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Web3’s Swiss Army knife of personal finance Changex joins Cointelegraph Accelerator

  • Decentralized finance (DeFi) is aiming to challenge traditional finance (TradFi) but user experience is a hindrance to adoption.
  • Catering to TradFi users and offering easy-to-use DeFi functionality can be a solution to onboard more users to decentralized apps.
  • Changex is an all-in-one mobile wallet that combines centralized and decentralized finance in a single screen.
  • The Changex app offers a non-custodial crypto trading exchange, supporting multiple blockchains.
  • DeFi users can participate in alternative finance practices like staking and earn additional APR with Changex’s native token.
  • Changex is also working on issuing European Union-regulated IBANs for managing fiat assets, allowing cross-border transactions.
  • Changex has been selected to participate in the coinpostman Accelerator due to its team’s expertise and track record.
  • The next steps for Changex include integrating the Avalanche blockchain, releasing leveraged staking functionality, and launching the Changex Visa Debit Card and IBAN.

Decentralized finance (DeFi) has brought forth a diverse range of financial services that aim to challenge traditional finance (TradFi). However, the user experience remains a significant issue hindering the widespread adoption of DeFi apps and solutions. The DeFi ecosystem has been searching for an entry point that can onboard the next wave of users to decentralized apps.

One potential solution is a financial technology (fintech) app that caters to TradFi users while also offering easy-to-use DeFi functionality. This approach can help users realize the benefits of self-custody, where they can safeguard their digital assets in personal wallets without relying on third-party intermediaries like banks.

To facilitate the migration process, the Web3 space has created new services that allow people to swap, spend, and earn crypto by utilizing both CeFi (centralized finance) and DeFi aspects. Recognizing the demand for sophisticated decentralized financial apps, Changex, an all-in-one mobile wallet, employs a CeDeFi model by combining centralized and decentralized finance in a single screen. This approach aims to attract users coming from traditional services by providing a familiar environment.

DeFi meets CeFi

The Changex app offers a crypto trading exchange in a non-custodial environment, putting the keys to crypto assets in the hands of users. Users can buy, sell, or transfer crypto on the platform, which supports multiple blockchains such as Ethereum, Polygon, and Binance Smart Chain. Additionally, DeFi users can take advantage of common alternative finance practices like staking. The platform’s native token, CHANGE, offers additional APR on staking rewards.

Changex is also working to issue European Union-regulated IBANs to users for managing fiat assets, bridging the gap between the crypto world and traditional financial systems. In the future, Changex plans to launch the Changex Visa Debit Card, which will provide cashback bonuses for shopping. Users will also be able to spend their staked assets without affecting their APR.

Changex joins coinpostman Accelerator

Changex has been selected to participate in the coinpostman Accelerator due to its team’s expertise and track record. With over 20 members and an office in Bulgaria, Changex has a history of delivering robust financial solutions. The app provides a user-friendly and streamlined experience, catering efficiently to both Web2 and Web3 users. It has gained traction with an average of 25,000 monthly active users and nearly $3 million worth of staked assets.

Changex’s future plans include integrating the Avalanche blockchain and introducing several Avalanche-based staking pools. The platform is also working on releasing a unique leveraged staking functionality. By the fourth quarter of 2023, Changex aims to launch its most significant update, the Changex Visa Debit Card, and IBAN. This update will empower users to have complete control over their finances, turning Changex into a comprehensive one-stop-shop for crypto and fiat alike.

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