aXpire, a financial technology software solutions company, has announced the forthcoming launch of PayBX, its new cryptocurrency payments application for iOS and Android.
The app is a custodial wallet that allows its users to spend crypto with their existing bank-issued debit cards, while also providing features for cashing in and out of crypto, swapping between supported cryptos, earning interest on select crypto holdings, and sending feeless payments to friends, family and merchants also using the PayBX application.
What Makes PayBX Different?
PayBX aims to take a different approach to mainstream crypto payments, avoiding the need for another card in a user’s wallet. There’s no PayBX debit card. Instead, users can connect their existing bank-issued cards, both debit, and credit, into the application. Then, whenever a transaction is made using that card, PayBX will recognize it — and if enabled — will sell an equivalent portion in crypto and deposit this into the user’s bank to cover the cost of the transactions.
As a custodial wallet, PayBX users don’t hold the keys to their wallet, yet this means newcomers to crypto don’t need to know the details of web3 while paying expensive fees unless they’re operating on layer-2 or a less adopted blockchain — either option still requiring extensive knowledge of the crypto industry.
“We don’t pretend to be disrupting the industry. Our goal is to provide a reliable, easy-to-use application that simplifies crypto payments, improves users’ ability to get into crypto, and earn interest on their crypto holdings by putting it to work, and that paves the way for broader adoption of this nascent technology.”
– The aXpire Team
Core PayBX Features
The main features of PayBX can be seen below, with these comprising the core functionality of the application for the first version and public release.
- Spend cryptocurrencies anywhere – PayBX users can spend their crypto anywhere, both online and in-person, using regular bank-issued debit and credit cards. Merchants don’t need to be onboarded into PayBX or other crypto merchant infrastructure to accept the payment, nor do they even need to know about crypto at all. Merchants receive FIAT, like always, and you get to pay in crypto.
- Utilize multiple cryptocurrencies – PayBX supports a multitude of cryptocurrencies, including the likes of BTC, ETH, and stablecoins such as DAI, USDC, BUSD, and USDT. PayBX also supports several DeFi tokens such as UNI, LINK, COMP, YFI, and AVAX.
- Purchase and sell crypto with FIAT – PayBX users can leverage FIAT currencies such as EUR, GBP, CHF, DKK, PLN, and many more options to purchase cryptocurrencies directly within the app using both debit/credit card and ACH payments. Users can also sell crypto and withdraw FIAT into their bank accounts. All of this is offered with competitive fees, providing a simple and reliable on-ramp and off-ramp for crypto.
- Swap between cryptocurrencies – PayBX users can also leverage crypto-to-crypto swapping functionality, enabling the seamless and instant exchange of one crypto asset into another with minimal fees. Users can swap from BTC to LINK, ETH to AVAX, etcetera. Any of the assets supported by the application can be swapped between.
- Earn interest on crypto holdings – PayBX integrates with a major CeFi player to offer interest to its users on their crypto holdings, with the safety of assets backed by an aXpire partner’s surety bonds. Users holding BTC, ETH, and major stablecoins are able to earn competitive APY on their assets, paid out directly within the wallet, and compounding their balance.
- Stake AXPR for in-app benefits – AXPR, aXpire’s native token, can be staked within the PayBX app to provide benefits such as increased interest rates (APY), discounted fees on crypto purchases and swaps, and increased win chance in PayBX’s in-app weekly prize draws for all users of the application.
After the initial release of PayBX, aXpire plans to improve on the features offered within the app. Check out below some of the future planned upgrades:
- DeFi-as-a-Service – The plan is to eventually offer PayBX users the ability to leverage leading decentralized finance (DeFi) protocols to earn interest on their holdings. This will be offered in a “managed services” way, wherein users don’t need to deal with the complexity of DeFi and can instead let PayBX deposit the assets on their behalf for as high as 15–18% interest rates on USD-pegged stablecoins. Users will be able to put their assets to work in DeFi through a few taps within the app, with zero gas fees due if locking in the assets for set periods of time.
- Merchant infrastructure – Merchants will later be able to leverage PayBX as their crypto payments acceptance infrastructure, easily accepting online and point of sale payments in cryptocurrencies that are either a) kept in crypto, or b) converted into FIAT and deposited into the merchants’ bank accounts.
- Web application – PayBX will eventually also be available through a web application, accessible on any computer while using mainstream browsers such as Chrome, Brave, Safari, Edge, Opera, and more built-in similar frameworks.
- OTC interface – As a company, aXpire interacts with major financial institutions and HNWIs. Following the release of web app functionality, the plan is to build out an OTC gateway and interface. This will permit institutions, corporations, and HNWIs to purchase crypto and earn interest on their holdings with competitive fees and minimum slippage relative to value transacted, offered through OTC partners.
aXpire, a monetary know-how software program options firm, has introduced the forthcoming launch of PayBX, its new cryptocurrency funds utility for iOS and Android.
The app is a custodial pockets that enables its customers to spend crypto with their current bank-issued debit playing cards, whereas additionally offering options for cashing out and in of crypto, swapping between supported cryptos, incomes curiosity on choose crypto holdings, and sending feeless funds to associates, household and retailers additionally utilizing the PayBX utility.
What Makes PayBX Totally different?
PayBX goals to take a distinct strategy to mainstream crypto funds, avoiding the necessity for an additional card in a consumer’s pockets. There’s no PayBX debit card. As a substitute, customers can join their current bank-issued playing cards, each debit, and credit score, into the appliance. Then, every time a transaction is made utilizing that card, PayBX will acknowledge it — and if enabled — will promote an equal portion in crypto and deposit this into the consumer’s financial institution to cowl the price of the transactions.
As a custodial pockets, PayBX customers don’t maintain the keys to their pockets, but this implies newcomers to crypto don’t have to know the main points of web3 whereas paying costly charges until they’re working on layer-2 or a much less adopted blockchain — both possibility nonetheless requiring in depth information of the crypto business.
“We don’t faux to be disrupting the business. Our aim is to supply a dependable, easy-to-use utility that simplifies crypto funds, improves customers’ skill to get into crypto, and earn curiosity on their crypto holdings by placing it to work, and that paves the best way for broader adoption of this nascent know-how.”
– The aXpire Crew
Core PayBX Options
The principle options of PayBX might be seen beneath, with these comprising the core performance of the appliance for the primary model and public launch.
- Spend cryptocurrencies anyplace – PayBX customers can spend their crypto anyplace, each on-line and in-person, utilizing common bank-issued debit and bank cards. Retailers don’t should be onboarded into PayBX or different crypto service provider infrastructure to just accept the fee, nor do they even have to find out about crypto in any respect. Retailers obtain FIAT, like at all times, and also you get to pay in crypto.
- Make the most of a number of cryptocurrencies – PayBX helps a large number of cryptocurrencies, together with the likes of BTC, ETH, and stablecoins akin to DAI, USDC, BUSD, and USDT. PayBX additionally helps a number of DeFi tokens akin to UNI, LINK, COMP, YFI, and AVAX.
- Buy and promote crypto with FIAT – PayBX customers can leverage FIAT currencies akin to EUR, GBP, CHF, DKK, PLN, and plenty of extra choices to buy cryptocurrencies immediately inside the app utilizing each debit/bank card and ACH funds. Customers may promote crypto and withdraw FIAT into their financial institution accounts. All of that is provided with aggressive charges, offering a easy and dependable on-ramp and off-ramp for crypto.
- Swap between cryptocurrencies – PayBX customers may leverage crypto-to-crypto swapping performance, enabling the seamless and instantaneous trade of 1 crypto asset into one other with minimal charges. Customers can swap from BTC to LINK, ETH to AVAX, etcetera. Any of the belongings supported by the appliance might be swapped between.
- Earn curiosity on crypto holdings – PayBX integrates with a significant CeFi participant to supply curiosity to its customers on their crypto holdings, with the protection of belongings backed by an aXpire associate’s surety bonds. Customers holding BTC, ETH, and main stablecoins are in a position to earn aggressive APY on their belongings, paid out immediately inside the pockets, and compounding their steadiness.
- Stake AXPR for in-app advantages – AXPR, aXpire’s native token, might be staked inside the PayBX app to supply advantages akin to elevated rates of interest (APY), discounted charges on crypto purchases and swaps, and elevated win probability in PayBX’s in-app weekly prize attracts for all customers of the appliance.
After the preliminary launch of PayBX, aXpire plans to enhance on the options provided inside the app. Take a look at beneath a few of the future deliberate upgrades:
- DeFi-as-a-Service – The plan is to finally provide PayBX customers the power to leverage main decentralized finance (DeFi) protocols to earn curiosity on their holdings. This shall be provided in a “managed providers” approach, whereby customers don’t have to cope with the complexity of DeFi and may as an alternative let PayBX deposit the belongings on their behalf for as excessive as 15–18% rates of interest on USD-pegged stablecoins. Customers will be capable to put their belongings to work in DeFi by means of a number of faucets inside the app, with zero gasoline charges due if locking within the belongings for set intervals of time.
- Service provider infrastructure – Retailers will later be capable to leverage PayBX as their crypto funds acceptance infrastructure, simply accepting on-line and level of sale funds in cryptocurrencies which can be both a) stored in crypto, or b) transformed into FIAT and deposited into the retailers’ financial institution accounts.
- Internet utility – PayBX will finally even be obtainable by means of an online utility, accessible on any pc whereas utilizing mainstream browsers akin to Chrome, Courageous, Safari, Edge, Opera, and extra built-in comparable frameworks.
- OTC interface – As an organization, aXpire interacts with main monetary establishments and HNWIs. Following the discharge of internet app performance, the plan is to construct out an OTC gateway and interface. It will allow establishments, companies, and HNWIs to buy crypto and earn curiosity on their holdings with aggressive charges and minimal slippage relative to worth transacted, provided by means of OTC companions.