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

Summary

George, also known as Xerox Hosomaki, introduces Crossfire's vision for the future of banking, integrating crypto and fiat payments seamlessly. Highlighting the team's history in banking innovation, he discusses the evolution from cash to digital transactions and the current challenges in merging traditional banking with crypto. Crossfire aims to provide a user-friendly platform for managing funds and making transactions, with an emphasis on security, transparency, and the potential for personalized cards. The presentation teases an upcoming card release for the first 300 participants.

Takeaways

• 😀 George, also known as Xerox Hosomaki, is presenting on the future of banking systems, focusing on the seamless integration of crypto and fiat payments.
• 🏦 The speaker's team has a history in banking, with some members introducing the first boss ATMs and security audit checks in Europe during the 90s.
• 🔄 The banking system, which once had to onboard people, is now facing the challenge of being onboarded to crypto.
• 📈 Blockchain technology simplifies tracking payments and transactions, but it comes with the need to pay gas fees for fast payments.
• 💡 Crossfire aims to be the perfect middle ground, allowing users to withdraw funds from crypto wallets and convert them to fiat for banking transactions, all on-chain and transparent.
• 🌐 Crossfire utilizes layer zero to swap tokens across more than six networks using over 200 tokens, enhancing the crypto payment ecosystem.
• 💻 The Crossfire chain is an EVM-compatible chain that incentivizes developers to build applications on top of it, integrating with the banking system using crypto.
• 🗳️ The X5 token will be used for incentives and governance, allowing holders to vote on the blockchain's future and fee structures.
• 💳 Crossfire specs include unified card processing for debit and credit cards, e-banking through their DAP, and high-security PCI DSS compliance.
• 🔒 The system emphasizes non-custodial transactions, ensuring users remain the owners of their funds when making transactions.
• 🎨 Crossfire plans to offer personalized cards, potentially allowing users to customize their card designs with NFTs.
• 📅 The first 300 people to scan a QR code will receive their card before others, indicating an upcoming launch or beta testing phase.

Q & A

Who is the speaker in the provided transcript?

The speaker in the provided transcript is George, also known as Xerox hosomaki.

What is the main topic of George's speech?

The main topic of George's speech is the future of the banking system, focusing on the seamless integration of crypto and fiat payments.

What significant contributions did some team members make in the 90s?

Some team members introduced the first BOSS ATMs in Europe and the first security audit check called RAMP.

What does BOSS stand for in the context of the speech?

In the context of the speech, BOSS stands for Point of Sale, which is a method of verification when inserting cards for payment, not to be confused with Proof of Stake in blockchain terminology.

What is the current challenge for the banking system according to George?

The current challenge for the banking system is to be onboarded to crypto, as it was once onboarded to people in the 90s.

What are the key problems George mentions with the current banking system?

George mentions that the current banking system has issues with slow international transfers, especially to developing countries, and the need for a centralized exchange to cash out crypto to fiat.

What is the vision for the perfect middle in the crypto-fiat integration?

The vision for the perfect middle is to have a system where a user can withdraw funds from a crypto wallet, have them converted, and sent to a bank account, all in a single transaction and on-chain.

What are the three phases of crypto that George outlines in his speech?

The three phases of crypto outlined by George are: 1) Legacy payments with systems like Swift, 2) Utility with DeFi applications allowing token swaps and financial services, and 3) Cross Finance's phase where users can perform any financial action with a few clicks.

What is the role of the Cross Finance chain in the ecosystem?

The Cross Finance chain is an EVM-compatible chain that incentivizes developers to build applications on top of it, aiming to be the stack that integrates with the banking system using crypto.

What is the purpose of the X5 token in the Cross Finance ecosystem?

The X5 token serves as an incentive within the Cross Finance ecosystem and is used for governance, allowing token holders to vote on the future development and fee structures of the blockchain.

What does Cross Finance offer in terms of card processing?

Cross Finance offers unified card processing for both debit and credit cards, streamlining transactions across multiple channels, and providing a secure e-banking environment with top-tier PCI DSS compliance.

What is the non-custodial aspect of Cross Finance that George highlights?

The non-custodial aspect of Cross Finance means that users remain the owners of their funds. They connect with their DeFi wallet to make transactions, ensuring that they retain control over their assets.

What is the prototype of the card that Cross Finance aims to offer?

Cross Finance aims to offer a prototype of a personalized card that users can customize, potentially even using their NFTs, to create a unique and visually appealing card.

What is the current status of the card distribution according to the speech?

The speech mentions that the first 300 people to scan a QR code will receive their card before everyone else, indicating that the card distribution is in an early access phase.