Web3 banking and payment solution CrossFi has secured tech patents for its cutting-edge technologies, including the payments system, its DeFi protocol, and a synthetic tokens decentralized application.
CrossFi, a leading Web3 payments platform, has announced that the core technological innovations are now patented. The patents are registered in over 180 countries (181 to be exact) and have a 70-year design registration. According to the team, the several patents bond well with the goal of CrossFi becoming a leader in Web3 payments and bridges its mission towards connecting the worlds of decentralised finance (DeFi) and traditional finance (TradFi).
In addition to protecting their IP with the patents, CrossFi has secured 70-year design registrations for its user interfaces. This is expected to boost the company to the forefront of Web3 innovation and give it a competitive edge in the fintech space. Moreover, getting the patents registered globally validates the originality of CrossFi’s innovations and positions the company as a leader in digital finance.
Alexander Mamasidikov, CEO, Chief Ideologist and Founder of CrossFi, believes the patents and design registrations “mark a significant milestone” for CrossFi and will help transform the company in the future.
“Each patent has been granted with a 70-year protection period, providing us with robust legal protection and affirming the uniqueness of our innovations,” Mamasidikov added. “There are no comparable technologies in existence today. It is the result of years of focused effort and determination.”
The patents will help CrossFi protect its innovations and foundational proprietary technologies from any form of infringement, unauthorised imitation or replication in multiple major markets. Some of the foundational proprietary technologies protected by the patents include its eponymous banking app, its infrastructure that seamlessly blends DeFi and TradFi systems, the blockchain-based FastPayments system, the decentralized exchange protocol MPX (Multi-Purpose Exchange), and the xAssets tokenization platform for real-world and synthetic assets.
The patents also bring CrossFi a step closer to going public, as Mamasidikov shared, following the valuation of the company.
“While a formal valuation is still ahead of us, this is a defining step on our path toward a future IPO. I’m incredibly proud of what we’ve achieved and inspired by what lies ahead,” he said.
Other IP elements protected under the 70-year design protection include CrossFi’s user interface designs, encompassing its website, mobile app, console dashboard, and blockchain scan tools. This will allow CrossFi to lead Web3 innovation for the foreseeable future and fortify the brand’s distinctive user experience and visual identity.
In addition, CrossFi has also registered numerous trademarks to ensure exclusive rights to the brand and consistency across all markets. The trademarks cover its Cross Finance, CrossFi, CrossFi Chain, XFI, XFI Scan, XFI Console, MPX, CrossFi xAssets, and CrossFi xAPP.
The latest developments are in line with CrossFi’s goals of providing inclusive, next-generation financial solutions that seamlessly bridge fiat and crypto. The company will feature innovative non-custodial payment technology, allowing users to maintain full control of their funds while enjoying unparalleled access, transparency, and convenience.
In the coming years, CrossFi targets to support purchases at over 100 million+ merchants globally, having already onboarded over 1 million users and launched its Layer-1, EVM-compatible mainnet last year. It will offer a scalable global payment network that combines the security and transparency of blockchain with the stability and user experience of traditional finance.
