Decentralized finance (DeFi) has created a range of financial services, aiming to compete with traditional finance (TradFi). Despite this, the user experience is still a major obstacle to the widespread adoption of DeFi applications. For years, the DeFi ecosystem has been searching for a gateway to onboard the next wave of users to decentralized apps.
One possible solution is a fintech app that is tailored to TradFi users and also provides easy-to-use DeFi features. This way, users can understand that self-custody – a process that allows users to store and manage digital assets without the help of third parties – can be a viable option and start to move away from centralized intermediaries like banks.
As users become increasingly interested in taking full control of their crypto assets with self-custody, the Web3 space has developed new services to allow users to swap, spend and earn crypto that integrates both CeFi and DeFi aspects to facilitate the transition.
In anticipation of the demand and emergence of complex decentralized financial apps, Changex, an all-in-one mobile wallet, utilizes a CeDeFi model, combining centralized and decentralized finance into a single screen, in an effort to attract users coming from traditional services with a familiar environment.
DeFi meets CeFi
The Changex app allows crypto trading in a non-custodial environment, keeping the control of users’ crypto assets. People can buy, sell or transfer digital coins on the platform, and also purchase crypto with debit cards or bank transfers. The exchange works with multiple blockchains, such as Ethereum, Polygon and Binance Smart Chain.
DeFi users can use the app to access the most popular alternative finance activities, including staking, and lending and stablecoin interests will be available later in 2021. Changex also offers extra APR on staking rewards with the platform’s native token, CHANGE.
The upcoming Changex Visa Debit Card will provide cashback for shopping. Source: Changex
Changex is also working on providing European Union-regulated IBANs to users to manage fiat assets, connecting the crypto world and traditional financial systems. Scheduled for the fourth quarter of 2023, the Changex Visa Debit Card will offer cashback bonuses. Furthermore, users will be able to spend their staked assets without reducing APR.
Changex joins Cointelegraph Accelerator
Cointelegraph Accelerator has chosen Changex for its team’s expertise, which consists of more than 20 people, an office in Bulgaria and a successful history of providing reliable financial solutions. The app provides a convenient and streamlined experience, catering to both Web2 and Web3 users. The product also achieved good results, with an average of 25,000 monthly active users and nearly $3 million worth of staked assets.
The next step for Changex is to integrate the Avalanche blockchain. This integration will also introduce several Avalanche-based staking pools. What’s more, Changex is working on launching a unique leveraged staking feature on the platform in the upcoming months. Following that, in the fourth quarter of 2023, Changex will introduce its biggest update – the Changex Visa Debit Card and IBAN – which will allow users to take full control of their finances and make Changex an all-in-one solution for crypto and fiat alike.
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