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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Media is too big
VIEW IN TELEGRAM
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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Can liquidity stabilize crypto markets?
Liquidity could partially solve the crypto's problem of susceptibility to FUD. Stocks with thicker liquidity tend to have less volatility due to the availability of assets to meet the demand from both buyers and sellers. Thicker liquidity stocks are easier and faster to enter and exit economically.
What liquidity needs?
The needed liquidity in the crypto market will appear when several conditions are met:
🔹reliable and well-functioning payment gateways that would channel liquidity between the crypto world and traditional finance, but would not limit these flows
🔹connection between cryptocurrencies and the world of real payments
🔹less share of exclusively speculative activity of intraday traders
🔹ability to use cryptocurrencies easily on a par with fiat in business and everyday life.
CrossFi Accelerating Future
CrossFi's goal is driving the adoption of cryptocurrency in routine life. The CrossFi ecosystem unites key advantages of cryptocurrencies with traditional finances. Using CrossFi's products, customers benefit from:
🔹decentralized assets and non-custodial method of interacting with them
🔹user-friendly banking app with crypto and fiat services and bank card issuance capabilities
🔹almost instant cross-border payments
🔹decentralized finance products with farming and liquid derivatives staking
Within the CrossFi ecosystem, liquidity flows are steady and not limited, thus are less susceptible to fake news. Liquidity and bet on real-life products is our protection from manipulation attempts.
Liquidity could partially solve the crypto's problem of susceptibility to FUD. Stocks with thicker liquidity tend to have less volatility due to the availability of assets to meet the demand from both buyers and sellers. Thicker liquidity stocks are easier and faster to enter and exit economically.
What liquidity needs?
The needed liquidity in the crypto market will appear when several conditions are met:
🔹reliable and well-functioning payment gateways that would channel liquidity between the crypto world and traditional finance, but would not limit these flows
🔹connection between cryptocurrencies and the world of real payments
🔹less share of exclusively speculative activity of intraday traders
🔹ability to use cryptocurrencies easily on a par with fiat in business and everyday life.
CrossFi Accelerating Future
CrossFi's goal is driving the adoption of cryptocurrency in routine life. The CrossFi ecosystem unites key advantages of cryptocurrencies with traditional finances. Using CrossFi's products, customers benefit from:
🔹decentralized assets and non-custodial method of interacting with them
🔹user-friendly banking app with crypto and fiat services and bank card issuance capabilities
🔹almost instant cross-border payments
🔹decentralized finance products with farming and liquid derivatives staking
Within the CrossFi ecosystem, liquidity flows are steady and not limited, thus are less susceptible to fake news. Liquidity and bet on real-life products is our protection from manipulation attempts.
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Bitcoin rises to $35,000 as expectations of new bull cycle soar
The world's first cryptocurrency grew to almost $35,000 this week. It's the highest point in nearly 18 months. Bitcoin is boosted by expectations of bitcoin ETF launch and new bull cycle, fueled by halving'2024 prospects.
The rising optimism is also linked to the mounting institutional interest in cryptocurrency investment vehicles. “I think there’s a lot of interest in these products,” CFTC commissioner Summer Mersinger said recently, adding that “these products aren’t going away” given the rising participation of traditional finance. The regulators start to admit that cryptocurrencies are here to stay. That means that the market will look for new tools to simplify the flow between TradFi and DeFi.
Remittances to Ho Chi Minh City reach a record high of US$6.6 billion
During the period from January to September 2023, remittances to Ho Chi Minh City surpassed US$6.6 billion. It's a record high for the three-quarters-of-a-year mark and more than all remittances to Ho Chi Minh City in 2022. The volume of remittances jumped by 40% year-on-year. This amount does not take into account transfers made in cryptocurrencies, which are growing in popularity in Vietnam.
In the 3rd quarter, remittances to Ho Chi Minh City reached $2.35 billion, according to Vietnam’s central bank branch in the city.
UAE launches new free zone for digital assets, Web3 and AI
A new Digital Assets Oasis was inaugurated in Ras Al Khaimah. This economic free zone is launched in order to support companies involved in digital and virtual assets, blockchain, Web3 and artificial intelligence (AI). Providers of digital services such as metaverses, blockchain, wallets, NFT, and other Web3-related businesses could benefit from grant programs and specialized support in various areas of technology, marketing and business development. It's another evidence of UAE's commitment to boost its sector of high technologies and become a leading hub not only in the Middle East, but in all the world
The world's first cryptocurrency grew to almost $35,000 this week. It's the highest point in nearly 18 months. Bitcoin is boosted by expectations of bitcoin ETF launch and new bull cycle, fueled by halving'2024 prospects.
The rising optimism is also linked to the mounting institutional interest in cryptocurrency investment vehicles. “I think there’s a lot of interest in these products,” CFTC commissioner Summer Mersinger said recently, adding that “these products aren’t going away” given the rising participation of traditional finance. The regulators start to admit that cryptocurrencies are here to stay. That means that the market will look for new tools to simplify the flow between TradFi and DeFi.
Remittances to Ho Chi Minh City reach a record high of US$6.6 billion
During the period from January to September 2023, remittances to Ho Chi Minh City surpassed US$6.6 billion. It's a record high for the three-quarters-of-a-year mark and more than all remittances to Ho Chi Minh City in 2022. The volume of remittances jumped by 40% year-on-year. This amount does not take into account transfers made in cryptocurrencies, which are growing in popularity in Vietnam.
In the 3rd quarter, remittances to Ho Chi Minh City reached $2.35 billion, according to Vietnam’s central bank branch in the city.
UAE launches new free zone for digital assets, Web3 and AI
A new Digital Assets Oasis was inaugurated in Ras Al Khaimah. This economic free zone is launched in order to support companies involved in digital and virtual assets, blockchain, Web3 and artificial intelligence (AI). Providers of digital services such as metaverses, blockchain, wallets, NFT, and other Web3-related businesses could benefit from grant programs and specialized support in various areas of technology, marketing and business development. It's another evidence of UAE's commitment to boost its sector of high technologies and become a leading hub not only in the Middle East, but in all the world
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CrossFi's offices in major cities of Vietnam to open their doors in November
CrossFi expands its presence in Vietnam with the opening of two offices in Hanoi and Ho Chi Minh City. The working places, each spanning approximately 400m2, are featured with spacious conference rooms for over 100 people.
Check out the photos and stay tuned to our latest updates!
CrossFi expands its presence in Vietnam with the opening of two offices in Hanoi and Ho Chi Minh City. The working places, each spanning approximately 400m2, are featured with spacious conference rooms for over 100 people.
Check out the photos and stay tuned to our latest updates!
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The opening of CrossFi's first office in Vietnam took place today.
Ho Chi Minh City was the location of the launch.
The CrossFi team is very excited about this event and would like to thank our community for their support.
We still have a lot of work to do. Stay tuned!
In the meantime, a photo report from the office opening is available for you to view
Ho Chi Minh City was the location of the launch.
The CrossFi team is very excited about this event and would like to thank our community for their support.
We still have a lot of work to do. Stay tuned!
In the meantime, a photo report from the office opening is available for you to view
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The office in Ho Chi Minh City is now open, but we would like to share with you the atmosphere that prevailed there yesterday.
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Two Native Coins of CrossFi Ecosystem. How do they work?
CrossFi Ecosystem uses two coins, Mint Power (MPX) and CrossFi (XFI). This dual coin model helps maintain a sustainable and efficient functioning of the whole ecosystem.
Mint Power (MPX):
- Non-volatile governance coin with unlimited emission.
- Unit of computing power required to mine XFI coins through staking.
- Payment coin for transaction fees and coin to pay fees when using Cosmos-based services.
CrossFi (XFI):
- Volatile coin with limited emission.
- Traded on crypto exchanges (Huobi and MEXC).
- Utility coin which grants access to all decentralized apps, products and services launched on the CrossFi Chain.
- Payment method in CrossFi APP, a non-custodial mobile 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.
- Coin to pay fees in EVM and Cosmos parts.
- Incentive coin for MPX stakers.
The dual coin model unlocks the full power of the CrossFi ecosystem where TradFi meets DeFi. One coin in this model serves as a means of payment alongside fiat currencies and provides access to the unique capabilities of dapps and other decentralized services. It's also used as an incentive for active users who support the blockchain workflow through staking. The second coin, a governance one, gives users the power to determine the future of the ecosystem and receive rewards for it.
CrossFi Ecosystem uses two coins, Mint Power (MPX) and CrossFi (XFI). This dual coin model helps maintain a sustainable and efficient functioning of the whole ecosystem.
Mint Power (MPX):
- Non-volatile governance coin with unlimited emission.
- Unit of computing power required to mine XFI coins through staking.
- Payment coin for transaction fees and coin to pay fees when using Cosmos-based services.
CrossFi (XFI):
- Volatile coin with limited emission.
- Traded on crypto exchanges (Huobi and MEXC).
- Utility coin which grants access to all decentralized apps, products and services launched on the CrossFi Chain.
- Payment method in CrossFi APP, a non-custodial mobile 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.
- Coin to pay fees in EVM and Cosmos parts.
- Incentive coin for MPX stakers.
The dual coin model unlocks the full power of the CrossFi ecosystem where TradFi meets DeFi. One coin in this model serves as a means of payment alongside fiat currencies and provides access to the unique capabilities of dapps and other decentralized services. It's also used as an incentive for active users who support the blockchain workflow through staking. The second coin, a governance one, gives users the power to determine the future of the ecosystem and receive rewards for it.
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