FUZEX: Bridging the gap between crypto and fiat exchange

etinosirr (29)in #blockchain • 6 years ago (edited)

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INTRODUCTION

Cryptocurrencies and the blockchain have come long way among internet usage from the very first cryptocurrencies the bitcoin that brought the blockchain 1.0 down to Ethereum and many other cryptocurrencies. However, even with the publicity and hype cryptos have generated and enjoyed, there is still a large gap to be filled towards its actual usage and adoption as a means of payment. Most owners of cryptocurrencies today are in for the long and short-term profits they can make. So, they buy into the market and hold these coins to resell higher in a later date. Even after selling off high, there is a problem of liquidating the profits to actual cash. There are no readily available platforms that offer instant crypto to fiat currency conversion and exchange. As a result, it becomes extremely difficult for cryptocurrencies to be used for one of its sole purpose of establishment, that becomes a widely accepted medium of exchange. Merchants around the world that would accept cryptocurrency payment for their goods and services are relatively low. This is still largely due to the fact that the proves of liquidating to cash is quite tasking and expensive for them.

These problems have greatly limited the use of cryptocurrencies for price speculation and rather than for utility. However, this narrative is about to change thanks to the Fuzex team. Although, there are similar companies that have started proffering solutions by readily allowing users to link their cryptocurrency later to a payment cash (Visa, Mastercard etc.), but they are only limited to a few cryptocurrencies and acceptance is limited to only a number of merchants. What Fuzex aims to do is to create an ecosystem that goes beyond the standard approach of these crypto payment companies that will see a wider adoption of cryptocurrencies as a means of payment and scale up its usability.

FuzeX is all about its user’s convenience and the company is working tirelessly to achieve its corporate objective. FuzeX has three products offering working in synergy to create the Fuzex ecosystem:
• The multi-wallet: The FuzeX wallet is the central point and hub from which the FuzeX card will be operated from. It provides storage for the cryptocurrencies of its users and also allows users to spend and receive cryptocurrencies. The FuzeX card is linked to the FuzEx wallet and its an integral part of the FuZex ecosystem.

• The Pre-paid Card: The FuzeX card is a smart magnetic strip and barcode-enabled electronic card similar in size and shape to the standard debit card that allows its holders to embed up to 30 credit, debit and reward cards in one. The FuzeX card is an extension of the already successful Fuze card which is currently in existence as a means of payment provided by the FuzeX team. The FuzeX card, however, will have support for cryptocurrency payment. The FuzeX card will be the most secured payment card out there because of the many security features it has. One of many is the ability to power ON/OFF the card with a single button and also the ability to connect the card to your FUZEX wallet through Bluetooth technology. The FuzeX card also allows users to wipe out their card details and data through the Fuzex wallet if they feel wallet/card has been compromised.

• The Exchange:

Fuzex will be the most secured and trusted platform to help carry out your financial transactions. Your data collected are easily secured and they follow the latest and every user is verified with the latest AML policies.