Decentralized Finance (DeFi) has spawned a wide range of financial services designed to challenge those offered by traditional finance (TradFi). However, user experience remains a major issue hindering the widespread adoption of DeFi applications and solutions. For years, the DeFi ecosystem has been looking for an entry point to enable the next wave of users to use decentralized applications.
One potential solution is a financial technology (fintech) app for TradFi users and also offers easy-to-use DeFi functionality. In this way, users can realize that self-custody (the practice of securing digital assets in personal wallets without the help of a third party) can be a way forward and start ditching centralized intermediaries like banks.
While the quest for users to take full responsibility for storing and managing cryptoassets has accelerated the pace of self-custody, the Web3 space has created new services that allow people to exchange, spend and earn cryptocurrencies using aspects of CeFi and DeFi to aid migration process.
Foreseeing the need and emergence of new complex decentralized financial applications, Changex is an all-in-one mobile wallet that adopts the CeDeFi model, combining centralized and decentralized finance on one screen to attract users from traditional services , and familiarize yourself with these applications. environment.
When DeFi meets CeFi
The Changex app provides a cryptocurrency trading exchange in a non-custodial environment, leaving the keys to the crypto assets with the user. Users can buy, sell or transfer cryptocurrencies on the platform, which also supports the purchase of cryptocurrencies via debit cards and bank transfers. The exchange supports multiple blockchains, including Ethereum, Polygon, and Binance Smart Chain.
DeFi users can take advantage of the most common alternative financial practices, including staking, and later this year, lending and stablecoin interest, all within the same app. Changex also offers an additional APR on staking rewards for the platform’s native CHANGE token.
The upcoming Changex Visa debit card will offer cash back on purchases. Source: Changex
The Changex app also aims to issue EU-regulated IBANs to users to manage fiat assets, opening the door to cross-border transactions across the EU and bridging the gap between the cryptocurrency world and the traditional financial system. The upcoming Changex Visa debit card, scheduled to launch in the fourth quarter of 2023, will offer cardholders a cashback bonus. Users can also spend their staked assets without affecting the APR.
Changex Joins Cointelegraph Accelerator
Cointelegraph Accelerator chose Changex as a participant due to its team of over 20 members, offices in Bulgaria and proven track record in delivering robust financial solutions. The app provides a user-friendly, streamlined experience that effectively meets the needs of Web2 and Web3 users. The product is also showing good traction, with an average of 25,000 monthly active users and nearly $3 million worth of staked assets.
The next step for Changex is the integration of the Avalanche blockchain. The integration will also bring multiple Avalanche-based staking pools. Additionally, Changex is working on releasing a unique leveraged staking feature on the platform in the coming months. Thereafter, in Q4 2023, Changex will roll out its biggest update – the Changex Visa Debit Card and IBAN – which will give users full control over their finances and transform Changex into a comprehensive one-stop shop for cryptocurrencies and Same as Fiat.