Key highlights:
- CrossFi’s EVM-compatible mainnet powers a decentralized, scalable network for web3 crypto payments.
- The system processes up to 10,000 transactions per second, supporting high-volume payment applications.
- CrossFi’s ecosystem offers a range of products, including staking, lending, and virtual debit cards, for seamless crypto-fiat management.
CrossFi launches mainnet to drive global crypto payments
CrossFi, a Layer 1 payments network, has announced the launch of its EVM-compatible mainnet, providing businesses with the tools to process everyday transactions in a decentralized, non-custodial environment. The CrossFi blockchain offers a scalable foundation that allows businesses, including e-commerce platforms, to easily integrate crypto payments, aiming to increase revenue and appeal to the growing web3 user base.
The launch comes after a successful testnet, developed in collaboration with CoinList, which saw over one million active wallets. CrossFi’s blockchain utilizes a modular architecture built on the Cosmos SDK and Tendermint, enabling compatibility with Ethereum assets. Its infrastructure supports up to 10,000 transactions per second, making it suitable for high-traffic decentralized payment applications.
What is CrossFi?
CrossFi is a decentralized blockchain platform designed to bridge the gap between traditional finance and the cryptocurrency world, with a focus on web3 payments. The network is built on a scalable Layer 1 foundation, incorporating EVM compatibility to allow Ethereum-native assets to be bridged and utilized in CrossFi’s payment ecosystem. CrossFi aims to provide businesses with secure, decentralized solutions that can process large volumes of transactions globally, all while maintaining compliance with standards like PCI DSS. The project also offers a range of financial tools, including staking, lending, and virtual debit cards, creating an integrated system for managing both crypto and fiat assets.
A key feature of the CrossFi ecosystem is the decentralized governance structure supported by the Mint Power (MPX) token, which allows community participation in network decisions and is also used to pay transaction fees, typically averaging $0.02 per transaction.
Expanding the CrossFi ecosystem
At the heart of the CrossFi platform is its Layer 1 blockchain, CrossFi Chain, which provides the foundation for a range of interoperable financial products. These include over-collateralized stablecoins and synthetic assets, allowing users to engage in staking, lending, P2P payments, and more. The ecosystem also features CrossFi xAPP, a DeFi platform enabling token swaps and liquidity mining, and XAssets, a decentralized platform for minting and trading real-world assets (RWAs).
The CrossFi ecosystem is designed to cater to both businesses and users, offering tools for seamless payment processing while providing secure and scalable solutions for decentralized finance. With the launch of its mainnet, CrossFi is positioned to become a key player in the global transition toward decentralized financial systems.
The bottom line
With the launch of its EVM-compatible mainnet, CrossFi is set to provide businesses with the ability to scale crypto payment applications globally. By integrating web3 functionality with a focus on security and decentralization, CrossFi aims to transform the way businesses handle payments, bridging the gap between the traditional financial system and the emerging decentralized economy.
Interested in more developments in the Web3 market? You can check out our article on revolutionizing Web3 authentication with decentralized storage. For a more broad topic, you can learn how to invest in Web3.
