Virtual coins such as Bitcoin are changing the internet from a medium of information exchange to a medium of information storage and a medium of exchange of value. Today digital assets have led to the emergence of a more secure, cheaper, and faster means of currency transfer.
The cryptocurrency phenomenon has gained traction even in developing countries in Africa with trade activities using cryptocurrencies increasing across some African cities. However, accessibility is still a challenge as most of the exchange services are designed for the elite class.
Most of the users in these countries rely on referrals to unverified over-the-counter traders who sometimes defraud the novice buyers. Further, the centralized exchanges mostly used in these African countries are susceptible to security from both external and internal culprits.
What Is XendBit?
XendBit aims to offer a decentralized cryptocurrency exchange platform that has bank verified (Know Your Customer) KYC features. The platform will enable Africans to buy and sell digital coins safely, easily, and securely without risking the customer’s funds. The XendBit wallet has bank verified KYC. The platform will also have a decentralized exchange and will offer various inclusion services including payments, aid, money remittance, and venture funding services.
How XendBit Decentralized Exchange And Crypto Wallet Works
Users are expected to download the XendBit wallet by choosing one based on their device such as a wallet for Android, MacOS, or Windows among others. The user will then have to buy coins from a list of sell orders in the exchange order book. The user can now send or receive Bitcoins or other digital coins to and from other wallets.
The XendBit exchange will have updated market information allowing traders to make informed trading decisions. There will be no hidden fees as all the fees are fully disclosed. The exchange also offers instant trading with blockchain wallet signed trades. The exchange is secured with encryption and biometric security to ensure the security of the user’s data.
A few features set XendBit apart from other exchanges and wallets. They include:
Buyers can pay sellers directly by use of the platform’s decentralized and secure escrow system.
The platform uses different security systems to ensure the security of the user’s information and transactions. Some of the security features of XendBit include twelve-word passphrases, passwords, mnemonic code, and biometric authentication and soon the platform will incorporate 2FA.
Trades will be borderless due to the use of blockchain technology.
The platform will soon come up with an easy to use tax-reporting tool.
The XendBit exchange and wallet are built in line with the needed regulations and incorporates KYC capabilities.
The platform will soon have a wallet-based token referred to as Xend and Tether that will be used to settle trades.
The use of blockchain technology eliminates the need for intermediaries, which means the transactions fees on XendBit are low. The commissions are extremely low up to fifty per cent off.
Wallets will be compatible with different devices and soon there will be wallets for Android, Linux, Windows, iOS, and MacOS.