Thank you all for participating in the AMA with SPACE ID yesterday on 19th January, for those that missed, here’s a text recap from our FINX CMO that answered some questions asked by the moderator!
Questions 1:
Please introduce yourself and your projects and products in detail.
We’re FINX Global and our goal is to enable seamless crypto & FIAT wallet experience. So we aim to bridge cryptocurrencies with the world by integrating digital assets into the global financial system allowing digital payments that are accepted globally. Imagine it this way, today you can walk to any convenient store, and spend using your crypto. How good is that?
So not only that, We FINX also want to give crypto users, especially the beginners, an easy-to-use experience by enabling users to send, receive, store, stake and even spend their crypto however they want it, anywhere they want it, within the FINX ecosystem, which fall under our FINX product, FINX Wallet.
Now to explain in further details about our products, we’ll have to look into our ecosystem.
The FINX ecosystem consists of FINX Wallet, FINSWAP and FINTAP. They are all integrated with each other so that you don’t have to worry about switching or downloading too many apps. All in one
- The first is the FINX Wallet, an app for Android & IOS.
The FINX Wallet which was launch back in December, is now available in both Apple Store & Google Playstore as an alternative to our initial wallet extension. Both of these wallets (extension & mobile dApp) are linked, so whatever balance you have on your wallet extension is directly reflect in the wallet app, and you can also send and receive using wallet app instead of the wallet extension. As we all know, mobile is becoming the main usage of users in today’s world, so our FINX Wallet is definitely fit into their era.
When it comes to security, do note that FINX Wallet is actually decentralized. Thus, it eliminates most of the security issues as we do not store any of your information, so the risk of it being hacked and falling into the hand of irresponsible people is 0. Of course, unless u shared your Secret Phrase to other people, then we won’t be responsible for that *Jokingly*. If not, you can rest assured to store your crypto safely in our wallet.
2. Next in the ecosystem, we have FINSWAP, a platform that allows users to swap, stake and earn cryptocurrencies or NFT on the go.
FINSWAP is built on BSC (Binance Smart Chain) and provides lower transaction fees, allowing users to trade without losing as much in the process. As we all know ETH chain cost quite alot. Not only that, but it also utilises the Proof of Staked Authority (PoSA) consensus for adopting a high-speed infrastructure.
So what can u do with FINSWAP, today? There are already quite a few features available to be used, which one of it include Fixed-term stablecoin staking. FINSWAP stablecoin staking actually provides one of the highest APR out there, which the highest could go to 17%. What’s more it’s in Stablecoin, so you dont even have to worry about token fluctuation. Awesome right? You can even choose either 4 months, 8 months or 12 months of staking, but of course the longer the staking period, the higher the APR.
Other than that, you can also Stake NFT in our FINSWAP to earn a passive income, but the current NFT that we are supporting is actually one of the exclusive NFT that we created for our partners, and there will definitely be more to come soon! If you are interested in checking out the exclusive NFT, join our Discord after this AMA and our MOD will guide you!
Other than that, you can also do swapping action here, so basically FINSWAP covers everything that allow you to swap, stake and earn crypto on the go!
Why on the go? Because our FINX wallet is also linked directly to FINSWAP to enable users to participate in staking straight within the app, relieving them of the burden of carrying the laptop everywhere.
3. Lastly in the ecosystem we have our FINTAP. FINTAP is the main product that helps to bridge crypto and the traditional world, by allowing digital asset as one of the payment method. We have partnered up with UnionPay to achieve this Crypto to Fiat movement, so as long as the merchants accept UnionPay as a payment method, you will be able to spend your crypto there with FINTAP. Not Visa or Mastercard, but UnionPay. Why UnionPay? Because UnionPay is one of the fastest growing credit card network in South East Asia, more and more merchants are starting to adopt UnionPay as part of their payment provider. And this is how FINTAP able to achieve Crypto to Fiat conversion, allowing user to spend using digital asset.
Spending using Digital Asset also help to solves the high transaction fee when spending overseas, as it’s built using blockchain technology, enabling payment using crypto at the lowest cost and yet fastest time. With FINTAP, users can easily spend their digital assets anywhere they want, whenever they want.
FINTAP is currently not launched yet, and it is expected to be launched on This year, expecting between Q2-Q4.
So basically that is all about FINX Global, to summarize, FINX Global is a web3 platform that aims to enable seamless crypto & FIAT wallet experience, allowing user to spend their crypto directly on the real world. And in our ecosystem we have 3 main products, FINX Wallet & FINSWAP that is already launched, while FINTAP is expecting to launch this year.
If you want to learn more in depth about this, feel free to join our Discord community too!
Questions 2:
In the past year, FINX is building fast. What do you think that FINX meets the needs of individuals users? How did you first come up with the entry point for this product?
I think most of you here dont know that, FINX actually started out as a cybersecurity project, and we swifted our business model afterward as we spotted a greater opportunity in terms of payment solution especially in the Southeast Asia market. We have friends that complain about the crypto to fiat process, too lengthy, or worse yet, some of them even got scammed during the process. While throughout these events were what sparked our thoughts, why cant we have Digital Asset as a payment? This is where we find the entry point for FINX, to solve digital asset as payment issue.
And i totally agree with you that FINX delivered quite some achievements on last year, even though our ecosystem is not completed yet, we still managed to deliver 2 out of 3 services , which is FINX Wallet app & the FINX Wallet Extension for browser usage, and also FINSWAP, our DeFi platform featuring high stablecoin staking. Through the launch of these services, we are able to validate the needs, as we can see the increase in our user database over the time. Of course i would say the best one is still our FINX Wallet, as users can enjoy the convenience of having a DeFi platform directly in the App, and easily access all our partners project through the “browser” section.
And this is still not the best part, because once FINTAP is launched, i believe that’s where FINX can fit most of the users need, be it Web 2 or Web 3 users.
For Web 3 users, you guys will have an alternate option to use your crypto. We give digital asset a real value, by allowing user to spend them directly whenever, wherever they want. If you dont feel like spending, you can always store or stake it in our wallet while waiting for it to grow, no hassle.
As for Web 2 users, we give them a totally new options to make payments. Just imagine this, you are travelling oversea tomorrow, say to United States, and you forgot to exchange your currency. Do you use credit card then? Nah it’s too expensive for the conversion. So what do you do? You will soon have an alternative, to use FINTAP. Simply download FINTAP, and you will be able to deposit as USD easily using your fiat, and bang you can already travel around spending them without worrying. That is how we bridge Crypto & Fiat, allowing not just Web 3 but also web 2 users to be able to use them.
So ya, that’s what i would say how FINX meet the needs of user.
Question 3
We are curious about your thoughts on DID/Web3 domain. How did you choose to integrate SPACE ID and how does this fit into your roadmap?
Not gonna lie, but it’s really impossible for me to keep track of unique addresses out there, even for my best friend’s address. As for FINX Wallet, i mentioned that FINX aims give user an Easy — to — use experience, even for beginner, and SPACE ID definitely solve this issue.
Space ID solves this issue by providing a unique and easily human-readable name service. People want to identify with names that can be easily recognized and not just a random string of usernames. Imagine trying to remember usernames across different channels such as Twitter, email, BNB Chain, Solana, Avalanche, etc.
Space ID helps by creating single, unique, and easy-to-remember names that can also be used to trade cryptocurrencies and Non-Fungible Tokens (NFTs) and will be interoperable across different networks.
While there are many Blockchain Naming Services (BNS) available today, such as Unstoppable Domains, Ethereum Name Service (ENS), very few services are working towards unique and single-name service solutions.
This is why we choose Space ID as our partner, as it fits perfectly on our goal to create an easy-to use wallet, plus we are now at the stage of finding more partnerships that will benefit our users and we’re also focusing on launching FINTAP. In order to make it a successful product, we believe that integrating SPACE ID’s services is important in helping the journey easy for our users.
Questions 4:
What are the advantages of FINX compared to similar projects? How are you guys bridging more web2 users into the web3 world.
Most wallet projects out there that is similar to us focuses mainly a wallet platform to store, send & receive and trading within their platform. but our end goal is different. We focus a lot on building the bridge between Web3 and the real world. We focus on allowing user the convenience of spending their digital asset wherever, whenever they want. We are building a complete ecosystem that allows you to walk into any restaurant, cinemas, or grocery store and just pay with your Crypto using FINX Wallet.
Other than that, user can still conduct their common activities such as sending and receiving crypto, swapping tokens, staking, or even purchasing NFT, through our FINX Wallet. In case you dont know, you can access to OpenSea directly through our Wallet “Browser” section too! Soon we will integrate more project into our browser section, making FINX Wallet the Super App.
Now, there are also a few other projects out there that are doing the same thing as us, bridging the Crypto and Fiat and allowing digital asset as payment. However, their main focus is European countries whereby our focus currently is on Southeast Asia.
Why? Because Southeast Asia is also one of the major players and users of crypto however, we still lack the method of making payment to shop, pay bills, receive salary using crypto. We are basically the first to establish this movement in the South East Asia region, once our FINTAP is fully launched.
How exactly do we achieve this? Like i mentioned just now, It’s through our partnership with UnionPay, which is widely accepted globally, and is already accepted by more than 90% of merchants in Asia alone. Basically whichever merchants that accept UnionPay as a payment, will accept FINTAP or crypto as a payment method. So users can be rest assured that they can spend and make payments almost anywhere in the world.
This is basically what differentiate us and other crypto projects out there, as FINX goal is totally different compared to them.
We believe our integration can helps to on-board more web2 users, as we eliminated most of the unnecessary steps for beginners, allowing them a seamless crypto experience, and most importantly giving a new payment method for them. Today if you are a beginner to crypto, you can hope into FINX wallet, deposit money, start swapping, staking, buying NFTs, trading, and best spending your crypto, all in one platform.
This is how we are going to bridge more web2 users into web3, giving them a new option of making payment in a more secured, faster, and cheaper way, and at the same time get to enjoy the benefits of web3.
Questions 5:
What do you think is the biggest challenge for web3 wallets in 2023? As the ecological development of wallet applications becomes more and more perfect, what kind of development pattern do you think the future market will present? How will the wallet industry explode?
I think the biggest challenge for Web3 wallets is the governance. In general, it’s a big challenge for Web3 and crypto. Because we’re still a fairly new industry, there are still a lot of grey areas and each country has come up with different rules and regulations when it comes to web3 wallets. As more products like us surface, there will be lot more new legislations being made so we will have to continue to monitor and adapt. Which means, it will be a challenge to create a web3 wallet that can be used in all countries. We believe that web3 wallet is the future but while we get there, we’ll have to continue to monitor, change and adapt.
On that note, I think the most important development will be the kyc registration for different countries in a single wallet — one that will allow users to use wallet services in different countries without worrying about the legalities. Currently FINX is already applying for FINTAP licensing while waiting for it to be launched.
Once we’ve developed this, it’s not hard to see how the wallet industry will explode, specifically web3 wallet. Once we have a more airtight governance by different countries on web3 wallet, people will be able to trust web3 wallet more and that will aid in the growth of users. We believe that soon, everyone will own a web3 wallet. 5 years ago, digital wallet was not even that well known but now everyone is using it and there are a lot of digital wallet in the market to choose from. So its only a matter of time before web3 wallets follow suit.
Question 6
Our community would love to know what you guys are working on right now or anything exciting in the making for the new year.
So like i mentioned, there are 3 main products from FINX Ecosystem. So FINX Wallet and FINSWAP are already launched and can be used, but not for FINTAP. So the goal this year is definitely to roll out FINTAP to complete the FINX Ecosystem, allowing users to be able to enjoy Digital Asset as a payment as soon as possible. We are expecting FINTAP to be launched this year around Q2 — Q4, a more specific date will be announced soon when its known, on our social media, so feel free to follow us on Twitter!
Apart from that, we’re actually also in the midst of developing our NFTs, its called FINX Genesis NFT — Xyrica Collection, featuring 9,999 pieces of NFTs with tons of benefits. The team is working really hard to ensure that they will be able to launch the NFT collection this year.
Our Xyrica NFT is kind of special, is it one of the way for you to join our public sales and earn token in return. How? By purchasing our NFT, you will have the option to HODL and enjoy benefits, Sell on secondary market for profit OR BURN and earn FINX Token in return!
When you burn it, there will be a mechanism call “The Last Stand” that calculate your rewards earning, where the longer you hold the NFT, the more FINX Tokens you will receive when you burn it! We believe this will definitely be one of the utilities for NFT soon in the future.
Once NFT is launched, we will also be looking to list our FINX Token on exchanges, and i believe most of our users are really anticipating this from us! So really excited, can’t wait to launch our FINX Token this year already.
On top of that, we’re actively looking for new partnerships that can further strengthen our ecosystem and increase our brand awareness in the Web3 and Web2 field. Partnering up with Space ID is definitely one of the move to improve our user experience, while we’re also continuously working on events to keep our community engaged so if you haven’t follow our social media pages like Twitter and Discord, you should definitely do so now because we have a lot of exciting announcements coming soon!
That is all for FINX this year, thank you all!
About FINX Global
FINX is a Web3 organisation that is aimed at enabling seamless crypto & fiat wallet experience, bridging cryptocurrencies with the world by integrating digital assets into the global financial system allowing digital payments that are accepted globally.
FINX is focusing on making crypto and fiat financing easy by enabling users to send, receive, store and spend their crypto however they want it, anywhere they want it, within the FINX ecosystem.
Social Media & Communities
Website: https://finx.global/
Discord: https://discord.gg/finxglobal
Twitter: https://twitter.com/FINXSupport