Most readers will likely be familiar with quick-swap exchanges, which are services that allow users to quickly trade one crypto for another without signing up and logging into a major exchange such as Binance or BitForex. Some mature quick-swap examples are Changelly and ShapeShift, both have been around for many years.
These services typically have access to large centralized exchanges’ orderbooks and look for the best trade rate for a given pair on behalf of its’ users, then takes deposit of the “sell coin”, performs the trade, and deposits the “buy coin”. Since the last major crypto bull run of 2017, many more quick-swap services have been popping up with newer, more convenient features, and each have their own benefits and challenges.
The ZelCore multi-asset wallet, with over 170 crypto coins and assets integrated, has helped fix some of these challenges by making many quick-swap exchanges available directly inside ZelCore, and also links your wallet addresses automatically for the sell and buy coins so you don’t have to fumble with multiple wallets. Users can simply select their favorite quick-swap, which coins they want to trade, and perform the trade with ease.
One of the largest hurdles to mass adoption for everyday transactions is how cumbersome it is to send a transaction to another user. Some features, such as QR codes, have helped alleviate this issue, but these only work if the two users are face-to-face.
Recently, CoinSwitch quick-swap exchange has solved this major problem of impossible-to-remember crypto addresses that has hindered crypto adoption since day one. CruxPay converts crypto addresses to human-readable addresses.
CoinSwitch built their CruxPay service, which links crypto addresses with human-readable addresses, allowing users to create and remember their unique username (just like your email address). CruxPay is integrated into ZelCore already so users can easily send crypto to anyone using ZelCore, just like sending an email.
CoinSwitch + CruxPay
CoinSwitch is one of the best quick-swap exchanges available today, with very competitive fees, over 300 market pairs available, and great customer service. With the launch of CruxPay, CoinSwitch grows even better by enabling users to send crypto without needing to know the receiver’s address. Just type in the receiver’s CruxPay username and hit send.
For example, ‘firstname.lastname@example.org’ can send BTC to ‘email@example.com’ effortlessly and directly inside ZelCore.
CruxPay goes beyond just simplifying crypto addresses. The service empowers users to interact with dApps even if they are running on different services/platforms. The dApps can communicate across platforms using the CRUX Protocol, which grants users access their funds easily and instantly.
CruxPay also supports Pull Payments, giving users the option to set up recurring payments for billing, like a monthly subscription to Netflix using a credit card. Currently with crypto, a user has to always push a payment, remembering to send recurring payments manually or risk having their service shut down.
Crypto Mass Adoption
With the current progress of new technologies aiming to make crypto a real-world payment solution for the masses, like the Lightning Network, 2020 looks to be the year that crypto goes mainstream as a payment option. The introduction of CruxPay and Ethereum’s Name Service, among others, will drastically help with adoption and simplify crypto transactions for the everyday consumer.
CruxPay can easily be set up inside of ZelCore, and is free-to-use, so claim your Crux ID today and start sending crypto as easily as sending an email.
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Written by Zel Technologies, GmbH — 03 December 2019 — Rev. 1