FXT Utility: A Quick Guide
Cryptocurrencies, like Bitcoin and Ethereum, share all the characteristics of ‘money’, except for one; ‘usability’. For all their benefits, cryptocurrencies are notoriously difficult to spend in the ‘real world’.
Our aim is to make cryptocurrencies as useful and as usable in everyday life as conventional fiat currency is now. We want to encourage wider adoption and create a safe, secure ecosystem that benefits merchants, partners and users alike.
We want our FuzeX card holders to be able to use their cryptocurrency anytime, anywhere.
Short Term Utility
In order to get the FuzeX Card delivered as early as possible we will partner with existing issuers and partner exchanges (exchange listing expected Q2) for the short term. For the short term, the utility of our FXT Token is limited in its use cases, so it will be used initially as a membership token. Using our FXT Tokens, token holders will be able to do the following:
- FuzeX Card Purchasing: FXT Token holders will be able to purchase FuzeX Cards by using their FXT Tokens.
- Annual Membership Fees: Initially when we partner with issuers, there will be an ongoing BIN (Bank Identification Number) sharing cost. Therefore, we will have a small annual membership fee for FuzeX Card users. This annual fee can be lowered and paid by using FXT Tokens. Therefore, FXT Token holders will pay cheaper annual fees than non FXT token holders. (Read here for more about recent issuer news)
- Transaction Limits: There will be a reasonable limit set per transaction for FuzeX Card users, and this limit can be increased based on the amount of FXT Tokens held by the user. This limit will be imposed by the Issuers, due to the risk of the (real-time) exchange rate from crypto to fiat.
This is the short term utility of our FXT Tokens until we create our full FuzeX Ecosystem.
Long Term Utility
A key part of our project and payment platform is developing our own FuzeX Exchange, but this will take a little time. Having our own exchange is essential to adopting other cryptocurrencies for use with the FuzeX Card, and maximising and expanding the utility of the FXT Token for our token holders.
Once we build our FuzeX ecosystem, by integrating our partners, who are co-branding and working with us (to use their tokens with our FuzeX Card to make payments), our payment platform will then evolve to become a service platform.
Our FXT Tokens will then take on a more important role within our service platform ecosystem, as a medium between tokens and a bridge between services offered by these tokens.
Once these tokens are listed on our FuzeX Exchange, we can convert FXT Tokens to our partner tokens. This means that all FXT Token holders will be able to use and access partner services with their FXT Tokens. For example, partners in our FuzeX Exchange who provide tokenised services such as; travel, accommodation, medical, legal, coupons etc. can have their tokens exchanged by us using FXT Tokens.
From a partner perspective as we purchase their tokens the actual utility model of their tokens does not change, and the benefits are as follows:
- Firstly, we provide payment capabilities for their tokens through our FuzeX Card and FuzeX Exchange.
- Secondly, partners can access and offer their tokenised services to a huge pool of FuzeX Card holders, FuzeX Exchange users and FXT Token holders.
- Thirdly, we will provide a strategic price for their cobranded FuzeX Card if they are inside our ecosystem.
FXT Token Holder Advantages
From a FXT Token holder perspective, they can access a variety of services through our FuzeX Ecosystem using their FXT Tokens. This will save time and also fees, as our FXT Tokens can be exchanged fee-free inside our FuzeX Exchange for other partner tokenised services.
Moreover, by using our service platform, users can benefit from a more competitive pricing structure and special deals specifically targeted to FXT Token holders.
As our FXT Token value increases and more partners join our FuzeX Ecosystem, the benefits of pricing and deals will also increase too, as the exchange rate of our FXT Token strengthens.