FXPAY | Revolutionising Forex Market With Blockchain

collinberg (6)in #blockchain • 6 years ago (edited)

INTRODUCTION

At a time, the USD was leading the market. Before now, exchanges of fiat currencies pass through regulations and their trades are conducted on stock exchanges. At the time, these currencies are exchanged on the foreign exchange.

At the last count, the market value of Forex stood at about $6 trillion USD each day. Though second place, cryptographic currencies have succeeded to form mergers with fiat currencies.

FXPay was launched as new outlook to digital currencies. Since the block chain is about entering industrialization, FXPay is creating a platform where its trading in fiat will be easy. To this end, the platform is meeting pain points of existing Forex market.

Decentralized Forex

The block chain and digital coins had been applied to many scenarios. Many of these had not made incursions to major fiat settings. FXPay is leading the way by bringing decentralization to the foreign exchange market.

Meeting Pain Points

Before now, Forex is the primary channel of the world economy. For instance, when trades are in the red, transactions rates will rise same way as their exchange rates. Hence, when products are imported, their prices will be higher.

Thus, FXPay is solving issues in the system. It offers a platform where fiat currencies can be easily converted. There is also provision to trade with cryptographic currencies. This is great innovation considering the fact that these currencies are hardly traded at par with fiat. Traders can seamlessly convert their fiat to the FXPay token.

Who can participate?

Patterned after conventional Forex market, FXPay allows brokers carry-out transactions for traders. Brokers come into play when traders want to transact and they serve as middlemen between traders and the trade platform.

Traders are individuals taking part in Forex trades on FXPay. On the other hand, liquidity providers and premium brokers offer financial services to participants.

Community

FXPay also has a community consisting like-minded individuals. Aside providing liquidity to participants, the platform has particular interest in brokers. Haven leveraged the block chain for Forex transactions; the platform seeks to provide brokers efficient trades.

Working with MasterCard

The greatest problem with cryptographic is interoperability. Traders find it hard to trade between different currencies. On the other hand, you cannot withdraw your funds. FXPay is solving these issues through its partnership with MasterCard.
There is projection to create a debit card that will allow faster fund withdrawal. Users can withdraw funds from their wallet using the card.

Payment Gateway

Furthermore, FXPay is opening new frontiers to payments. The payment gateway will facilitate information exchange between participants, verify transactions and reduce transaction fees.

Trade Benefits

Finally, the project is rewarding its users. When the token’s value soars, traders will be able to exchange their tokens to get cheap transactions. Brokers will be able to get more value on the token when they buy and re-sell. They also get discounts when they host transactions for traders.

Token Sales Information

Ticker: FXP
Platform: Ethereum
Token Type: Utility Token
Standard: ERC20
Exchange Rate: 1 FXP= $1.60 USD
Total Supply: 500 million FXP
Soft Cap: 30, 000 ETH
Hard Cap: 90, 000 ETH

Conclusion

FXPay’s goal is to make the Forex market buoyant. Through the block chain, the market will be secured and poised for more profitability. In related development, the platform is working towards the success of cryptographic currencies.

By providing them as interoperable currencies, they get exchanged with fiat. On the other hand, the platform is developing a debit card that allows withdrawal of crypto coins. When this comes in vogue, there might be more acceptances of cryptographic currencies.