Space Summary
The Twitter Space AMA: Bridging TradFi and DeFi hosted by SwapSpaceCo. The AMA session delved into the bridging of Traditional Finance (TradFi) and Decentralized Finance (DeFi) realms through cryptocurrency exchange aggregation. With a focus on enhancing user experience and accessibility, the discussions highlighted the importance of transparency, security, and regulatory compliance in aggregator services. The increasing amalgamation of DeFi protocols with exchange aggregators signifies a pivotal shift towards interoperability and innovation in the cryptocurrency market. As the industry evolves, exchange aggregators are poised to play a central role in democratizing finance and reshaping the financial ecosystem by providing a unified platform for trading diversified assets.
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Questions
Q: How does exchange aggregation simplify trading for users?
A: Exchange aggregation provides a consolidated platform for accessing multiple exchanges, streamlining the trading process.
Q: What role does interoperability play in bridging TradFi and DeFi through aggregation?
A: Interoperability enables seamless asset transfers and liquidity provision across traditional and decentralized financial systems.
Q: Why is transparency crucial in exchange aggregation platforms?
A: Transparency ensures trust among users, verifying asset prices, and promoting secure transactions.
Q: How do DeFi protocols enhance the functionalities of exchange aggregators?
A: DeFi integration offers users higher yields, expanded liquidity options, and access to innovative financial services.
Q: What are the essential factors for successful exchange aggregation services?
A: User-friendly interfaces, robust security measures, regulatory compliance, and diversified asset offerings are key for exchange aggregator success.
Q: In what ways does the merger of TradFi and DeFi benefit users and the overall financial ecosystem?
A: The convergence provides increased accessibility to diverse assets, improved market efficiency, and a broader range of financial opportunities for users.
Q: How can exchange aggregators contribute to democratizing finance?
A: By lowering entry barriers, offering a wide range of assets, and simplifying the trading process, aggregators empower a broader audience to participate in the financial markets.
Q: What are the challenges faced by exchange aggregators in terms of regulation and compliance?
A: Navigating regulatory frameworks, ensuring data security, and adhering to AML/KYC requirements pose significant challenges to exchange aggregation platforms.
Q: How do exchange aggregators stay competitive in a rapidly evolving crypto market?
A: Continual innovation, strategic partnerships, user-centric features, and compliance with regulatory changes are key strategies for aggregator competitiveness.
Q: What opportunities lie in the future for exchange aggregation platforms within the TradFi and DeFi space?
A: Future prospects include enhanced DeFi integrations, broader asset offerings, improved user experiences, and increased market adoption for exchange aggregators.
Highlights
Time: 00:15:40
Simplifying Crypto Trading with Aggregation Exploring how exchange aggregation platforms streamline trading processes for users.
Time: 00:25:12
Interoperability for Seamless Transfers Understanding how interoperability bridges Traditional and Decentralized Finance for efficient asset movements.
Time: 00:35:48
Compliance and Security in Aggregators Importance of regulatory compliance and robust security features in exchange aggregation services.
Time: 00:45:21
DeFi Integration for Enhanced Yield Discussing the benefits of integrating DeFi protocols within exchange aggregators for higher returns.
Time: 00:55:09
Convergence of TradFi and DeFi Exploring how the merging of Traditional Finance with Decentralized Finance creates new opportunities in the financial landscape.
Time: 01:05:37
User-Centric Design in Aggregators The role of intuitive interfaces in driving user adoption and engagement in exchange aggregation platforms.
Time: 01:15:18
Future Trends in Exchange Aggregation Looking ahead at the potential developments and growth opportunities for exchange aggregators within the TradFi and DeFi sectors.
Key Takeaways
- Cryptocurrency exchange aggregation simplifies trading by offering access to multiple platforms through one interface.
- The interoperability between TradFi and DeFi facilitates seamless asset transfers and liquidity provision.
- Aggregators enhance market efficiency and price discovery in the crypto space.
- The absence of sign-up requirements promotes accessibility and user convenience in trading.
- Diversification of assets becomes more accessible through aggregators, reducing the barrier to entry for investors.
- Transparency and security features are essential considerations for successful exchange aggregation platforms.
- DeFi protocols integrated into exchange aggregators contribute to higher yields and enhanced liquidity options.
- The evolution of TradFi towards embracing DeFi principles highlights the growing convergence of traditional and decentralized financial systems.
- Compliance with regulations and industry standards is crucial for the sustainable growth of exchange aggregation services.
- User-centric design and intuitive interfaces are key factors driving the adoption of exchange aggregators in the crypto market.
Behind the Mic
Introduction to Swapspace Huddle
Hello, hello and welcome to the Swapspace huddle brought to you by Swapspace, the leading crypto exchange aggregator. With over 3000 assets to buy, sell and swap, you can enjoy a hassle free and reliable exchange service. Today my name is triple. I am going to be the host of this AMA and joining us today is Hailey Kroemer, the developer evangelist from Crossfi. How are you feeling today, Haley?
Hailey's Response
I can hear you and I'm feeling very good. Thanks for having us. That's awesome. So I have had a lot of questions on our social media about what a developer evangelist means. Can you shine a bit more light on that? Hayley? Sure. So I'm a little bit of a mix between an ecosystem manager, a dev rel, and an overall marketing blockchain evangelist, kind of with a crossover into business development. So what that means is I mostly recruit new layer two developers to come build on the Crossfi chain or within our ecosystem. I also help vet these projects, do some analysis, work on project proposals, get them paid with our grant program.
Hailey's Role and Responsibilities
Through our Crossfi foundation nonprofit, I help with managing our ecosystem. We now brought on a head of ecosystem, but prior to that I was kind of handling operations in this neck of the woods as well. And what that looks like is kind of finding new b, two b projects, business projects, cross chain relations and integrations that can happen and kind of starting the relationship and communication with other projects that we think could be good ecosystem partners. A lot of it has to do with education, teaching developers, being a liaison between our internal devs and our external layer two devs, hosting hackathons, doing open source workshops with our partners so our developers can get better access to new tools like rvfs, oracle tools, faucets, maybe APIs, indexers, direct access to block explorers, low or no code platforms, anything like that can assist them when building on our chain and then also kind of serving as a marketing lead to be a blockchain evangelist as we are new layer one and before recently we've kind of been a best kept secret.
Community Engagement
So attending conferences, networking in person and async online or virtually with other stakeholders projects in the space to let them know who we are, explain Crossfi as a blockchain, and have the overarching goal of recruiting new developers and building our ecosystem. Wow, a lot to unpack there, but it seems like you're the kind of a, like a jack of all trades essentially in this space, am I right? I would hope so. I definitely wouldn't go so far to. Say that I'm an expert at everything, but I definitely have some talents. I love being within the community where our developers are handling communications within Telegram discord, talking to external developers and connecting them with our internal development team, and definitely strengthening that communication process to make it more seamless.
Facilitating Growth within the Ecosystem
I do have some other talents as well, but I would say that we have a well versed team and there's definitely more experts in other areas. Well, that sounds absolutely awesome and I think that's something that every company should strive for, just facilitating such a great space for people to grow and do their job and essentially evolve. And I'm very surprised to hear all of that. Just out of the question of who a developer evangelist is. And I guess that word kind of clicks because you're definitely doing a lot more than a developer evangelist. Kind of shows off at first glance, and I kind of want to know how you got into all of this. It's a frequent question that I ask to all of our guests because there has not been a single person that would have said, oh, I actually got a degree for crypto and blockchain and actually moved into this.
Hailey's Journey into the Crypto Space
Or I finished courses and started doing something in the space of crypto and blockchain and I kind of wonder how you got into it. Sure. I always had a passion for science and technology. I wouldn't say that I was like a STEM scholar at all. I had minors and computers, science and classes. I was a Girl Scout and I. Took some courses like girls who code when I was a child, but I was definitely not a super science technology forward student. I didn't get a master's or a PhD in anything AI or blockchain related. I originally went to school to become a spanish professor and when I was getting my masters, when Covid happened, I had most of my classes go online. I was, you know, investing in Solana, Ethereum and bitcoin at the time.
From Investment to Career
Didn't know much about web three or blockchain at all, or the technology behind it. Had just when I was in my undergrad, heard the fraternity boys talk about bitcoin, thought it was kind of a good way to invest or try to get rich quick. So I got onto that bandwagon, I think in like 2016 and was holding some of those tokens then during COVID like I said, when my classes went online, I decided to jump on an app called Clubhouse to start thinking about jumping into communities regarding Solana, Ethereum and bitcoin to understand the background behind them and the utility so that I could make more educated and data driven decisions when I was trading these coins. So during my time in the app, I actually met a lot of people from the Solana ecosystem who were launching a talk show or like a reporting show called Solana News, and they really wanted to bring more women into the space at that time.
Transition to Reporting
They said there was a lot of crypto bros, and I had been on my broadcast team in college and high school, and they had found some old videos of me when I shared my Twitter and Facebook and was doing the whole networking thing. And they said, we think you could be a really good reporter for us. Don't worry, we'll write the content. We want you to report on all the Dapps coming onto the Solana ecosystem and the price of soul on a daily basis. So I actually came into the space as a reporter around everything regarding Solana. I talked daily about the price of Sol. I followed the FTX Fall and Sam Bankman fried stories very closely. I talked about all the new dapps, like when Phantom Wallet had first launched, and that was kind of my entry point there.
Developing Skills as a Journalist
Sooner or later, I understood how to do my own research. I slowly started learning about it, and then I was able to write my own content and become more of a journalist than just a reporter with an editor in chief that was feeding me the content. Then I started attending crypto conferences. At one of them, a Hanamoka brands funded company asked me to be kind of like a chain agnostic journalist and a traveling journalist for the web three ecosystem as a whole. So then I started tapping into Ethereum and Polygon, besides just Solana, and meeting a lot of founder and founders and artists during the NFT boom and other kind of director level or executive level people within the space. And I started interviewing them at conferences, putting out content, a podcast, all of that stuff, and was kind of a traveling journalist.
Consulting and Transition to Crossfi
And then that's when I think I met a good amount of people within the space and they had seen interviews or content I had filmed with other people and started wanting to bring me onto their projects as an advisor to make introductions into my warm network there. So then I started getting into consulting advisory roles, and then sooner but later, I really wanted to dive deeper into the tech side and get involved. So I would say I'm definitely self taught in this space. I spent a lot of time across all kinds of different projects, marketing, NFT, a lot of different defi layer twos, aggregators, meta dexs, like AI, smart order routing tools, farming.
Hands-On Experience in the Industry
I got into bitcoin and Filecoin mining to like enterprise clients for a while, social fi. So I've definitely been spread across the entire web three ecosystem. And then I dedicated myself to a deep end project for about two years where this was pre, kind of the Deepin coin terms, so were just a big data project at that point. We started with APIs and we kind of scaled from there. Super small team, like five or six of us. I was handling all the operations. It was me and some really heavy programmers and developers building a lot of cool stuff.
Growth and Transition at Deepin
So we worked together for a long time. We had our own conference, our own hackathons, and then I, right before my departure, we received over 80,000 applications to join the team. We built out the team from there they became a large scale project. And then I kind of decided it was my time to move on to something else. And that's when I joined the Crossfi team earlier this year to try something different. I really was attracted to the fact that they were finding an everyday use case for cryptocurrency and creating viable means for people all around the world to actually liquidate their crypto using traditional finance measures, which I thought was extremely groundbreaking.
Joining Crossfi and Its Vision
And I met some of the team members and they brought me on board. And ever since then, I've, like I. Said, been helping, you know, the foundation arm and the nonprofit arm give grants to awesome developers. Networking with tons of builders in this space, and, you know, using my past network of developers and people from development teams that I've worked in on the past to come, or hackers that have been part of the hackathons that I've hosted in the past, to come on board and start building on the Crossfi ecosystem, which has been a very rewarding experience. I've seen us go from two applications when I first joined, which was a swap protocol and also a lending protocol to over 300 projects waiting to be vetted.
Current Projects and Launch
You know, 25 new ones coming just from the hackathon alone that we're working with. And then we've extended an extra invitation to expedite some more projects from the hackathon into our grant program, and then also everyone who's applied within our grant program and started building on the CrossFi chain. We actually launch our EVM mainnet tomorrow. So this is super exciting time for us. One of the most exciting times that we've had thus far. So it's been an incredible journey. Even though I've only been here six months, I've already traveled to, I think, like eight different countries with the team.
Community Expansion and Future Prospects
We did our big launch in Vietnam, which is where our biggest stakeholders are, we have a huge community there because the cards are already live within Southeast Asia, because they have a big unbanked and underbanked population so they can really leverage our technology there was received with open arms within the vietnamese community. So it's been a short but very fulfilling and exciting journey. Wow. That was even more to unpack. Usually I am trying to catch on to some things that are said by the guest, but that was just too much. And I'd like to ask you to give me some space, too, because I feel like you're doing my job here, essentially just giving me such awesome answers.
Engaging in DeFi and Traditional Finance
But I'm afraid we might not even have time for all of the questions that we got in. So I like the fact that you mentioned a lot about crossfire and your sort of transition to it. I had a feeling that you had these answers prepared for things like this. But when you said that you worked as a journalist and, yeah, all of my. All my ideas about that were vanished because the way you managed to weave your way out of one topic to another is definitely a profound talent that you have, Haley, and I want to commend you on that. And I guess this can be a great segue to move on to some more specific stuff.
Understanding Hybrid Finance
Of course, the first question is about what hybrid finance is and how it links defi innovations like automated smart contracts with security, you know, like traditional financial systems. But, you know, for example, projects like AAV never figured out how to pronounce that. But you get the point that they're making a traditional. They're making the traditional financial products, like loans, decentralized. And, you know, of course, ensuring security through their very big liquidity pools, which essentially allows anyone anywhere to access financial service without intermediaries, which is something that you usually have in the world of web two and your traditional financial system.
The Significance of Hybrid Finance
And what I kind of want to ask is, the world of finance is, of course, undergoing rapid changes. And with hybrid finance combining the elements of both decentralized and traditional systems, could you break down what hybrid finance actually is and why it matters to the everyday person? Haley, are you there? Yeah. Yeah. Yeah, you were muted. Sure. Yeah. I was going to say, I'm honored, first of all, that you think I. Have enough time with everything I'm doing to prepare so many answers here, but, yeah.
Introduction to CrossFi's Hybrid Finance Approach
So, CrossFi, I guess here we merge the real ability and regulatory framework of what is traditional finance, or also known as tradfi, with openness and efficiency. And also customization. And what we find most important is the non custodial or transparent aspect of what is DeFi, or decentralized finance. So, within our ecosystem, which, like I said, is EVM and is built on Cosmos and can bridge the gap between these two worlds, we also transcend this into the world of finance, between traditional finance and DeFi, by creating this hybrid finance.
Practical Applications of Hybrid Finance
So how we do this is through our non custodial banking app. So, we have an app that's linked to a physical Visa card. And within this app, you can connect externally to the DeFi side through smart contract technology on the blockchain. And right now, we're testing this with Metamask. In the future, we hope to be both chain agnostic and more open to a lot of different types of wallets. And we're leveraging a lot of our L2 builders to connect us and bridge us to new wallets as well. Right now, what that looks like, is you do an ERC 20 transfer from Metamask to our application.
Connecting DeFi to Traditional Finance
So, like, a pop up happens. You connect to Metamask, you sign your funds and crypto onto the application, and the application is connected to your physical Visa card. Now, the hybrid part, of course, happens when this is taken off chain. So you have an on chain aspect and the off chain aspect. So the on chain is the smart contracts, the sending of funds from any wallet to our application, and then our application is what connects you to the traditional finance. Or what we can say is, like, the quote, unquote real world, where you can see your crypto actually be turned into fiat currency in real time.
Addressing Concerns About Liquidation in Crypto
And I think that this is something that a lot of people in Web Three have been worried about for a long time. When you hear, like, you know, older people, boomers, etcetera, say, like, well, how can we liquidate this?
The Nature of Cryptocurrency
How can we, you know, make. Make our crypto turn into money? This isn't real money. This is fake money. Whatever, right? All the fud that happens. Yeah. I think that the hybrid finance part is so powerful, because what we're doing is we're leveraging big banks, traditional banks, to actually provide the liquidity to make the transfer in real time. So this isn't, you know, something that happens just within the smart contract deal. This is a traditional finance, you know, b two b deal that happens on the back end. So when you send the crypto to your POS terminal or to make that online payment, they are, you know, taking the crypto, keeping it, and then providing the fiat off ramp, which I think is incredible, because now we're involving the powerhouse of what is, you know, big banks into the crypto world. And it's almost like there's this interoperability now between Defi and Tradfi that hadn't existed in the past. So, I mean, I'm sure there was a lot of ways that you can off ramp crypto into some kind of real world asset or liquidated or. But it hasn't been the seamless transaction where it happens within milliseconds.
Seamless Transactions and Banking Partnerships
You provide a Visa card or a mastercard, you buy your coffee, you buy your drink without any limits or a car, and now your crypto is turned into fiat on the back end, which I think is really cool. So when we talk about, like, a hybrid model, this would definitely be something along those lines, because it's bringing together both the non custodial aspects of having ownership of your funds within the web three and crypto world, but also being able to liquidate it through banking partners in the traditional finance sector. So we're involving governments, big banks, into this process, but still doing it without ever losing custody of your own funds. Wow, that was a very complex breakdown of that question. And I really like how you touch on almost all of the aspects that are intertwined into the hybrid finance system. And of course, when we're talking about DeFi allowing users to access services like lending and borrowing, and even trading without intermediaries, using protocols like swap space, for instance, for trading, or Makerdao for stablecoin generation, of course, they operate on a 24/7 basis without the need for banks offering higher financial freedom.
Understanding DeFi
But this touches a, this touches upon the question of the banks coming into this system as it is. And DeFi has always been a major buzzword at all times, ever since I can remember. But a lot of people still don't fully grasp its significance because you would think that, oh, I can just go to a centralized exchange, not have a worry about anything in the world, but it does involve having this kind of trust to a centralized entity, like a traditional bank, for instance. And if anything goes wrong, we all know what happens there, and that's why there are so many degens in this space. But how would you explain Defi's role in essentially reshaping finance for someone new to this concept? Sure. And I was just going to say. If anybody has actually used centralized exchange or traditional banks for a long time, obviously you've seen maybe your funds get locked up or get flagged as suspicious, you can lose it altogether.
The Future and Challenges of DeFi
You can have to provide a lot of documentation to prove where your funds came from in terms of big banks in general, or going down the street to a bank when wars happen, when sanctions happen, all of a sudden you're not a natural born citizen. You can have your funds flagged in respective countries. So definitely, in my opinion, I am very pro defi because I think that it's a way where people have this power that you wouldn't have in other situations, maybe, that a centralized exchange or a traditional bank would have. That's why I like the hybrid model that we provide here at Crossfire, because that transfer happens in real time. You never have to trust anyone else with your money besides yourself, besides that couple milliseconds where you're crossing your fingers there, which is. That was absolute perfection. Sorry, I interrupted you there, but I just want to point out how perfect that answer is.
Bridging Centralized and Decentralized Finance
It just shows so much, and it's a perfect pinnacle of everything you need to know about Defi, having the freedom and not having your funds locked up somewhere because they seem suspicious and something like that. Which is, again, the perfect answer to this question, which, you know, always. It always boggles me how people still don't have the grasp of this concept. But, you know, it is very difficult to, I guess, digest because when you have the pros and cons of both the centralized exchanges or the decentralized exchanges, you would think that, oh, the security that is provided by the centralized exchange is, you know, something that is enough for me. And if something does really happen, then I'm fine with it. And that's why we have these two big camps of the degens and everyone else, essentially, who's not into the crypto like they are essentially not so crypto savvy.
Partnerships with Banks
And I want to move on to this next question, because when we're talking about essentially cross chain projects, I have just a small question from myself. You have to essentially have a sort of partnership with banks. Even if I want to take out my crypto and turn it into fiat and use that money to go to a pub somewhere or do something that requires cash, for instance, I want to buy a cardinal. How do you provide this type of service to the users, and how do you make it happen, you know, worldwide, essentially? Sure. I mean, the worldwide part is optimistic. Apart from a certain few countries, of. Course, on the tech side, it works everywhere. So we. I think we've solved that milestone. Wherever I've tested the card in the United States, I've tested it in Canada, I've tested it across Asia and Europe. And it works.
Combining Technology and Regulations
Sure. Should it work? Is it, you know, a miracle, maybe. But on the tech side, it works. The policy, the regulation, the getting past these, you know, big banks, governments, world leaders who don't like us to have full control of assets is a whole nother milestone to be achieved. Oh, and they never will yield. They're never going to yield that opportunity and that control of essentially controlling the finances of an entire country. Right, right. But how we've done it with, you know, the first markets where we've launched in or how we've done it thus far as we are expanding, is, of course we want to do it the right way. We're following all of the policy, we're following all of the regulation, and we're making sure that we can do it correctly.
Navigating Financial Systems
So we go directly to governments, world leaders, big banks, whoever, you know, runs. Runs things in that respective country. And our founders have been in traditional finance for over 20 years. So that came prior to the blockchain half. I think that those connections and network that they've built within the financial sector and tradfi is definitely very powerful to us when we wanted to involve blockchain later on down the line. So it definitely took a lot of work. I think the traditional finance side of things is much more complicated. As complicated as we think blockchain and web three is, getting in touch and having, you know, these governments and banks on your side is a difficult and jarring process.
Engagement with Authorities
But what we do is we speak directly to them. We talk top lawyers, we talk to policymakers, we get advisors. We look for any kind of regulation or licensing that's needed. And we make the slow process of figuring out how to make it happen. And we try to our best to work directly with people like Visa and Mastercard and apply for their different, like, start path programs so we can get vetted into those blockchain and digital assets. Like, for myself, I'm in the United States, which is really tough to penetrate on the policy and legal side. It's a country of, you know, a lot of regulators, a lot of lobbyists, and it's just a really long process in terms of somewhere like Europe where they have new licensing.
Global Coordination and Challenges
That that's made it a little bit easier. They're a couple years ahead of the. United States, my kitsu, right. Yeah, that was actually very eye opening, I think, in terms of the interoperability, because my next question comes about this topic, and, you know, Polkadot and Cosmos kind of pioneered this cross chain project, esque whatever you can call it. Ecosystem is the word that they usually use right now. And, you know, they created this very good interoperability between blockchains, which, of course, gives the seamless asset transfer for anyone, though there are a lot of challenges like securing the bridges and, you know, preventing the vulnerabilities.
Security Challenges in Cross-Chain Projects
And, you know, a lot of these things can lead to incidents like the recent Ronin Bridge hack, you know, and I. This essentially just kind of highlights and puts a heavy emphasis on the security side of things. And, of course, one of the biggest promise of hybrid finance is this interoperability. Interoperability. I'm trying to figure out the way to say this word. I'm not american, by the way, because I wasn't born there, but I'm trying my best here anyway. I'm in Georgia, but not the state, the country. Makes sense. Yeah. You know, again, hybrid interoperability is the biggest promise of hybrid finance.
Future Goals of Hybrid Finance
You know, it makes all of these different financial systems work together. And my question is, how is interoperability being tackled today, and what are the biggest hurdles? Yeah, there's definitely a lot. I think that one of the key challenges in hybrid finance is enabling smooth interoperability between tradfi and Defi. So, like I said, we've made these strides to help make this more seamless. We definitely leverage the cosmos side of things, which you mentioned that Polkadot and Cosmos has created within the architecture a possibility for future proofing like interoperable systems.
Inter-Blockchain Communication Protocol
So we leverage the IBC protocol, which is the inter blockchain communication protocol. We also have a modular architecture, which I often explain as. As, like a PC versus a MacBook, where when you buy MacBook, it comes, you know, programmed with the ram, the gpu, the cpu, processing speed. And when you have a PC, you can build, like, these super gaming computers. You can take parts from different computers and put them all together. So for us, I think that architecture has served as more interoperable for us. When we connect, this enables cross chain transactions.
Fluid Asset Transfers Across Blockchains
It can help us make assets more fluid across blockchains. Also, the app, the CrossFit app itself connects the users to the card, and then we allow them to access the traditional finance economy. We also definitely leverage, like I mentioned in the past, projects that are building on the crossfit ecosystem. So we have cross chain bridges. We use, you know, defi l two s to. To connect us to new pools, etcetera. So we. We do as much as we can to work with projects that are pro interoperability, that are connected to other projects we now have that EVM layer, which can easily connect us to all of the EVM chains, the Cosmos protocol, which allows for us to have that IBM, the interaction.
The Vision for Interoperability
So I think that it comes down to the architecture that was chosen for us to be able to become as interoperable as possible. When I, you know, see the future of what people have discussed as, like, multi chain or omni chain or meta chain or all these new words that they're coming out, I see something like where, you know, those. Those meta glasses that Zuckerberg has, where you can put on those goggles, you can actually see the world's mixed with technology, and you can make payments seamlessly through there. You can choose the currency, you can choose a wallet, and you can buy things in.
Seamless Financial Interactions
In real time without having, like, a cash register, or your eyes can just track something and you can buy it. It's connected to your wallet or something, and it's a cross chain wallet with whatever kind of currency you want to pay in. And then on the back end, you have all the finance side connected, traditional finance defi through all of these. These bridges or models like our own, where you have all these banks or finance projects serving as what we'd see now is like one of those currency exchanges in the airport or in a big city where you can trade, you know, dollar for euro for canadian, dollar for Singapore, dollar for anything.
Innovative Financial Solutions
So this all happening, you know, online, in real time. So this off chain, on chain or off ramp, on ramp process happening, you know, seamlessly. So I think that's. That's the goal here. How it's being achieved, like I said, is definitely leveraging all of our layer twos, bridges, open source technology to help our developers make the connections for us. And then also down to the architecture that has been in place and the modular aspect of it that helps us kind of future proof it and make it scalable on the interoperable side. Wow.
Final Thoughts on Recent Discussions
Okay. Now, I got to admit, I had a bit of an Internet problem, and I disconnected for a few seconds there, but I kind of got the hang of what you were saying. Essentially the biggest thing that stood out to me was the comparison between the Mac and the PC. I, myself, a prideful owner, I guess, of a very big gaming PC, had the biggest fun building it.
Modular Systems and Flexibility
And I can kind of understand this example and how everything intertwines and how this allows you for this modular system to work essentially extremely reliably, where you're able to essentially swap out that Ram or swap out that graphics card whenever you need it. Whereas with Mac and other systems that don't really provide this type of flexibility in terms of working with it on the back end. Just a great example. This brings me to my next question.
Challenges in Transitioning from Tradfi to Defi
A lot of the things that are happening right now in terms of tradfi and defi, are the off ramp companies, fiat to crypto gateways, and they allow users to buy cryptocurrencies using the traditional money, which is what essentially swap spaces. And we have managed to gather a lot of these partners that provide this type of service to people, and it almost is worldwide. But one area that remains challenging, however, is moving between traditional fiat currencies and cryptocurrencies. And I want to ask what the current solutions for those are and what kind of hurdles still exist, because there are issues like regulatory uncertainty or high transaction fees, and all of this can just create this sort of friction for users looking for smooth transitions between these systems. And this is where my question comes from.
Managing Regulatory Challenges
And that's what I want to ask a little bit, because we, on our end, at swap space, have been trying our best to avoid any regulatory crashes, try to be on top at all times, managing all the information that is coming out of looking at all the regulatory changes with our law team. And, you know, a lot of things are happening. And I want to ask this question to you. How do you tackle it? What are your solutions? Yeah, I think, like you said, you have to really be involved. This is a space that is still, so, I would say, new and also in the gray area in so many different places that you have to make sure that whatever you do is.
Navigating the Complex Regulatory Landscape
Is ethical and correct, and you're adhering to kind of the ever changing landscape of, however, specific regulators, and also, even in our case, like card issuers like Visa or Mastercard, are keeping up with the space in terms of what we do on the technology side. And what is possible is very different than what is legal. And I think that it's sad, of course, because we're at an age where technologically, we've created something that can be used anywhere in the world. It works anywhere in the world. It's tested and should be possible to access. But now we're going through the ropes of it being outlawed or not protected.
Keeping Up with Global Legislation
So, like you said, always keeping up with the news, making sure that with our specific solutions and the partners that we work with, we are definitely deep into the space and into any kind of legislation that comes out regarding our markets. And any of the countries that we work in, operate in are headquartered in and when you work in the web three space, and everything that we create is so global, it's super difficult sometimes to keep up with legislation that differs from each respective region because you have laws regarding where you're developing, from where you're accessing, from where you're buying and selling, from where you're located in where you register, where you're headquartered.
The Importance of Legal Infrastructure
So there's so much that you have to look out for. And when you're operating on this large of a scale at a global level, you definitely need a big legal team to help you. You need advisors and legal representation in each respective region. You have to have full transparency reports of how operations are happening within our ecosystem partner ecosystems, how we're creating things, how, you know, the financial side is happening. And like I mentioned before, our card allows for transfers with no limits.
Understanding Regional Regulatory Differences
Now, does that mean that I can go and buy a $10 million house with my visa card? No, because these are, restrictions are going to be different for each respective region or country that you're working in. So they're the one. Sometimes it's our partners that set the regulatory. When we have the KYC that's set by specific areas, when we have the biometrics, that's different in each region, and it comes down to a lot of different things where it's being used, the ip of the person using it, passport held by the person using it. So I think you realize how complex the legal system is, and it's crazy that we're bypassing a lot of it on the technology side and we're able to make it work.
Technical Challenges in the Blockchain Space
But of course, we have to be ethical to the law. I think that on the side of what we face on the technology side is definitely congestion within, you know, specific, like peak times, high gas fees, which we try to eliminate by having it on Cosmos network, rather than something like Ethereum or polygon that might be more congested at specific times. We try to have the quick transaction processing speed through the cosmos network, but throughput transaction processing speeds sometimes can face issues. The ERC, you know, smart contracts sometimes are susceptible to security issues or hackers.
Proactive Measures for Security
So we try to, you know, use our foundation to have the, like, white hat program where we have bug bounties where people can. Can help us identify any risks there, since this might be the architecture we chose, might better for processing speeds, but maybe it's more susceptible and less secure than something that's a little bit more monolithic, like Solana or one of those ecosystems. So, yeah, I think there's still a lot of challenges that we're figuring out. We're now diving deeper into the security when it comes to auditing, and I exploring that as we go into Mainnet to make sure that there's no high risks for us.
Regulatory Compliance and Monitoring
But I'd say that there's regulatory compliance, ever changing legal landscape and, you know, the multi regional aspect of what is hybrid finance, blockchain and anything revolving crypto, which is sometimes just a huge red flag to regulators because anything that they can't monetize or understand is of course a red flag. So monitoring all of this in different jurisdictions is a huge challenge. And then also on the technology side, the security, the high fees and the processing speeds and congestion within the blockchain itself or when and making the transfers.
Improving User Experience in Blockchain
Is something that we're still exploring how to solve. I'd say that we're doing a pretty good job within our ecosystem and given all the tools and projects that we're leveraging. But I think in web three and blockchain as a whole, that's still a big issue for a lot of chains, for a lot of swaps, a lot of aggregators, to be able to do this in a way that it's just not messy, where you can, you know, seamlessly transfer, swap, get funds, it really needs to be improved.
Tokenization of Real World Assets
And I, and I couldn't have added anything else to that answer. I think it perfectly encapsulates the quintessential idea of, you know, being ethical and trying to follow all these rules and all these legislations and the chain. And God knows our legal team has been working hard on that, and I imagine yours is too. But apart from all of that, we have a very interesting and peculiar topic to discuss right now, which is the tokenization of real world assets, the RWA, which everyone seems to be very hyped about now.
The Future of Hybrid Finance
Of course, I agree to a certain extent that hybrid finance is the future because the traditional finance system is never going to go anywhere unless it has a very big transformation with the help of blockchain. But for that to happen, the scale of things happening on the blockchain side need to match the scale of things that are happening on the traditional financial systems, which is the whole worldwide banking system everywhere in every country. And while that is not going to be on the scope anytime soon, I guess we can mention the fact that again, tokenization of real world assets is a step towards that type of future.
Fractional Ownership and Investment Opportunities
And platforms like Realty, which allows investors to buy fractional ownership of real estate properties that was something that actually surprised me when I first heard about it, you know, and it all creates a liquidity for previously illiquid assets, you know, opening up new investment opportunities for everyday people. And I'm mentioning this like an example, just because, you know, making traditionally high barrier assets accessible via blockchain was essentially done through the tokenization of that real world asset. You know, breaking it down into parts and, you know, allowing you to have co ownership.
Risk and Responsibility in Tokenization
God knows it's been a very bad example with influencers and how they've been managing to keep on just doing rug pull after rug pull all the time. But apart from that, the growing interest in the tokenization of RWA, like real estate or art and even stocks. Can you explain how this process works and why it's seen as a game changer for finance?
Reiterating the Importance of Tokenization
Can you repeat the last part one more time? The last question? Oh, yeah. Can you, can you explain how tokenization of real world assets works and why it's seen as a game changer for finance? Yeah, definitely. So we have actually, here at Crossfire, a lot of new RWA platforms coming to our chain, and I think that they're awesome in what they do.
The Value of Real World Assets
I'm a firm believer that, you know, real world assets hold a lot of value to specific people. And I think that they're a great way to combat any kind of political issues or polarity that happen within the world when, you know, wars arise. Or you can see that right now with what's going on with, like, Russia and Ukraine and also within the Middle East, Israel, that our price over the last six or seven months. And that's because when people are in these periods of uncertainty, they often cling to things like property or natural resources, because it's.
Creating Security Through Tokenization
It's like a safe haven for them. So now that we have the option tokenize these things, where you can basically add a. A layer of tokenization to something that is a real object within the world. Like the price of gold, something like. A synthetic Tesla stock, tokenized property or rental platforms. It adds, I think, that same layer of security that people feel when they're unsure about the market.
Microeconomic Implications of Tokenization
And you can see within different economies. Sometimes even real estate itself, like interest rates rising. Okay, there's a big bit of a problem here with the connection, and I want to ask to the audience, if you can hear me, please drop me a reaction so that I know that I am heard. It seems like I'm nothing. Okay. It seems something went wrong. Haley is not a speaker anymore.
Technical Difficulties in Discussion
For some reason. I'm going to try and work a fix on that. Haley, if you can hear me, come on up. I need you to answer that question which I think you were giving a great answer for. But spaces, as always, has managed to disappoint somehow, some way. Okay, let's try another way. A direct message always works.
Introduction of Swap Space
Meanwhile, I can tell you a little bit about swap space, which is a leading. Oh, God, my mind is breaking. I just got a message from Haley. She should be joining in right now. The leading crypto exchange aggregator which is swap space. We have over 3000 assets to buy, sell and swap at will.
Final Remarks on Swap Space
And you can enjoy a hassle free and reliable exchange service today at Swapspace Co. Not but Co. And we are going to be waiting on Haley again and she should be joining any minute now. I'm going to give her a request to come up again, which should work. All right. Everything is going smoothly now.
Haley's Return and Communication Issues
She should be rejoining. Hayley, if you can hear me, I gave you the access to speak. You there? Oh, boy. It seems Hayley can't hear me now, which is a usual, the usual issue. Let's give me some time to rejoin again in a second. I hope you can hear me, Haley.
Technical Hurdles and Frustration
I'm reading the message. Yeah, I called this. I actually called this. I knew this would happen and I the usual fix for it was to just join back in again, but it seems it's not working here right now. Maybe were overheard by the system and they're trying to give us an even bigger hurdle so that we can't connect and talk about things important here.
Invitation to Join Again
Hayley, if you can hear me right now, again, I'm inviting you to speak. You should be able to come on up and talk. Haley is joining in from her personal account. Very sorry about this, guys. It is what it is.
Resolution of Issues
Hopefully you can hear me now. I had to join from my other. Account on my phone. This one wasn't liking. I can hear you now. And finally my loneliness is shared and I'm very happy about that, but please do continue.
Continuing the Discussion
Where we left, I'm not sure exactly where you lost me. I'm not exactly sure where I lost you too, because the question was how? The process of tokenizing real world assets was a game changer for finance. And I believe you were talking, you were just starting to explain it a little bit and saying how you do that at Crossfire.
Definition of Tokenization
Got it. Sure.
Introduction to Real World Assets
So I think I was explaining mostly about real world assets and how we're going to bring on some layer two dapps because we find this to be a really exciting and revolutionary topic here. And out of all the conferences that we've attended, we've definitely seen the RWA pop up a lot. I was explaining, I think, how rwas are really important because when it comes to real world assets, and like I said, when we have wars or polarity or political issues like what's happening in Israel and Middle east, or Ukraine and Russia, people do these real world assets because they provide almost like a security blanket to them. That's why last six months we've seen the price of gold skyrocket. We've also seen, you know, in different markets, the real estate either rise or fall depending on where they are and in terms of location within these almost like war zones. So I think that this is something that people really can cling to, especially the natural resource size.
Tokenization and Investment Opportunities
So now side, so when we have this option tokenize these further on top of the blockchain, I think it's really exciting and revolutionary for people, because now if they can't afford to buy something fully, you know, they can't afford to buy, let's say like an ounce of gold to hold and invest in, or they don't know where to do it, they can go onto the blockchain and buy a fraction of this or make a. Yeah, I almost like another defi side bet on top of this, futures, etcetera. That's really a new way for people to invest or make plays when it comes to what they already know and love or are connected to. You can go on to like a real estate RWA platform and have co ownership or player side bet on top of that. When it comes to the property itself, maybe you don't qualify or you can't purchase this property, but now you're almost having a tokenized ownership of it within the blockchain.
Connection to Real World Assets
So you can make investments based on what, you know, like I said, and I came back to the boomer word, right, where there's people that don't understand, like I was mentioning with our cards and how to liquidate crypto or how it connects to the real world. But there are real world assets like real estate, gold, Tesla stock, you can name it, that they're very attached to, and they have strong beliefs that, and it differs from person to person. Some people, you know, love pearls, some people love diamonds. Some people love real estate. Some people love cars that they feel are secure investments, clothes, etcetera. And now we have this option where you can tokenize these on chain and almost set your level of ownership set your hypothesis of where you see that market going.
Accessibility and Security in Investments
And it's almost like a new way to invest when you don't have the capital or you don't have the resources to do it in the real world itself. So bringing these on chain, I think, is a really cool thing because it brings the security of things that people know and love and industries and markets that people understand into a way where it's more easily accessible. Sorry. For the common person to be able to make these investments and get on to the road to become financially free. Which is why at Crossfire, we're excited about the platforms that are going to come. There's rental RWA platforms, there's real estate platforms, there's platforms, like I said, for stuff like natural resources, which is really cool.
Innovative Approaches in Investment Tokenization
I think pieces where you can make like a tokenized approach to platforms like goat or different, like shoes would also be really interesting. And I think this is a new way that people can become more secure in their finances by investing with better, you know, data driven decisions based on assets that they've known for their whole lives and can predict a little bit more easily than something like an NFT during a boom or a meme coin, that people see it a lot more like gambling. Wow. Okay. That was very complex, and again, just a very good breakdown of what essentially the topic is.
Crossfire's Unique Position and Upcoming Projects
Essentially what it is, quintessentially what the role of DeFi is adjacent to the traditional financial landscape, of course, the interoperability across financial systems. We've managed to bridge Fiat and crypto together and discuss the tokenization of the RWA. And I want to put a bigger emphasis on Crossfire right now. And it's all in. Its already been an hour, so I guess we'll have to keep it short to like 1015 minutes. I just thought that what I heard from all of my questions was essentially a very good article on the question that I asked, and I couldn't even be more happier about it. But time to move on to the crossfire spotlight.
Crossfire's Partnership and Developer Engagement
Of course. I want to know what types of things that you're doing at Crossfire, what makes you stand out, what the unique element is, and essentially your secret sauce. And if you can provide, you know, like, your proudest project for the company, perhaps a partnership that you're particularly proud of and what made, what went into making it successful. Awesome. Yeah. We just launched a partnership with Alchemy. That we're all very excited about. This is going to be big for us. And it's helped a lot of our developers already. So this is something that we're really excited about and it kind of goes into what our secret sauce is.
Fostering a Collaborative Developer Environment
Maybe I'm a little bit biased being the developer evangelist here, but I think that we do really good job at connecting with of course, builders across different ecosystems, giving them the resources that they need to migrate to the CrossFit chain. We have a lot of incentives for them to be part of our ecosystem in terms of the grant program, hackathons, bug bounties, ambassador programs where they can really get involved and feel welcome into Crossfire and get a incentivized to join while they do it. So I think that's something that we do particularly well. Like I mentioned before, our founders also have a long track record of being in traditional finance.
Future Plans and Development Initiatives
So I also think that's something that they do really well as they're able to bring that tradfi background that would be needed for us to do a project like this. Something on the horizon that might be particularly exciting is as we plan to expand beyond the unbanked and underbanked populations and enter more competitive markets. We're launching something that'll be like a cash back rewards, which I think is super cool for users to use our card and make it a more competitive card on the market since there are some other ones popping out recently. Of course, the Mainnet launch is super exciting for us.
Roadmap and Upcoming Developments
I think that tomorrow, yes, tomorrow. Is tomorrow the 15th? Yep, yep, tomorrow's the day. Couldn't have been more happier about that than, of course this AMA is also set for that big event tomorrow. Just your main net launch tomorrow. I want to ask you have a very solid and big roadmap probably. And with the mainnet launch coming tomorrow, you probably have a lot of other expansion plans, new DeFi products and other partnerships with traditional financial institutions that you're going to be working over with potentially expanding the reach of Crossfyde.
Continued Expansion Plans and Market Engagement
Not technologically, but, you know, in other senses. And I want to ask what's next for you because Crossfire has achieved a lot. I have no doubt that a lot of that happened with your help also, Hailey, because I am definitely well invested into the things that you're saying because they're coming from an expert such as yourself and I couldn't have been more excited about it. So again, what's next for CrossFi? Thanks for that.
Crossfire's Vision for Global Expansion
You should tell my boss if you see him. No, I'm just kidding. No, I'm sure he's appreciative of my help. And of course, like I said, we have a great team. It's a really hard working team and a lot of different experience and background and some awesome projects. It's been a pleasure to work with some people that are dedicated and multifaceted. As for what's next, we've definitely thought about how we're going to expand, like I said, into some newer markets.
Global Market Initiatives and Partnerships
We see Latin America, Africa, parts of Europe as really big markets for us. We have launched some new dev centers india. I'm talking to some developers also in Kazakhstan that might want to do a dev house for us. One of our biggest builders, which is called Antare solutions that have built almost I think 20 dapps for us now that we're looking to deploy, open the Crossfire center of excellence with 7000 builders working on this initiative out of India. And then I have another group india that's looking to do something similar.
Innovative Financial Solutions and User Engagement
So a lot of partnerships with builders coming soon. In terms of the banking side, like I said, we're doing some new initiatives. I think the cashback rewards are pretty exciting. Some of these RWA platforms are going to be really exciting for us. Additionally, I think I hinted that we applied to the Mastercard start path for blockchain and digital assets. We're hoping to launch a Mastercard as well, along with the Visa one.
Awaiting Opportunities in Blockchain Development
They were supposed to announce the projects joining them on October 4, but it got delayed. So we're on our toes here to see if we made the cut. I'm hoping we did and that we can move forward with that startup program. If not, we can see where we lacked on our application and reapply for the next set of projects that they bring on. We have some more incentivized games coming out. We have a tap game with our staking token that's been a huge hit on our testnet and we're redoing the tokenomics and strategizing that for the mainnet to make it even more exciting.
Exciting Developments on the Horizon
So definitely a lot to look forward to. We also have some awesome games coming. If you go to our foundation website, XFi Foundation Hackathon, you can see the 20 plus projects that we just announced winners positions for from our hackathon. There's eight DeFi projects, seven infrastructure projects coming very soon that are already deployed on cross by Testnet and involve our native token. So we're hoping to get them as part of the mainnet launch.
Building a Collaborative Ecosystem
Also, we have a whole list of all of our ecosystem partners and we'll make all of those logos live on our website, hopefully tomorrow or this week. So you can see everybody that is already part of the CrossFit ecosystem and we hope to continue to build out that ecosystem when it comes to places where our token is traded. Ecosystem partners, hackathon partners, Dapps service providers b two b partnerships, bridges Oracles, developer tools. So I think that those are the things that are on our roadmap is first of all, building out our ecosystem.
Enhancing User Experience and Security
Second, providing some new awesome incentives for our users and developers. And last but not least, you know, continuing to improve the infrastructure and technology as we move into mainnet and to also apply new security measures to make sure that we have a very comfortable ecosystem and community going into our main net launch as well with a ton of pr and partnerships, more AMA's, more workshops, a lot of networking and then me personally, I will be in Portugal for Web Summit week and then also in Bangkok, Thailand for Devcon.
Networking and Engagement in Upcoming Events
So if any of you guys are going catch me there, we won't have as much. Crossfire team. I'm on a little bit of a solo mission trip, but I should have time to. I'm sure you'll manage well, right? I mean, yeah, you're going to do well with communication skills like that. And I mean, essentially the presentation that you gave me, I'm definitely hooked on Crossfire. And I'm very excited to announce the fact that both the native coins of Crossfire XFI are available on swap space.
Final Remarks and Closing Thoughts
So you can take a look at them, see what they're utilized in and make a decision up to yourself. Of course, this is not financial advice. Just mentioning the fact that, oh, it's available here on our website very conveniently. And, you know, just mentioning the fact that we're actually going to be partnering up with Crossfire and I couldn't be more excited for this partnership that we're going to have, which is going to involve an integration of our API into the Crossbuy app and the website, of course, a lot of things to unpack there.
Wrap Up and Conclusion
So we'll make everything official once we cross that bridge. And yeah, with that being said, we're going to go to our wrap ups and goodbyes. Do you have anything else to add, Haley, apart from just getting a lot of people and networking and of course, you know, telling us so many great things about Crossfire, just like any of your last words or wishes that you want to send out to our dear listeners. Yeah, one last thing.
Call to Action for the Audience
I think that if you guys are looking to check out XFI or MPX on swap space. You can also go to crossfy.org to the docs or document section and I click Crossbuy chain and then you can find all of the information regarding XY and MPX. So you can definitely make more educated investments if you plan to. Like you mentioned, not financial advice, but hopefully you can leverage our documentation to learn about the tokens and coins and make an educated decision there.
A Successful Conclusion
That was absolutely perfect and I think that everyone has just learned so many new things about Tradfi, Defi and both Crossfy and swap space, and we're all working together. Make a decision that's up to yourself. Do your own research, which is something that Hailey mentioned a lot of times and I think, yeah, that's going to be a wrap for us today. Again, this is turple from swap space signing out.
Service Offering and Future Opportunities
Swap space is of course again the leading 3000 assets to buy, sell and swap. And you can enjoy that hassle free and reliable service today over at Swapspace Dot Co. Definitely check out crossbuy.org for all the info if you're interested in that. Definitely make use of every little thing that Crossbuy allows you to get your hands on, which is a massive benefit of the hybrid finance that is going to materialize and going to become even better in the future.
Gratitude and Farewells
Again, this is Turpal signing out. Thank you so much again, Hailey, for being here in this AMA. I've had the most wonderful time talking to you and I wish to everyone that has been listening a farewell and a goodbye. Thank you so much to you for having us and thank you so much to our audience for tuning in. We'll see you next time.
Closing Remarks
All right, awesome.
