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How CrossFi Is Creating a Seamless Payment Future

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CrossFi, a blockchain solutions company, has launched its EVM-compatible mainnet with a bold mission: to reshape the future of global crypto payments. While the blockchain sector has seen unprecedented growth, CrossFi aims to solve one of its biggest challenges — bridging the gap between digital currencies and traditional financial systems. Their payment solution allows crypto to be seamlessly integrated into everyday life, offering the ability to use digital assets just as fiat currencies.

In an exclusive interview with BeInCrypto, CrossFi CEO Alexander Mamasidikov shared insights into the company’s origins, the obstacles they’ve faced along the way, and the unique approach they’ve taken to create a truly decentralized, efficient, and user-friendly payment system.

Solving a Major Problem in the Crypto Space

The company’s journey began by addressing a critical pain point for crypto users: how to spend digital assets. While many individuals were earning crypto, using it in real-world transactions remained challenging.

“We were earning crypto, but spending it was difficult. You had to make calls, take risks, or search for intermediaries to exchange it. At that time, the market was highly unstable, and many people were even jailed for exchanging, buying, or selling cryptocurrency,” Mamasidikov recalled.

These hurdles made it clear that there was a significant gap between the potential of cryptocurrencies and their practical applications. In response to this problem, CrossFi set out to build a payment solution that mimicked the convenience of fiat currencies, allowing users to spend crypto without the friction of converting it first.

“Our goal was to eliminate any noticeable difference between using cryptocurrency and traditional fiat money. Essentially, we wanted people to be able to use crypto in their daily lives just as easily as they use fiat, at any time. To achieve this, we developed a payment solution — a blockchain-based system — that facilitates smooth settlements between cryptocurrencies and fiat currencies,” he explained.

At its core, the solution offers users the ability to bridge the divide between cryptocurrencies and fiat, enabling payments to be processed as seamlessly as traditional financial transactions. Focusing on interoperability and ease of use, CrossFi has developed a system that caters to the everyday needs of crypto users while preserving the decentralization and security that are fundamental to blockchain technology.

The Revolutionary Payment System

One of CrossFi’s standout features is its blockchain-based payment system, which goes beyond mere conversion of crypto into fiat. Instead, the system allows users to spend cryptocurrencies directly without the need for intermediaries.

“We developed a unique blockchain settlement layer that facilitates peer-to-peer transactions between crypto and fiat, eliminating the need for third-party intermediaries,”  Mamasidikov shared.

This system effectively ensures that the user experience remains seamless, even when transacting with digital currencies. Importantly, it preserves the decentralized nature of crypto, allowing users to maintain control of their funds while making payments. According to the Mamasidikov, this innovation is at the heart of CrossFi’s success.

A critical differentiator of CrossFi’s payment solution is its focus on non-custodial payments. While many crypto payment solutions require to transfer the funds to a third-party platform before spending them, CrossFi has eliminated this step.

“Most payment solutions are custodial, meaning you have to transfer your funds to an intermediary. We wanted to ensure that crypto users wouldn’t have to sacrifice control or security in order to use their assets in the real world. With us, you can use your MetaMask, Trust or other wallet directly, paying without ever moving your assets to a third party,” the CEO explained.

The focus on non-custodial payments strengthens the core principles of decentralization and user control, which lie at the heart of Web3. CrossFi’s system provides a unique level of freedom and flexibility that distinguishes it from competitors.

Additionally, the company has integrated its solution with traditional financial infrastructure, ensuring seamless interaction between crypto and fiat. This interoperability is essential to CrossFi’s vision of making digital assets as easy to use as traditional currencies.

New Level of Security

In addition to offering a decentralized payment experience, CrossFi has developed a highly secure system for protecting users’ assets. An impressive feature of the system is its card, which not only functions as a payment method but also serves as an encryption key for users’ wallets. This added layer of security ensures that transactions remain private and protected.

“When you use the card, it decrypts your wallet, allowing transactions to proceed. This means users must confirm transactions in MetaMask when shopping online, but when paying in person, the card itself handles the secure transfer,” Mamasidikov explained.

CrossFi’s approach to security goes beyond traditional methods, leveraging blockchain’s transparency and immutability to offer a level of protection that is difficult to achieve in fiat-based payment systems. The integration of cryptographic methods ensures that users’ funds and personal information are kept safe, even in the event of a cyberattack or data breach.

The company’s innovation, however, does not stop at payment systems. CrossFi has built an extensive blockchain infrastructure, providing a solid foundation for a wide range of decentralized financial services.

This includes their Automated Banking System (ABS), which is fully integrated with blockchain technology and traditional banking systems. The ABS allows CrossFi to provide the same level of efficiency, speed, and security as conventional financial institutions while maintaining the advantages of decentralized finance (DeFi).

“Our processing system is certified by PCI DSS, and we connect host-to-host with any bank or processor. This ensures that our users’ payment data and funds are always secure, and the system itself meets all regulatory standards,” the CEO elaborated. 

Financial Products Designed for Crypto Users

The CrossFi ecosystem consists of six core components, with the CrossFi Chain, a Layer-1 blockchain, serving as its primary foundation. This blockchain underpins a range of innovative tools designed to support the seamless movement and utilization of digital assets.

Central to this ecosystem is the CrossFi xApp — a DeFi platform designed to empower users with a comprehensive suite of financial activities. It supports token swaps, asset bridging across numerous chains, and liquidity mining of native tokens like XFI and XUSD.

XStake is another crucial component, focused on maximizing the efficiency of staked assets. This omnichain meta-yield aggregator delivers the highest possible returns through vaults that deploy strategies across various networks. Its oracle system continuously monitors incentives and market conditions, autonomously rebalancing assets across chains and protocols.

“xStake is a multi-yield protocol that searches across 12 blockchains to find the best yield strategies available. It automatically rebalances and gives users the highest return. This makes XStake a user-friendly solution, eliminating the need for constant manual adjustments,” Mamasidikov explained.

Completing the system is XAssets, which provides exposure to traditional financial assets without leaving the crypto environment. Users can buy and sell these assets in real-time, with prices reflecting market fluctuations instantly. Additionally, the CrossFi Foundation, a nonprofit organization, is focused on promoting the platform’s development.

The CrossFi ecosystem operates on a technological foundation built with Cosmos SDK and Tendermint. The Cosmos SDK provides a customizable framework, allowing CrossFi to interact seamlessly with other blockchains.

Tendermint, a consensus algorithm, ensures the platform’s ability to process transactions with speed, security, and reliability. This combination of technology creates a versatile ecosystem tailored to meet the diverse needs of digital asset users.

A Full-Fledged Web3 Bank

At the core of CrossFi’s vision is the creation of a full-fledged Web3 bank. This bank will offer all the services of a traditional financial institution, but with the added transparency, security, and flexibility of blockchain technology. It’s designed to provide users with a range of financial services, including peer-to-peer lending, staking, and trading synthetic assets.

“We’re building a Web3 bank where users can not only spend crypto but also take advantage of financial services like peer-to-peer lending, staking, and investing in synthetic assets,” the CEO shared. 

A key component of the Web3 bank is CrossFi’s stablecoin, XUSD. This stablecoin is fully backed and allows users to easily convert between various cryptocurrencies and fiat. XUSD offers the stability of fiat while maintaining the flexibility of crypto, making it a critical part of CrossFi’s ecosystem.

“XUSD can be minted from assets on 24 different blockchains with just one click. We’re preparing for a future where decentralized finance will be the norm, and people will control their funds independently,” Mamasidikov said.

While CrossFi is pushing the boundaries of blockchain technology, it is also acutely aware of the regulatory challenges. The company has taken steps to ensure that its platform complies with all relevant regulations, particularly in terms of Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements.

“We’re compliant with all KYC and AML requirements. We’ve made sure that our systems align with traditional financial regulations while preserving the decentralization of crypto,” he stated.

CrossFi’s Vision for a Unified Payment System

Looking to the future, CrossFi’s primary goal is to facilitate the mass adoption by providing users with a seamless, frictionless experience. 

“Our goal is to become the number one payment gateway between crypto and fiat. We want to give people who don’t have access to traditional banking systems the ability to manage their finances using crypto,” Mamasidikov emphasized.

CrossFi CEO also predicted that the upcoming crypto bull run would likely be the last one without strict regulations, as governments and financial institutions are starting to adopt blockchain technology.

“This will be the last unregulated bull run. Many smaller players will struggle as getting licenses and approvals becomes more difficult. Only the strongest and most compliant companies will survive,” he explained.

As CrossFi continues to develop its Web3 bank and expand its financial products, the company is in a strong position to lead the move toward mainstream blockchain-based financial services. The platform is designed to be secure and easy to use, making it a key player in the future of DeFi.

With the recent launch of its mainnet, CrossFi is already making a serious impact in the crypto industry. Their focus on innovation and giving users more control sets them apart, as they work to make crypto payments as common and accessible as traditional banking.

Disclaimer

In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content.  Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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BNB Price Faces More Downside—Can Bulls Step In?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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VanEck Sets Stage for BNB ETF with Official Trust Filing

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Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF). 

This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.

VanEck Moves Forward with BNB ETF 

The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

VanEck BNB ETF Filing
VanEck BNB ETF Filing. Source: State of Delaware Official Website

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.

As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.

Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto. 

BNB Price Performance
BNB Price Performance. Source: BeInCrypto

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.

“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).

The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF. 

This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.

“A big step toward bringing BNB to US institutional investors!” another analyst wrote.

Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months. 

“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.

This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Recovery Stalls—Are Bears Still In Control?

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XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.

  • XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
  • The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might extend losses if it fails to clear the $2.20 resistance zone.

XRP Price Faces Rejection

XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.

The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.

The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.

XRP Price

On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.

Another Decline?

If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.

If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $2.10 and $2.050.

Major Resistance Levels – $2.120 and $2.20.



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