A fully non-custodial DeFi wallet with key CeFi elements? Changex is building one

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Sofia, Bul­gar­ia, Nov 9, 2022, ZEXPRWIRE, A lot has been hap­pen­ing in the DeFi space late­ly, and not all of it has been cause for cel­e­bra­tion. From talk of capit­u­la­tions, to FUD and out­right bank­rupt­cies, DeFi users have got­ten their fair share of uncer­tain­ty and, some­times, even panic.

Cen­tral­ized wal­lets and exchanges have his­tor­i­cal­ly been the sub­ject of mali­cious attacks, and many have suc­cumbed to their attack­ers. With­out men­tion­ing any names, the com­bined amount of assets lost in such attacks is mind-bog­gling to say the least. The pick­le that FTX finds itself in now is just anoth­er nail in the more and more real cof­fin that cen­tral­iza­tion seems to fall into. 

The love for CeFi (CEn­tral­ized FInance) can be eas­i­ly explained, of course: it’s much, much eas­i­er to use than its decen­tral­ized coun­ter­part, it offers more func­tion­al­i­ty, and gives access to a wide range of invest­ment and earn­ing instru­ments. But all that comes at a cost – the cen­tral­ized nature of it all brings out the old “weak­est link” trope, because one sin­gle point of weak­ness is enough for a mali­cious actor to expose the data and funds of thou­sands, pos­si­bly mil­lions of users at once. There­fore, stick­ing with absolute cen­tral­iza­tion isn’t ide­al, because we can’t rely on hack­ers to go away or stop hack­ing – it’s what they do.

DeFi was sup­posed to solve this prob­lem, which is why some projects veered off to the oth­er side, going ful­ly decen­tral­ized in every sense of the word. While this is per­fect from a secu­ri­ty per­spec­tive, it can be lim­it­ing from a func­tion­al­i­ty stand­point – very much so actu­al­ly. Com­plete decen­tral­iza­tion has its cons and costs, name­ly that it’s too dif­fi­cult to use, not to men­tion that it’s actu­al­ly not very usable at all. There’s no point in pre­tend­ing – decen­tral­ized exchanges can be over­whelm­ing even to expe­ri­enced users. It’s just too much stress. But it also has a tremen­dous upside. 

There­fore a mix of DeFi and CeFi’s best ele­ments would be some­thing to behold. CeDe­Fi is not a new term, but even now there isn’t much to show for its promise. This is where Changex steps in. 

Changex is a CeDe­Fi project, which goes com­plete­ly decen­tral­ized in terms of its wal­let, how it han­dles user data, access to assets, and autho­riza­tions – every­thing is in the user’s hands. So far so good. But at the same time, instead of lim­it­ing its ser­vice offer­ing to DeFi, Changex also takes the best of CeFi – name­ly a ful­ly-func­tion­al bank account and a deb­it card which can be used to spend both fiat and cryp­to – and puts it right in there with the wal­let. All in a sin­gle app.

On the DeFi side of things, Changex is build­ing a 100% non-cus­to­di­al mul­ti-chain wal­let, where assets and crit­i­cal data are owned exclu­sive­ly by the user. The wal­let gets new token inte­gra­tions every month, and in the future will also pro­vide access to decen­tral­ized exchanges such as Pan­cakeSwap and UniSwap, among oth­ers. It also nat­u­ral­ly sup­ports stak­ing (for now for its CHANGE token and del­e­gat­ed stak­ing for the HYDRA token), and will intro­duce a unique Lever­aged Stak­ing mech­a­nism, which will dou­ble the APR of any staked asset by a fac­tor of 1.2–2x. It will also offer liq­uid­i­ty min­ing and var­i­ous earn prod­ucts, among them a sta­ble­coin earn prod­uct for a sta­ble APY. That, and more.

On the CeFi side of things, Changex will be intro­duc­ing in-wal­let bank accounts in the first months of 2023, which will be avail­able in Europe. To add to this, Q1 2023 is also the time when Changex will roll out their own Cryp­to Deb­it Cards. Users will be able to choose which cur­ren­cy their card is using in a sin­gle click in the app, and the card will han­dle every­thing in the background. 

Tra­di­tion­al finance can’t sur­vive with­out cryp­to and DeFi any­more, which only explains the wave of new offer­ings that we have seen in the past years. But on a more indi­vid­ual lev­el, what we’re also see­ing is a steep learn­ing curve and a wide tech­no­log­i­cal gap when it comes to new users enter­ing DeFi. We start­ed Changex to bridge CeFi and DeFi and to sim­pli­fy the expe­ri­ence of users of both worlds,” said Changex CEO Nick Iliev. “Only by sim­pli­fy­ing the way users jump between cen­tral­ized and decen­tral­ized ser­vices will we ever see mass adop­tion, and that’s what we’re after.” added Mr. Iliev. 

The Changex app is avail­able to down­load on the Google Play Store and the Apple App Store, and the CHANGE token is cur­rent­ly trad­ing on MEXC, HydraDEX, and UniSwap, with a price of $0.0242 at the time of writing. 

About ChangeX

ChangeX is a hybrid per­son­al finance mobile app which fus­es cryp­to, DeFi, and bank­ing into a sin­gle pack­age. Users can access mul­ti-chain cryp­to and an array of DeFi invest­ing tools, includ­ing first-ever Lever­aged Stak­ing, while ben­e­fit­ing from tra­di­tion­al fiat bank­ing, thanks to per­son­al IBANs and SEPA func­tion­al­i­ty. The ChangeX Cryp­to Deb­it Card com­pletes the offer­ing, allow­ing users to spend cryp­to and fiat any­where, and thus expe­ri­ence true finan­cial freedom.

Fol­low the project on Twit­ter and Telegram for more infor­ma­tion and reg­u­lar updates. 

The Team

ChangeX founders Nick Iliev and Gary Gueras­si­mov have a rich his­to­ry in devel­op­ing suc­cess­ful cryp­to and fin­tech prod­ucts, among them xChange.bg – Bulgaria’s lead­ing cryp­to exchange. HydraChain and Lock­Trip co-founders Niko­la Alexan­drov and Hris­to Tenchev are also on board, each bring­ing sev­en years of blockchain expe­ri­ence to the project. The project’s CTO Mar­tin Kuvandzhiev is one of the core devel­op­ers at Bit­coin Gold – a hard fork of the source Bit­coin code, which brought decen­tral­iza­tion back to retail traders and made min­ing via com­mon GPUs pos­si­ble again. 

The Advis­ers

ChangeX’s advi­so­ry board fea­tures indus­try experts from some of the biggest names in cryp­to, DeFi, and finance. Soft­Bank Vision Fund’s Neil Cun­ha-Gomes, whose cryp­to invest­ments include Con­sen­sys and Ellip­tic, has been work­ing along­side sea­soned experts Dimiter Gur­d­jilov and Ste­fan Ivanov in out­lin­ing the company’s strat­e­gy and vision. Dimiter Gur­d­jilov has more than 15 years of invest­ment bank­ing, pri­vate equi­ty and busi­ness devel­op­ment expe­ri­ence from Mer­ril­ll Lynch, JPMor­gan, George Soros’ Bed­min­ster Cap­i­tal, NBGI Pri­vate Equi­ty, and Chal­lenger Cap­i­tal Man­age­ment. Ste­fan Ivanov has 25+ years of expe­ri­ence at Citibank, Banque Paribas, and Chal­lenger Cap­i­tal Man­age­ment, and has also served as the CEO of Citibank in Bulgaria. 

Media Con­tacts

Dim­i­tar Rahtaliev

Mar­ket­ing and Com­mu­ni­ca­tions Manager

E: [email pro­tect­ed]

The Post A ful­ly non-cus­to­di­al DeFi wal­let with key CeFi ele­ments? Changex is build­ing one appeared first on ZEX PR WIRE

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