FxPay: A decentralized Gateway to the World’s Digital Ecosystem

tedotwijaya (8)in #ico • 6 years ago

Introduction
The foreign exchange (forex) market could be referred to as a global decentralized market for exchanging currencies virtually. In simple terms, foreign exchange is the conversion of one currency into another. As we move towards a globalized world, there has been a significant increase in the number of foreign exchange transactions over the past years indicating a massive adoption. Besides, its success in operation, it’s quite unfortunate that the current forex market faces crucial problems that haven’t been properly addressed. This includes high deposit and withdrawal fees, the lack of consistency with regards to broker fee, delay in the whole exchange process and several others.
FxPay team seeks to utilize the blockchain technology to help address the aforementioned problems in the forex market. They focus on implementing a cost-effective solution to brokers, traders, and liquidity providers.

The Problem Space
It is somehow overwhelming to see the widely adopted market in this dilemma. Transaction process in the forex market has been proven less effective, complicated and also facing the issue of lack of consistency concerning brokers.
Let us look at some of the major problems that is hindering the expected excellent performance of the foreign exchange market.

The issue of transaction fees is something that couldn’t go of the list. Individual traders are required to pay an exchange fee ranging between 5–7 % of the total transaction amount. This has created a barrier preventing novice traders from entering into the market and also contributed to the unattractive nature of the market to prospect investors.

Brokers also incurs a fee between 5–7 % when transacting with liquidity providers. Large broker platforms with a huge number of investors spends whopping amount on unnecessary fees which to my opinion isn’t the best.
The intricateness of the foreign exchange market makes the process of exchanging money take several days.

Benefits to Stakeholders

For crypto and forex traders, the FxPay ecosystem have programmed in such a way that the prices of the coin will gradually rise with respect to time. The numerous benefits(less fee incurred by users, splendid speed etc.) of FXP will lead to vast cash flow on the exchange platform.

On the side of brokers, FxPay will serve as a payment gateway for transactions between them and liquidity providers or banks. What makes this fascinating is the discount program. Brokers will enjoy a discount on their transaction. This mean brokers are going to save much when it comes to transaction fees.
The purchase of FXP would be made readily available to brokers with amazing discount offers and distribute them to their traders. The FXP coin could be taught of as a mechanism for customer acquisition and retention for brokers.

FxPay Solution Model

FxPay focuses on deploying the use of a digital currency (FXP tokens) by traders and brokers to make life much easier as compared to what they are already used to. This will give them the ability to effortlessly convert the FXP tokens to fiat money on the platform.

Alternatively, traders can use the forex credit to participate in the market. After a trade has come to an end, the forex credit could then be converted into either FXP tokens or any other cryptocurrency. Due to its flexibility, traders can choose to keep their forex credit for future trades or exchange them for fiat money via the forex trading platform at a very reasonable fee.

Reduction of fees and transaction speed will be a key element in FxPay Inc.’s solution model. They seek to deploy a trading platform that would look attractive to cryptocurrency investors as they would be able to participate in the forex market. Provisions have been made for times of high market volatility (The FXP can be used as a great hedging opportunity). Crypto investor can swap their crypto assets to fiat until there is stability in the market.

Token Details
Ticker Symbol: FXP
Token Protocol: FXP is issued and operated under the ERC20 infrastructure.
Total Supply: 500,000,000 FXP TOKENS

Token Sale
Private Sale Period: 1ST — 30TH APRIL 2018
Public Pre-Sale Period: 1ST MAY — 31ST JULY 2018
Public Sale Period: 1ST AUG — 31STOCT 2018
Accepted Cryptocurrencies for the FXP launch: Ethereum (ETH) , Bitcoin (BTC) , Bitcoin Cash (BCH) , Tether (USDT) , Tron (TRX) , Happy coin (HPC)

Token Allocation

Conclusion
Having problems such as high transaction fees, slow transaction process etc. in the existing foreign exchange market. It is quite frustrating to its stakeholders and due to that, I think FxPay Inc.’s motive to address these issues should be considered and supported. The solutions proposed in this report shows how comprehensive it is. The project also has experienced and good team members to deploy the idea. In my opinion, this is a bold attempt towards a good course.

Team Members