Cross Finance: Pioneering a New Era in Financial Services

5 min readApr 24, 2024

Cross Finance pioneers an innovative ecosystem, leveraging Tendermint’s modular architecture to seamlessly integrate blockchain technology with traditional banking systems. This integration makes financial services more convenient and efficient, enabling the seamless adoption of crypto assets in daily life.

Take a deep dive into CrossFi’s products and development, as we explore its current state and look forward to the exciting updates and goals on the horizon.

As the world evolves, so does the banking services industry. With digitalization already replacing wallets with smartphones, what other changes lie ahead? Many experts predict a future where traditional finance integrates DeFi products and mechanics, fostering synergy between two distinct approaches.

FinTech stands as one of the globe’s fastest-growing industries, with payments emerging as a heavily-funded sector, particularly in B2B payment startups, according to Crunchbase.

Cross Finance operates at the intersection of FinTech, DeFi, and banking sectors. Serving as a bridge between crypto and traditional finances, it adopts a non-custodial approach to digital asset interaction.

Milestones and Testnet Launch

From its debut in 2023, the CrossFi project has achieved numerous milestones. Notably, XFI trading commenced on MEXC in May, accompanied by significant networking activities in Vietnam, highlighting CrossFi’s progress. In October, the opening of CrossFi’s first office in Vietnam underscored the project’s expansion plans. By the end of 2023, key developments included the launch of the main Cross Finance website and the establishment of the CrossFi Foundation. Additionally, the inauguration of Cross Finance’s Dubai office and sponsorship of the Beatland beatbox festival in Bali showcased its global presence and cultural involvement.

In March 2024, the CrossFi testnet has launched, offering access to Yield Farming and other DeFi opportunities for exploration. The testnet will run for approximately 2–3 months and is incentivized for all users. The grant initiative aims to gather community feedback on the developments within CrossFi. Interested individuals should take action now and participate in the ecosystem. There’s still plenty of time to become an early tester!

To get started, users can visit testpad.xfi.foundation and register using their MetaMask wallet. They should then switch their MetaMask Ethereum network to CrossFi Testnet Chain. On the main panel, users can view their XFI and MPX balances and their Cosmos addresses. Claim test coins via the Telegram faucet or Discord server, once every 24 hours. Users can earn XFT by completing tasks on the CrossFi Chain network, such as sending and importing tokens.

Exploring the Cross Finance Ecosystem

CrossFi Chain:
It’s a layer 1 blockchain with modular architecture based on Tendermint, making it scalable and decentralized. It consists of two integral parts: Cosmos and EVM. Each part is responsible for its specific functionality, with its work completely synchronized as a single organism. With the capability of handling up to 1 million transactions per second, it offers boundless capacity. Additionally, it provides user-friendly tools within a developer-friendly environment.

CrossFi APP:
Introducing a comprehensive crypto banking application, CrossFi issues debit cards compatible with various payment systems, including Mastercard and VISA. These cards empower users with non-custodial crypto payment and purchase capabilities. With CrossFi’s POS terminals, businesses can seamlessly accept crypto payments and instantly convert them into local fiat currencies, eliminating the need for traditional financial intermediaries.

Cross Finance allows users to connect a non-custodial wallet, like MetaMask providing a secure and convenient way to manage your cryptocurrency assets. CrossFi has no control over users’ assets because they are stored on smart contracts and only the amount that the user wants to hold.

CrossFi xAPP:
CrossFi’s xAPP is a comprehensive tool for maximising the potential of your digital assets on and outside of the CrossFi Chain.

Here is how you can benefit from a broader DeFi ecosystem and get more from the xAPP features:

‣ Asset Exchange: cross-network trading
‣ Asset Bridge: movement of assets between networks
‣ Purchase XFI: for a variety of assets from popular EVM-compatible networks
‣ Add Liquidity: receive lpXFI and participate in Yield Farming
‣ Staking: send lpXFI to staking and receive esXFI

CrossFi Business (coming soon):
A payment system designed for companies to effortlessly accept crypto payments online and offline, integrating traditional finance with digital currency for streamlined operations and enhanced customer experiences.

CrossFi Foundation:
A self-regulated non-profit organization committed to the development and expansion of the ecosystem. The foundation organizes events, awards developers, introduces new products, and more, all aimed at fostering growth within the CrossFi community.
Additionally, it boasts a substantial $50 million grant program in XFI and MPX coins to incentivize users to contribute to the development of the network.

CrossFi APP features

Pay with XFI for any purchases
Perform fiat transactions
Create multi-currency accounts
Shop anywhere in the world with VISA payment system
Withdraw cash from any ATM
Add your CrossFi Card to Apple or Google Pay

Token Mechanism

CrossFi introduces a dual-token system comprising the utility token CrossFi (XFI) and the governance token Mint Power (MPX). MPX, boasting an infinite supply, is utilized for staking to yield XFI. In contrast, XFI, with a limited issuance over 20 years in five phases, possesses unique economic attributes. XFI grants access to all dApps, products, and services launched on the CrossFi Chain, acting as a payment method within the Cross Finance mobile app and a fee payment tool. Moreover, XFI plays a pivotal role in xApps, facilitating liquidity mining and liquidity derivatives staking.

Conclusion

Cross Finance pioneers a revolutionary shift in the interaction between cryptocurrencies and traditional fiat currencies. With its seamless interoperability, user-friendly EVM-compatible environment for developers, and simplified access to both fiat and crypto gateways, Cross Finance sets a new standard for convenience and efficiency. In contrast to traditional FinTech platforms like Revolut or PayPal, limited by antiquated payment systems, Cross Finance heralds a new era of financial innovation. Through its platform, users effortlessly conduct transactions from DeFi wallets and seamlessly connect via the DApp portal. Backed by a dedicated team, Cross Finance is positioned to bridge the gap between traditional and crypto finance.

Resources & Links

Website: https://crossfi.org/
X: https://twitter.com/crossfichain
Docs:https://docs.crossfi.org/crossfi-chain
Medium:https://medium.com/@crossfichain
Telegram:https://t.me/crossfichain
Discord: https://discord.gg/sQupT3sY

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