital assets allow to reduce or completely eliminate the number of intermediaries when processing transactions. This helps tackle the problem of high trx fees of cross-border transfers and remittances, making transactions faster and cheaper.
However, let's be honest - the world is not yet ready to completely switch to digital assets. There are few places where you can pay for groceries or utility bills with bitcoins or pay subcontractors with stablecoins. Thus, users need solutions that combine the benefits of digital assets while allowing them to quickly and seamlessly transfer assets into fiat.
That was the idea we focused on when developing our CrossFi APP. Not a competition between digital assets and traditional finance, but rather a synergy of DeFi and TradFi.
CrossFi App is a multifunctional banking app, serving as a bridge between the cryptocurrency and traditional finances. This banking app empowered with its proprietary processing engine enables customers to use cryptocurrency just like fiat seamlessly and in a matter of few clicks:
🔹Full-fledged banking app
🔹Accounts for fiat and liquid assets across more than six networks with minimal fees
🔹Business accounts, POS terminals with acceptance of both of fiat and crypto
🔹Quick emission of virtual cards, activation of physical cards of payment systems like Mastercard and VISA
🔹Non-custodial method of interaction with cryptocurrency
🔹Cross-border transfers
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How is the cryptocurrency market manipulated?
On October 16, Cointelegraph published fake news in X, incorrectly stating that the US SEC had given approval to BlackRock's iShares Bitcoin ETF. This misinformation swiftly circulated on social media, causing a temporary surge in the value of Bitcoin to nearly $30,000. It was later revealed that the tweet was posted by an intern who had not approved it with the editor. Additionally, the Rollbit unveiled a screenshot of a dubious transaction by a user with the alias "Cointelegraph." The image displayed a closed Bitcoin position with a 50x leverage, resulting in a profit of $2.25 million or a 4401% gain.
List of crypto market manipulations
1/ On April 3, Elon Musk, replaced Twitter's logo with an image of a Shiba Inu dog, leading to a 30% increase in the Dogecoin price, given the coin's association with a Shiba Inu dog meme.
2/ In 2021, Elon Musk influenced Bitcoin's price by adding the hashtag bitcoin to his Twitter bio, causing a rapid 20% surge in Bitcoin's price in a matter of hours.
3/ In 2018, the Bitcoin Cash price soared by 130% just 48 hours before its listing on Coinbase. Later, enthusiasts found evidence that an anonymous user of the /r/Coinbase forum warned traders about the BCH listing.
Consequences of manipulations
Successful manipulation is not only about extra millions ending up in the pockets of the manipulators. It undermines the credibility of the entire asset class. The susceptibility to manipulation remains a central concern for regulatory bodies like the SEC.
Is it possible to eliminate manipulations?
It's impossible to completely eradicate manipulation. Even established stock markets grapple with manipulation despite stringent regulatory measures. Just let's look at the Wallstreetbets and GameStop shares saga. However, the influx of institutional investments and the growing participation of major investors less prone to panic-driven trading decisions will contribute to mitigating this issue over time.
On October 16, Cointelegraph published fake news in X, incorrectly stating that the US SEC had given approval to BlackRock's iShares Bitcoin ETF. This misinformation swiftly circulated on social media, causing a temporary surge in the value of Bitcoin to nearly $30,000. It was later revealed that the tweet was posted by an intern who had not approved it with the editor. Additionally, the Rollbit unveiled a screenshot of a dubious transaction by a user with the alias "Cointelegraph." The image displayed a closed Bitcoin position with a 50x leverage, resulting in a profit of $2.25 million or a 4401% gain.
List of crypto market manipulations
1/ On April 3, Elon Musk, replaced Twitter's logo with an image of a Shiba Inu dog, leading to a 30% increase in the Dogecoin price, given the coin's association with a Shiba Inu dog meme.
2/ In 2021, Elon Musk influenced Bitcoin's price by adding the hashtag bitcoin to his Twitter bio, causing a rapid 20% surge in Bitcoin's price in a matter of hours.
3/ In 2018, the Bitcoin Cash price soared by 130% just 48 hours before its listing on Coinbase. Later, enthusiasts found evidence that an anonymous user of the /r/Coinbase forum warned traders about the BCH listing.
Consequences of manipulations
Successful manipulation is not only about extra millions ending up in the pockets of the manipulators. It undermines the credibility of the entire asset class. The susceptibility to manipulation remains a central concern for regulatory bodies like the SEC.
Is it possible to eliminate manipulations?
It's impossible to completely eradicate manipulation. Even established stock markets grapple with manipulation despite stringent regulatory measures. Just let's look at the Wallstreetbets and GameStop shares saga. However, the influx of institutional investments and the growing participation of major investors less prone to panic-driven trading decisions will contribute to mitigating this issue over time.
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