The cryptocurrency market strives to match the pace of implementation with traditional payment systems, betting on solutions that provide a hassle-free and intuitive user experience.
Although cryptocurrencies have such obvious advantages as decentralization, the ability to conduct transactions without borders at a low price and unsurpassed security, they have yet to catch up with traditional payment systems in terms of usability in order to achieve the same pace of implementation.
Some major cryptocurrency exchanges have improved their UX, but the market is still fragmented and difficult for novice users to navigate. Cryptocurrency users often have to manage multiple wallet addresses for each exchange separately.
One of the worst scenarios in this area is sending cryptocurrencies to the wrong address.
Although most cryptocurrency exchanges recommend users to copy an address with one click, some users can still select an address and skip a letter or number.
The problem is that cryptocurrency transactions are irreversible, so funds can be irretrievably lost.
Another problem is that some digital assets, such as stablecoins, are placed in multiple chains.
For example, USDT $1.00 it is hosted in several blockchain networks, including Ethereum, BNB Smart Chain, Tron, etc. Sending such tokens by mistake to the wrong chain can also lead to loss of funds.
Every time a cryptocurrency user has to send or receive cryptocurrency, he is forced to double-check the wallet address and may experience stress until the transaction is completed.
These problems need to be solved in order for crypto assets to become suitable for everyday operations.
This platform offers improved crypto UX by facilitating payments to exchange wallets
Despite the fact that the cryptocurrency market is still fragmented, there are platforms integrated with most major exchanges, which allows you to improve the user experience and reduce the risk of losing funds.
One example is CXID, an open banking system for cryptocurrency exchanges. The application allows users of centralized exchanges (CEX) to transfer crypto assets without having to copy and paste wallet addresses.
CXID allows users of centralized exchanges (CEXs) to accept deposits and withdraw funds without having to copy and paste wallet addresses. With the help of CXID, users can convert their individual exchange user names into valid ENS names.
This integration allows for seamless payments between third-party exchanges and wallets using simple ENS names.
The purpose of CXID is to create an infrastructure that ensures secure and uninterrupted transactions between CEX exchanges in order to improve the experience with cryptocurrencies and Web3.
This can be a catalyst for the introduction of cryptocurrencies, given that large CEX accounts for the bulk of cryptocurrency transactions and they are the first point of contact for most newcomers.
With the help of CXID, users can easily receive payments, deposit and withdraw funds from external exchanges and Defi wallets without resorting to complex wallet addresses, and all this using a user-friendly interface.
This integration is carried out according to a standard scheme, similar to how identification protocols such as ENS and unstoppable domains integrate with third-party services using data about the chain. In this case, CXID receives data directly from the exchange and ENS via the API.
To provide direct withdrawal of funds to other third-party exchanges, it is enough for the exchange to enable integration with ENS for withdrawal of funds.
Simply put, CXID integrates with ENS to convert exchange user names into valid ENS names, providing exchanges with this functionality at a reduced price.
CXID is in the process of adding new cryptocurrency exchanges that can easily integrate its API for an affordable fee.
Thanks to its UX-oriented approach, CXID not only provides a safer and easier way to transfer cryptocurrency funds, but also ensures compatibility, eliminating the current fragmentation in the cryptocurrency space.