Decentralized finance (DeFi) gave birth to a wide range of financial services that aim to challenge what traditional finance (TradFi) offers. However, the user experience persists as a major issue hindering the widespread adoption of DeFi apps and solutions. For years, the DeFi ecosystem has been seeking an entry point that can onboard the next wave of users to decentralized apps.
One potential solution is a financial technology (fintech) app that’s catered toward TradFi users and also offers easy-to-use DeFi functionality. This way, users can realize that self-custody, a practice that enables safeguarding digital assets in personal wallets without the help of a third party, can be a way forward and start ditching centralized intermediaries like banks.
While users’ quest to take full responsibility for storing and managing crypto assets picked up the pace with self-custody, the Web3 space created new services to let people swap, spend and earn crypto that utilizes both CeFi and DeFi aspects to help the migration process.
Envisioning a demand and emergence of new sophisticated decentralized financial apps, Changex, an all-in-one mobile wallet, employs a CeDeFi model, combining centralized and decentralized finance in a single screen in a bid to attract users coming from traditional services with a familiar environment.
DeFi meets CeFi
The Changex app offers a crypto trading exchange in a non-custodial environment, leaving the keys to crypto assets with 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 take advantage of the most common alternative finance practices, including staking, with lending and stablecoin interests coming later this year, all from within the same app. Changex also gives additional APR on staking rewards with the platform’s native token, CHANGE.
The upcoming Changex Visa Debit Card will give cashback for shopping. Source: Changex
Changex app is also working on issuing European Union-regulated IBANs to users for managing fiat assets, opening the door for cross-border transactions across the EU and bridging the gap between the crypto world and traditional financial systems. Scheduled for the fourth quarter of 2023, the upcoming Changex Visa Debit Card will give cashback bonuses to its owners. Users will also be able to spend their staked…
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