The outdated infrastructure of global banking struggles under the weight of the digital era's demands. In countries like the U.S., transactions lag at least one full business day due to old systems like ACH, despite the ability of several nations, regions, and fintech applications to provide instant transfers.
CrossFi was inspired by the vision of revolutionizing the industry, merging conventional and digital financial realms into a unified ecosystem that's truly global.
CrossFi has crafted a platform tailored for the future by marrying blockchain's decentralization, security, and transparency with the trusted structure of traditional banking, thereby easing the transition for users between fiat and crypto.
Numerous banks continue operating on outdated programming languages like COBOL, in use since the mid-20th century, complicating and inflating the cost of modernizing their systems. Consequently, their consumer apps and web interfaces are often user-unfriendly, creating dissatisfaction in an era of seamless digital interfaces.
On the other hand, fintech and open banking have transformed financial services, achieving rapid, sustained growth over recent years.
Unshackled by legacy restrictions, these forward-thinkers utilize the latest technologies to provide immediate payments, worldwide compatibility, and seamless integration with digital ecosystems.
Innovations such as instant settlements, advanced API integration, and personalized user interfaces have positioned fintech as more nimble and user-oriented compared to conventional banks. The sticking point? They still depend on old financial frameworks, centralized systems, and local monies.
The concept of programmable money and the automation edge of smart contracts pave the way for a future where financial services are instant, accessible, and fairer.
Blockchain and crypto are further pushing the revolution by overcoming the constraints that fintech and open banking still face today. By enabling decentralized, borderless, and transparent financial frameworks, they're poised to cut out intermediaries, lower costs, and boost financial inclusivity while offering universally accessible financial assets.
What is CrossFi?
Founded in 2023, CrossFi is innovating with a decentralized financial ecosystem that unites traditional finance with crypto possibilities. At its foundation lies a Layer 1 blockchain with a flexible setup capable of achieving unprecedented interoperability, scalability, performance, and functionality — features unparalleled by any leading blockchain.
The CrossFi network is crafted to tackle inefficiencies both in traditional finance and in decentralized finance (DeFi); this includes a non-custodial payment gateway connecting directly to Web3 wallets, ensuring users manage their wealth autonomously without middlemen, thus guaranteeing secure, transparent transactions and seamless fiat-crypto integration.
Beyond its blockchain core, the CrossFi ecosystem features a full suite of offerings like a DeFi platform, a digital asset mining and exchange platform, and an all-encompassing banking app.
Additionally, it includes a decentralized debit card, facilitating direct crypto expenditure for users. The CrossFi Foundation supports the development and expansion of the ecosystem, driving innovation within the platform.
CrossFi debuted its inaugural feature in March 2023, marking the ecosystem's commencement when the CrossFi chain became operational.
Since then, the project has celebrated major achievements such as listings on exchanges like MEXC Global and HTX, platforms such as CoinMarketCap, hosting high-profile events in Vietnam, securing victory in HTX’s Huobi Prime Vote 7 competition, and establishing its foundation.
Over time, CrossFi has nurtured partnerships with projects like Beatland, Uniswap, PancakeSwap, Metamask, Gnome Finance, and others.
CrossFi’s Features
The CrossFi initiative bridges traditional finance with decentralized systems through state-of-the-art blockchain tech paired with practical applications, making it accessible for crypto novices and invaluable to veteran users alike by combining Web3 and established tech.
CrossFi Chain
CrossFi Chain as a Layer 1 blockchain, it is designed for exceptional scalability and interoperability. With its modular framework integrating Cosmos and Ethereum Virtual Machine (EVM), it reaches up to a million operations per second, ensuring seamless cross-network integration, empowering developers with user-friendly tools, and offering a reliable and high-performing financial environment.
In the CrossFi setup, Cosmos is tasked with ensuring consensus, issuing coins, and managing block production, verification, and transactions, while Ethereum’s Virtual Machine handles smart contracts, dApps deployment, and guarantees comprehensive EVM compatibility.
The outcome is a Delegated Proof of Stake consensus model, shrinking block time to a mere second, supporting up to 100 operations per transaction, and processing 10,000 transactions per second, all with a user fee of just $0.02 per transaction.
CrossFi APP
The CrossFi APP functions as an all-inclusive Web3 banking solution integrating fiat and crypto abilities.
Via this platform, users access the VISA network through the CrossFi Card for non-custodial transactions, conduct global transfers with SWIFT and IBAN, and manage peer-to-peer card number transfers. The app’s versatile card, bound with favorable exchange rates, streamlines global dealings.
CrossFi xAPP
Tailored for both DeFi aficionados and newcomers, the CrossFi xAPP expands the system with resources for sophisticated decentralized finance endeavors.
Participants can dive into investing strategies, acquire native CrossFi tokens like XFI and XUSD, and interact with liquidity pools via the CrossFi Automated Market Maker (AMM). Additional services encompass currency exchanges, bridging solutions, staking, rewards, escrows, and beyond.
CrossFi Foundation
The CrossFi Foundation drives the ecosystem’s expansion by nurturing innovations and engaging the community. This self-governing nonprofit entity propels development through grant initiatives like the $50 million grant scheme, organizes hackathons, and supports the assimilation of emerging projects.
With initiatives focused on user engagement and influencer partnerships, the foundation reinforces CrossFi's objective to revolutionize financial services by welcoming new essential players and innovations.
The Team
The CrossFi outfit consists of professionals with significant expertise across blockchain and traditional financial sectors, enriching the project with deep insights and practical knowledge.
Leading the charge is Alexander Mamasidikov, a notable authority in blockchain and digital marketing, with numerous successful global ventures under his belt, currently serving as CEO and Chief Ideologist.
Supporting Alexander is Philip Alexeev, Chief Growth Officer, with robust growth strategy experience from top Web3 projects like Binance and Decentraland, playing a vital role in CrossFi’s progression. Adding to the team's governance and compliance backbone, Christina Sidfeldt Welin is the CEO in Hong Kong, ensuring adherence to global standards.
What makes CrossFi unique is not just its leadership but also its alliances with prominent industry names. Collaborations with projects like Beatland, Uniswap, PancakeSwap, and Metamask have fortified CrossFi’s position in DeFi and blockchain domains, amplifying its repute as a forward-thinking and trustworthy market leader.
Conclusion
For years, the overhaul of financial services was promised but gradually came to light. Numerous conversations on innovation have transpired, yet substantial progress was slow until now. CrossFi dismantles the barriers between traditional finance and the impediments to this evolution by addressing the root inefficiencies within the existing banking systems.
By blending decentralized finance and established banking solutions, CrossFi seeks to create a platform for users to transition effortlessly between fiat and crypto. It combats slow and expensive transactions with leading scalability, dependability, and lower transaction fees inherent in blockchain technology.
The platform invites users to seamlessly blend with Web3 wallets, make non-custodial payments via a Visa-connected card, and explore advanced DeFi features like liquidity pools and staking, all while conforming to international standards.
CrossFi’s forward-thinking methodology fills a vital void, paving the path for the metamorphosis that the financial sector, and more importantly, its users, have been eagerly anticipating.
