Payment As It Is Today
You most likely use a virtual or physical card for payments and transactions. In addition to that, you may have heard of payment links and virtual cards that process transactions for you easily. These technologies have made our lives better, and crypto came to accelerate and exponentially improve that experience.
…or did it?
Here are three questions for you:
- Do you conduct crypto transactions a lot?
- If yes, what’s that experience like for you?
- Is it better or worse than traditional, non-crypto methods?
What Makes Crypto Better?
Many crypto enthusiasts will say that crypto makes things faster, better, and more affordable for them, especially if they are freelancers, DeFi traders, NFT collectors, and remote workers, to mention a few. This is because they can easily receive and move money without having to wait for bank approval, they can take advantage of the arbitrage in the market and they can freely move assets around the web3 ecosystem with little obstruction.
However, a number of people argue that this is not the case for them at all!
What Is The Payment Problem In Crypto?
- The Existing Transfer Methods (Human error): Wallet-to-wallet crypto transfer has terrible UX. People make mistakes with these long-form wallet addresses. They also find it tedious visually scanning the recipient’s address. Plus, there’s the probability of sending to a network that’s not available on the recipient exchange.
- Market Research: Based on internal research, we have found that 40% of crypto users are not comfortable with the current UX of sending and receiving crypto.
- Security Risks: There have been reports of security attacks on the clipboards of crypto users, causing them to paste the wrong wallet address.
- Global Adoption: One of the biggest issues with the global adoption of crypto is the user experience. One of the most successful technologies in crypto today is stablecoins, and sending USD stablecoins from person A to B requires users to understand things like networks and wallet addresses. These things are just too complicated for regular people.
How Do You Fix It?
CXID enables users of CEXs (centralized exchanges) receive deposits and complete withdrawals without copying and pasting wallet addresses. This is extremely useful considering that centalised exchanges (CEXs) have the most transaction volumes in crypto and it’s the first experience most newbies have with crypto. So, we’re building for those who need it the most.
Watch a demo here. To be part of our exchange partners, send an email to email@example.com as we work towards making Web3 safer for you!