While the financial sector accounts for the largest share of blockchain trials and implementations, there is still a lot of fragmentation. To address this issue, Malta-based startup XFOC proposes a unified solution that merges banking, exchange, and payment services.
XFOC to Serve HNWIs and Unbanked Population
The goal of XFOC is to develop a blockchain-powered ecosystem that would act as a one-stop-shop for key financial services, from banking to exchange. The startup targets high net worth individuals (HNWIs) as well as the unbanked population, which XFOC calls “financial refugees.”
The network is fueled by a native cryptocurrency with the same name. XFOC holders will be able to use the token to pay for the platform’s services. For example, users will be able to spend the token for the account maintenance fee, transaction fees on the exchange platform, and for any charges required on the way.
The startup team hopes to attract clients thanks to its high-speed transaction processing capability. The XFOC blockchain generates a new block every 0.5 seconds – an incredible speed compared to Bitcoin’s average 10 minutes and Ethereum’s 15 seconds.
XFOC is working on several fundamental products, which, according to the roadmap, will be launched gradually up until the end of 2020. Specifically, the startup will provide the following services:
- Wallet – the Wallet is at the epicenter of all operations carried out on the platform. Wallet owners will easily manage their cryptocurrencies, fiat currencies, and financial products from a single point of access. The wallet will also integrate banking accounts offered by banks that adopt XFOC.
- Exchange – XFOC will launch the exchange in the spring of 2020. The service will support both cryptocurrencies and fiat currencies. At the launch, the platform will list multiple fiat currencies, including USD, JPY, CNY, and EUR, along with digital currencies like BTC, ETH, XRP, BCH, and the native token.
- CASHCARD – XFOC users will be able to apply for the CASHCARD. Cardholders will use it to withdraw funds at XFOC’s banking partners and their ATMs.
- Cashless – last but not least, XFOC will launch its Cashless system, a payment infrastructure that revolves around QR codes. Users will be able to get cashback in the native token.
All in all, the blockchain-based ecosystem will touch upon every major financial service, benefiting from the balanced interaction between crypto and traditional finance. XFOC is like a breath of fresh air in both markets.
XFOC is like a breath of fresh air in both markets. As we figured out, the project has good chances to become popular next year.
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