XanPool is Decrypting the Future; What Can We Expect From Fintech and Cryptocurrencies in 2020
SINGAPORE, Dec. 23, 2019 /PRNewswire/ -- The age of digitalization has forever changed every sector in the business market. However, the field of financial services has seen an accelerated growth, generating groundbreaking innovations. As a matter of fact, 360 billion electronic transactions occur annually around the world, thus rendering FinTech into a thriving industry. But that is not all, predictions suggest that by 2025, 84% of all financial businesses and corporations would have integrated FinTech systems.
However, despite this rapid expansion, blockchain cryptocurrency, as well as other potential uses of cryptocurrencies, seem to have yet reach their full potential. As Bitcoin and other cryptocurrencies increasingly gain traction and their value soars, so does the need to trade local currencies into cryptocurrencies and vice versa. Therefore, people who may have digital assets struggle to use them in the most fundamental way.
For this purpose, certain fintech startups and other SMEs have created a central counterparty platform in which individuals may trade their digital assets. These marketplaces, however, could be considered by some to be unsafe to say the least, as individuals are exposed to counterparty risks as they sell and buy on a platform where they do not have full control or access to their assets. As individuals upload their cryptocurrencies, they not only have to pay fees for merely trading with their own credit, they are forced to deal with additional counterparties, such as FX brokers, the SWIFT Network, credit card companies, etc. As a result, cryptocurrency traders are once again faced with potential security breaches and even more fees. The irony, however, is the fact that Bitcoin and cryptocurrencies were designed to reduce interaction with counterparties in finances. The mark was hence missed, and those who pay the price are the traders.
A Small Step for Man; a Giant Leap for Cryptocurrencies
Though fintech enterprises have found (and are still looking) for innovative ways around the fees, they have yet to properly address an existing issue: as long as they hold their customer's funds on these platforms, conventional infrastructure and compliance costs will remain a challenge for companies and customers alike. Furthermore, customers' use of their own assets are significantly limited.
This is precisely why XanPool, an up and coming platform for direct buying and selling cryptocurrencies, has decided to turn the model on its head; rather than transferring funds and payments to different companies, customers can perform these transfers through PayNow, Instapay or UPI to one of Xanpool's rapidly growing network of over 80 liquidity peers. These liquidity peers have integrated with Xanpool's software to automate the buying and selling of these cryptocurrencies. Naturally, these transactions take place without the delays and intermediaries that are usually attached to such online trading.
This might seem too good to be true, which is why the system and its operation bare a more detailed explanation. However, the answer is quite simple; customers' currencies are never under XanPool's custody. Thus, the company eliminates the need for maintaining a central pool of customer funds and is able to reduce costs for all parties involved. Furthermore, as wire transfers and other payments systems struggle to keep up with customers demands and the fast-paced market, XanPool's business model introduces a newfound solution to the world of fintech and digital payments.
The Seed of a Flourishing Innovation
The startup, which was launched in early 2019, was founded by fintech and cryptocurrency experts, CEO Jeffrey Liu Xun and CTO Artem Ibragimov. The two entrepreneurs, decided to invest their rich experience in seeking ways solve substantial issues in the field. Furthermore, they had always aspired to construct a core infrastructure that would serve their solution in an optimal way. Knowing that cryptocurrency off and on ramping, as well as trading, required multiple central counterparties, they decided to build an automated market place, one that would benefit both buyers and sellers.
The main principles of the desired platform were an instant system, one that could use local currency (and therefore prevent involving third parties), but more importantly, one that would not be necessarily attached to custody risks. By successfully developing a platform that ticked all the boxes, XanPool's non-custodial model has completely changed the face and dynamics of cryptocurrencies.
The uprising company, however, has no plans of stopping; they are driving on ahead towards developing solutions that would offer users a cheaper and ever more seamless transaction, trading and on/off boarding. When asked about their future vision, founders shared their hopes about the platform becoming an intermediary for cross-border currency transfers. Such ingenious systems come with a promise; opening up payment gateways that would support the growing needs of e-commerce in South Asia. Next station - the world.
Website: https://xanpool.com/
SOURCE XanPool
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