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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Cross Finance Оfficial Website Launch
We are pleased to announce that since November 1, the official Cross Finance website has been launched. Here you can view detailed information about the company, products, read the official documentation, and find all the necessary resources of the ecosystem.
This means that users can now fully use CrossFi Chain and appreciate all its benefits.
What is now available for Cross Finance users:
🔹XFI coin buying
🔹Bot for exchanging XFI and USDT for MPX
🔹Console for CrossFi Chain transactions
🔹Scanner to track every CrossFi Chain transaction
🔹Tracking the rewards in XFI Coins for MPX Coin Staking ~ 50 APR
Go to https://crossfi.org and enjoy all the CrossFi Chain features!
We are pleased to announce that since November 1, the official Cross Finance website has been launched. Here you can view detailed information about the company, products, read the official documentation, and find all the necessary resources of the ecosystem.
This means that users can now fully use CrossFi Chain and appreciate all its benefits.
What is now available for Cross Finance users:
🔹XFI coin buying
🔹Bot for exchanging XFI and USDT for MPX
🔹Console for CrossFi Chain transactions
🔹Scanner to track every CrossFi Chain transaction
🔹Tracking the rewards in XFI Coins for MPX Coin Staking ~ 50 APR
Go to https://crossfi.org and enjoy all the CrossFi Chain features!
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CrossFi Foundation Invites Users, Developers and Ambassadors to Join its $50 Million Grant Program
CrossFi Foundation is proud to launch a $50 million development-focused grant program. Starting from November 1, the CrossFi Foundation begins to support all active users who promote & experiment with solutions based on CrossFi technology & designed to bridge the gap between traditional finance and crypto.
CrossFi Foundation's main goal is to grant support to those who are interested in developing the ecosystem.
Who can participate in grant programs?
The CrossFi Foundation offers resources & encouragement to a wide range of applicants, from developers and validators to ambassadors, bloggers & common users interested in building & implementing Web3 tools based on CrossFi Chain & its technological stack.
The grant program embraces 4 key directions, with total budget reaching $50,000,000 rewarded in CrossFi (XFI) & Mint Power (MPX) coins:
🔹Grants for users. They can enjoy airdrops for subscribing to CrossFi's social networks & 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 an 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.
You can already participate in CrossFi Foundation's Airdrop. Look for the terms & conditions in the next post.
During November, CrossFi Foundation will launch the remaining programs for ambassadors, developers, and validators. Stay tuned to social media for updates.
For more information on how to apply, visit CrossFi Foundation website & Discord.
CrossFi Foundation is proud to launch a $50 million development-focused grant program. Starting from November 1, the CrossFi Foundation begins to support all active users who promote & experiment with solutions based on CrossFi technology & designed to bridge the gap between traditional finance and crypto.
CrossFi Foundation's main goal is to grant support to those who are interested in developing the ecosystem.
Who can participate in grant programs?
The CrossFi Foundation offers resources & encouragement to a wide range of applicants, from developers and validators to ambassadors, bloggers & common users interested in building & implementing Web3 tools based on CrossFi Chain & its technological stack.
The grant program embraces 4 key directions, with total budget reaching $50,000,000 rewarded in CrossFi (XFI) & Mint Power (MPX) coins:
🔹Grants for users. They can enjoy airdrops for subscribing to CrossFi's social networks & 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 an 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.
You can already participate in CrossFi Foundation's Airdrop. Look for the terms & conditions in the next post.
During November, CrossFi Foundation will launch the remaining programs for ambassadors, developers, and validators. Stay tuned to social media for updates.
For more information on how to apply, visit CrossFi Foundation website & Discord.
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CrossFi Foundation has launched Airdrop of $100,000 in MPX coins!
Start: November 2, 2023
How to participate:
1. Go to https://taplink.cc/crossfifoundation_airdrop
2. Complete all tasks (make sure you are verified on the Discord server)
3. Visit https://xficonsole.com to create wallet
4. Fill in the Airdrop form (be sure to fill in all fields)
5. Submit the form with your answers (click "send")
Results will be announced on December 2, 2023.
Don't forget to visit the official CrossFi Foundation website to learn about the other programs.
Good luck!
Start: November 2, 2023
How to participate:
1. Go to https://taplink.cc/crossfifoundation_airdrop
2. Complete all tasks (make sure you are verified on the Discord server)
3. Visit https://xficonsole.com to create wallet
4. Fill in the Airdrop form (be sure to fill in all fields)
5. Submit the form with your answers (click "send")
Results will be announced on December 2, 2023.
Don't forget to visit the official CrossFi Foundation website to learn about the other programs.
Good luck!
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Major Thai traditional bank moves to crypto
One of Thai’s major banks Kasikornbank acquires a 97% stake in the Satang crypto exchange operator.
The most selected retail bank in Thailand, according to the Asian Banker, and the second-largest lender by assets, KBank settles on a solid crypto journey by acquiring a majority stake in one of the major crypto exchange operators. The deal valuation exceeds $100 million and was conducted via its new subsidiary Unita Capital. Earlier this autumn, KBank also announced setting up a separate fund for exploring blockchain and AI opportunities. Given almost 80 years of historical legacy and over 800 branches, yet another traditional bank has started to realise fintech’s full potential.
Hong Kong moves to phase 2 of its CBDC pilot
E-Hong Kong dollar succeeds in the first stage of the pilot programme.
Hong Kong’s central banking institution HKMA reports on a successful move to the phase 2 of the CBDC pilot. Now the e-HKD project is pledged to find real-life cases to be implemented in the next stages with the help of public and private organisations. Earlier HKMA also announced that their cross-border project mBridge welcomes new members from China, Thailand, and UAE. Now a group of central and commercial banks are together working on commercial ways to bring faster and cheaper ways to transact without borders.
New Zealand introduces the first degree in fintech
The fintech skills gap led to the first public university in New Zealand to introduce a fintech degree.
The University of Waikato has launched the first in New Zealand bachelor degree to meet the growing demand for talent equipped to drive innovation in the financial markets and fill “this critical skills gap”, shared Matt Bolger, Pro Vice-Chancellor of the management school. The Bachelor of Banking, Finance and Technology programme is introduced by the faculty that is ranked among the top 1% “triple crown” business schools and is already supported by local industry leaders.
One of Thai’s major banks Kasikornbank acquires a 97% stake in the Satang crypto exchange operator.
The most selected retail bank in Thailand, according to the Asian Banker, and the second-largest lender by assets, KBank settles on a solid crypto journey by acquiring a majority stake in one of the major crypto exchange operators. The deal valuation exceeds $100 million and was conducted via its new subsidiary Unita Capital. Earlier this autumn, KBank also announced setting up a separate fund for exploring blockchain and AI opportunities. Given almost 80 years of historical legacy and over 800 branches, yet another traditional bank has started to realise fintech’s full potential.
Hong Kong moves to phase 2 of its CBDC pilot
E-Hong Kong dollar succeeds in the first stage of the pilot programme.
Hong Kong’s central banking institution HKMA reports on a successful move to the phase 2 of the CBDC pilot. Now the e-HKD project is pledged to find real-life cases to be implemented in the next stages with the help of public and private organisations. Earlier HKMA also announced that their cross-border project mBridge welcomes new members from China, Thailand, and UAE. Now a group of central and commercial banks are together working on commercial ways to bring faster and cheaper ways to transact without borders.
New Zealand introduces the first degree in fintech
The fintech skills gap led to the first public university in New Zealand to introduce a fintech degree.
The University of Waikato has launched the first in New Zealand bachelor degree to meet the growing demand for talent equipped to drive innovation in the financial markets and fill “this critical skills gap”, shared Matt Bolger, Pro Vice-Chancellor of the management school. The Bachelor of Banking, Finance and Technology programme is introduced by the faculty that is ranked among the top 1% “triple crown” business schools and is already supported by local industry leaders.
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CrossFi Foundation in global media
The CrossFI Foundation was officially launched on November 1. Find out more about available grants, awards allocation pools, and various programs' eligibility criteria:
🔹Bloomberg
🔹Finance.Yahoo
🔹Marketwatch
🔹Benzinga
🔹Markets.Businessinsider
🔹Investorsobserver
🔹Newsfilecorp
🔹Barchart
🔹Website.ceo.ca
🔹Centralcharts
The CrossFI Foundation was officially launched on November 1. Find out more about available grants, awards allocation pools, and various programs' eligibility criteria:
🔹Bloomberg
🔹Finance.Yahoo
🔹Marketwatch
🔹Benzinga
🔹Markets.Businessinsider
🔹Investorsobserver
🔹Newsfilecorp
🔹Barchart
🔹Website.ceo.ca
🔹Centralcharts
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XFI Coin Review
XFI is the native coin of Cross Finance that plays a crucial role in the entire ecosystem. XFI coin is backed by a steady flow of liquidity within Cross Finance’s products. This ecosystem is expanding, launching new real-life products and attracting more users.
XFI Coin Opportunities
🔹Utility coin that provides access to all Dapps, products and services launched on the CrossFi Chain.
🔹Payment method in the CrossFi App (coming soon).
🔹Fee payment tool in the Cosmos and EVM parts.
All the details you wanted to know about XFI and its features:
🔹https://crossfi.org
🔹https://docs.crossfi.org/docs/chain/Cosmos/XFI%20Coin
Which exchanges XFI is listed on?
You can currently buy XFI coins on HTX and Mexc exchanges.
Track all the relevant information about XFI
All the necessary details in one place: go to the official Cross Finance Discord server and check out the XFI exchange rate, updates and all the ecosystem events: https://discord.gg/crossfi
XFI is the native coin of Cross Finance that plays a crucial role in the entire ecosystem. XFI coin is backed by a steady flow of liquidity within Cross Finance’s products. This ecosystem is expanding, launching new real-life products and attracting more users.
XFI Coin Opportunities
🔹Utility coin that provides access to all Dapps, products and services launched on the CrossFi Chain.
🔹Payment method in the CrossFi App (coming soon).
🔹Fee payment tool in the Cosmos and EVM parts.
All the details you wanted to know about XFI and its features:
🔹https://crossfi.org
🔹https://docs.crossfi.org/docs/chain/Cosmos/XFI%20Coin
Which exchanges XFI is listed on?
You can currently buy XFI coins on HTX and Mexc exchanges.
Track all the relevant information about XFI
All the necessary details in one place: go to the official Cross Finance Discord server and check out the XFI exchange rate, updates and all the ecosystem events: https://discord.gg/crossfi
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