Web3’s Swiss Army Knife of Personal Finance, Changex, Joins AskFX Accelerator
Decentralized finance (DeFi) has spawned a wide range of financial services that aim to challenge what traditional finance (TradFi) offers. However, user experience remains a major issue hampering the widespread adoption of DeFi apps and solutions. For years, the DeFi ecosystem has been looking for an entry point that can integrate the next wave of users into decentralized apps.
One possible solution is a Financial Technology (Fintech) app aimed at TradFi users that also offers user-friendly DeFi functionality. This allows users to see that self-custody, a practice that allows for the protection of digital assets in personal wallets without the help of third parties, can be a way forward and jettison centralized intermediaries like banks.
While users’ desire to take full responsibility for storing and managing crypto assets has picked up pace with self-custody, the Web3 space has created new services that allow people to trade, spend and earn crypto , using both CeFi and DeFi aspects to support the migration process.
Foreseeing a demand and the emergence of new sophisticated decentralized finance apps, Changex, an all-in-one mobile wallet, uses a CeDeFi model that combines centralized and decentralized finance on a single screen to attract users that come from traditional services with a familiar environment.
DeFi meets CeFi
The Changex app provides a crypto trading exchange in a non-custodial environment, keeping the keys to crypto assets with the users. Users can buy, sell, or transfer crypto on the platform, which also supports buying crypto with debit cards and bank transfers. The exchange supports multiple blockchains including Ethereum, Polygon, and Binance Smart Chain.
DeFi users can leverage the most popular alternative finance practices, including staking, with lending and stablecoin interest coming later this year, all from the same app. Changex also grants an additional APR for staking rewards with the platform’s native token, CHANGE.
The upcoming Changex Visa Debit Card will give you cashback on purchases. Source: Changex
The Changex app is also working to issue users with European Union-regulated IBANs for managing fiat assets, opening the door to cross-border transactions within the EU and closing the gap between the crypto world and traditional financial systems becomes. The upcoming Changex Visa debit card is slated for Q4 2023 and will offer cashback bonuses to its holders. Users can also spend their wagered assets without impacting the APR.
Changex Joins AskFX Accelerator
AskFX Accelerator selected Changex as a participant based on the expertise of its team, which includes over 20 members, an office in Bulgaria and a track record of delivering robust financial solutions. The app offers a user-friendly, streamlined experience and efficiently caters to web2 and web3 users. With an average of 25,000 active users per month and almost $3 million in deployed assets, the product has also been hugely popular.
Next up for Changex is Avalanche blockchain integration. This integration will also bring multiple Avalanche-based staking pools. Additionally, Changex is working to release a unique leverage feature on the platform in the coming months. Subsequently, in the fourth quarter of 2023, Changex will roll out its biggest update – the Changex Visa Debit Card and IBAN – which will enable users to take complete control of their finances, making Changex a comprehensive one-stop shop for crypto and Fiat alike.
