Seamlessly Integrating Two Worlds: Crypto and Fiat Payments - TOKEN2049 Singapore 2023

so hello everyone glad to see so many people here Alexander so first time in Singapore cool to see so many people here I thought the room would be empty but here we are first time speaking to all of you amazing community so my name is George also known as Xerox hosomaki and today we will be speaking about what we believe at Crossfire will be the next future of banking system so crypto and Fiat payments seamlessly integrating these two worlds so before we start let's talk a little bit about the history of our team if you remember the 90s you're lucky because I was only three years old back then so I'll explain what happened in the 90s as you can remember some of you the 90s were painful there wasn't a lot of people using the banking system most people were using cash and it was something unknown for the people and basically people in the banking space had to onboard people in the banking space had to onboard the people and there was a lot of things that some of our team members accomplished in the 90s so some of us were bankings Bankers back then they introduced the first boss ATMs in Europe and the First Security audit check called ramp and if some of you are wondering what boss means POS it doesn't mean proof of stake I I gotta be clear on that it just meant point of sale which was basically a method of verification when you were inserting the cards and boom the payment was done the card was accepted now that we have the blockchains it's super easy to track your payment to track your transaction you just look at your Explorer obviously you have to pay gas fees quite good enough to have a fast payment but that's it and ironically if back then we had to onboard people to the banking system now the banking system has to be onboarded to crypto which brings me to the next slide this is a common problem that we all know from D5 users crypto users we all use banking system in our daily lives we pay for groceries we pay for insurance we play we pay for holidays with our girlfriend wife kids but that's it and it has some key problems that I will talk about later defy on another hand offers a permissionless way to manage your funds to interact with applications to build whatever you want in a trustless environment but it has its cons the banking system is centralized and we all know if some of you made a payment to a developing country on a Friday evening let's say the funds don't arrive on Tuesday and if they arrive you're quite lucky and on D5 side it's something that is super Innovative and super new so most of the people don't actually know how it works they don't even know how their wallets work so we have to build simple interfaces and if you want to cash out from your crypto wallets to your banking account because for some reason you're preparing to go to talk in 2049 and spending a lot of cash well you need to go through a centralized exchange the centralized exchange is something super cool yes it has a cool interface yes we are used to use this but it's a one single point of failure which is not the optimal way in crypto we want to help Alternatives and have our choice what do we want and the centralized exchanges are good in its way so I'm not saying they're bad if someone from Kraken is in this room please don't suspend my account but let's talk about how we can have an alternative for this this is where we want to be we want to be in the perfect Middle where someone just in one single transaction can withdraw his funds from his let's say through zaps adapt his funds are converted and sent to the bank everything on chain transparent we see three phases in crypto the first phase was Legacy payments we had Swift in the banking system we have Swift sepa wire we all use these even nowadays but on the blockchain side initially it was all about transactions per second scalability security all of these various things then we saw a little bit of utility with a little even a little bit more than just payments with D5 where you could swap your tokens through unit swap or any dexes pay someone through Lama pay and like invest borrow take a loan on Ave on the banking side it has also improved we see fintech applications such as revolut PayPal where you can pay someone in a super fast environment user friendly but yet it's still under the cover a Legacy Legacy payment and a centralized mean of payment and we believe that cross Finance is in the phase three where you can make anything you want in just few clicks pay someone through your D5 wallet connect obviously to cross Finance through our dap portal and let's break down how it works in different stages so this slide may be difficult to understand but bear with me this is all happening in the back end obviously the devs have pitched me on this one but I have used these dabs as well so you come in to cross up which has an integration of layer zero layer 0 allows us to swap tokens through sushi on more than six Networks using more than 200 tokens and this is only like super liquid tokens so you can even imagine using your let's say coin to pay for your bread in Paris then the funds are sent to cross Finance chain which gives us an opportunity to have fast reliable and secure transactions and then the payment processor depending on what was the initial action you had Visa Mastercard any of these or simply a payment Swift is made all of these steps are own chain visible and you can check them through the Explorer cool right and we have talked about the cross Finance chain so the crossfire chain is an evm compatible chain we incentivize people to come build on top of our application which is going to be the stack on top of the banking system using crypto and you're wondering so what is going to be the token that we're going to use in order to pay for transactions and who are going to be the validators so the X5 token in itself will be used as an incentive but also through governance where you will be able to vote what the future of our blockchain will look like and make fees anything you want modular through governance so this is something super important for us the banking specs the banking specs unified card processing so whether it's debit credit card all these transactions happen across multiple channels streamlines core banking it's like an e-banking so you can come to our dap and manage the funds what you want to do you want to accept deposit withdrawal anything of these so it's not simply like buy and sell through our dap but also manage your portfolio top tier PCI DSS I managed to say all the letters so this is the highest security level that we can reach and have uncapped amount of transactions the self-managed settlements allow us to have transactions and not rely on any third party in the banking industry and finally nine trusted banking partners that help us with Consulting and realize this project that we all started cross-finance specs so the crossfire and specs here there's a lot of things that we covered previously but the most critical thing that I want to highlight again is the non-custodial part so you remain the owner of your funds you connect with your D5 wallet and boom the transaction is made you sell your assets prototype of how the card will look like so this is only a prototype but we aim to have personalized cards so you can customize your cards you can take your nft that has no more utility and just boom put it on top of it and you have your fancy card that you can show to all of your friends countries that will be supporting on day one this doesn't mean that the countries that are not colorized are not going to be supported we're just working on it so bear with us it will come one day and the big question is when when sir hosomaki and I will tell you when it is happening right now so the first 300 people to scan this QR code will receive before everyone else their card so you just have to fill the form and you will be contacted really shortly by email to get your card before everyone else thanks a lot for listening to me and I'll see you at the booth thank you