aXpire, a financial technology software solutions company, has announced the forthcoming launch of PayBX, its new cryptocurrency payments application for iOS and Android.
The app is a custodial wallet that allows its users to spend crypto with their existing bank-issued debit cards, while also providing features for cashing in and out of crypto, swapping between supported cryptos, earning interest on select crypto holdings, and sending feeless payments to friends, family and merchants also using the PayBX application.
What Makes PayBX Different?
PayBX aims to take a different approach to mainstream crypto payments, avoiding the need for another card in a user’s wallet. There’s no PayBX debit card. Instead, users can connect their existing bank-issued cards, both debit, and credit, into the application. Then, whenever a transaction is made using that card, PayBX will recognize it — and if enabled — will sell an equivalent portion in crypto and deposit this into the user’s bank to cover the cost of the transactions.
As a custodial wallet, PayBX users don’t hold the keys to their wallet, yet this means newcomers to crypto don’t need to know the details of web3 while paying expensive fees unless they’re operating on layer-2 or a less adopted blockchain — either option still requiring extensive knowledge of the crypto industry.
“We don’t pretend to be disrupting the industry. Our goal is to provide a reliable, easy-to-use application that simplifies crypto payments, improves users’ ability to get into crypto, and earn interest on their crypto holdings by putting it to work, and that paves the way for broader adoption of this nascent technology.”
– The aXpire Team
Core PayBX Features
The main features of PayBX can be seen below, with these comprising the core functionality of the application for the first version and public release.
- Spend cryptocurrencies anywhere – PayBX users can spend their crypto anywhere, both online and in-person, using regular bank-issued debit and credit cards. Merchants don’t need to be onboarded into PayBX or other crypto merchant infrastructure to accept the payment, nor do they even need to know about crypto at all. Merchants receive FIAT, like always, and you get to pay in crypto.
- Utilize multiple cryptocurrencies – PayBX supports a multitude of cryptocurrencies, including the likes of BTC, ETH, and stablecoins such as DAI, USDC, BUSD, and USDT. PayBX also supports several DeFi tokens such as UNI, LINK, COMP, YFI, and AVAX.
- Purchase and sell crypto with FIAT – PayBX users can leverage FIAT currencies such as EUR, GBP, CHF, DKK, PLN, and many more options to purchase cryptocurrencies directly within the app using both debit/credit card and ACH payments. Users can also sell crypto and withdraw FIAT into their bank accounts. All of this is offered with competitive fees, providing a simple and reliable on-ramp and off-ramp for crypto.
- Swap between cryptocurrencies – PayBX users can also leverage crypto-to-crypto swapping functionality, enabling the seamless and instant exchange of one crypto asset into another with minimal fees. Users can swap from BTC to LINK, ETH to AVAX, etcetera. Any of the assets supported by the application can be swapped between.
- Earn interest on crypto holdings – PayBX integrates with a major CeFi player to offer interest to its users on their crypto holdings, with the safety of assets backed by an aXpire partner’s surety bonds. Users holding BTC, ETH, and major stablecoins are able to earn competitive APY on their assets, paid out directly within the wallet, and compounding their balance.
- Stake AXPR for in-app benefits – AXPR, aXpire’s native token, can be staked within the PayBX app to provide benefits such as increased interest rates (APY), discounted fees on crypto purchases and swaps, and increased win chance in PayBX’s in-app weekly prize draws for all users of the application.
After the initial release of PayBX, aXpire plans to improve on the features offered within the app. Check out below some of the future planned upgrades:
- DeFi-as-a-Service – The plan is to eventually offer PayBX users the ability to leverage leading decentralized finance (DeFi) protocols to earn interest on their holdings. This will be offered in a “managed services” way, wherein users don’t need to deal with the complexity of DeFi and can instead let PayBX deposit the assets on their behalf for as high as 15–18% interest rates on USD-pegged stablecoins. Users will be able to put their assets to work in DeFi through a few taps within the app, with zero gas fees due if locking in the assets for set periods of time.
- Merchant infrastructure – Merchants will later be able to leverage PayBX as their crypto payments acceptance infrastructure, easily accepting online and point of sale payments in cryptocurrencies that are either a) kept in crypto, or b) converted into FIAT and deposited into the merchants’ bank accounts.
- Web application – PayBX will eventually also be available through a web application, accessible on any computer while using mainstream browsers such as Chrome, Brave, Safari, Edge, Opera, and more built-in similar frameworks.
- OTC interface – As a company, aXpire interacts with major financial institutions and HNWIs. Following the release of web app functionality, the plan is to build out an OTC gateway and interface. This will permit institutions, corporations, and HNWIs to purchase crypto and earn interest on their holdings with competitive fees and minimum slippage relative to value transacted, offered through OTC partners.