One of the most exciting things about cryptocurrency over traditional currency is its elimination of third-party risk. Instead of trusting a third-party entity to keep a record of your money — which is a simplified version of how traditional banking works — blockchains use an immutable public transaction ledger which is constantly audited using cryptographic proofs.
Problem with the current or most popular way to transacting cryptocurrency: Centralized Crypto Exchange
When you deposit or purchase cryptocurrency on a centralized exchange, you don’t hold the private key to those cryptocurrencies; instead, you’re trusting the exchange, in the same way, that you trust your bank, to hold on to and keep an accurate record of your balance(s).
So, even if you think you are using a decentralized currency (cryptocurrency) you are still dependent on a CENTRALISED ENTITY (Like Banks) to hold and keep records of your transactions and money.
How about a solution where you can make transactions P2P? P2P exchanges allow the participants of the market to trade directly with each other without any trusted third party to process all trades. But, still getting instant liquidity is a huge problem.
Introducing Liquidity Portal by XanPool
Built on top of Xanpool’s C2C fiat gateway, Liquidity Portal can be easily connected with any DEX (like Uniswap) or CEX (like OKEx). This feature allows the users to buy/sell any altcoins in a C2C environment against their own local currency.
How it Works
Have you ever tried buying non-popular altcoins (the alts which aren’t in top 5) with your local currency? Isn’t that tricky? — “Buying altcoins that are not top 5 cryptocurrencies in a local currency across Asia is very troublesome,” Liu said, “usually people buy Bitcoin initially and then transfer them to other CEX or DEX and then buy altcoins”. This whole situation is true even in the worlds-first financial hub i.e Hong Kong.
The Liquidity Portal lets users buy/sell altcoins directly through their local currency. This totally eliminates the need of buying bitcoin or a stablecoin first, then transferring that particular coin to a specific exchange, and then finally purchasing an altcoin. This makes the entire process convenient & fast.
Step-by-Step Guide: How to Use Liquidity Portal by XanPool
Step 1:
Log into your XanPool account and complete your KYC first in order to use the Liquidity portal.
(If you don’t have an account yet, signup through this link. Check this article of “How to do KYC on XanPool and its review”)
Step 2:
Once you have successfully logged into your account, go to the wallet section as shown below.
Step 3: Click on “Xchange”. You will be by default on the ”Buy” tab. On selecting the transaction type, the user needs to select the country from the drop-down option of countries, “India” selected here. Payment method comes pre-selected based on country of jurisdiction, you can choose from the other available payment methods. Here we have chosen “UPI”.
Step 4: To select the cryptocurrency you want to buy. click on “BTC” to trigger the dropdown, and select from a range of available cryptocurrencies: Here “ETH” is selected and the conversion rate will automatically get updated.
Step 5: On the option. “Where should we transfer your Ethereum?”, choose: “OKEx Wallet”.
Step 6: To Proceed with the payment, click on “XChange” button to enter the payment gateway and finish the transaction.
Now you will be given the transaction details to send the money to lock-in the price and buy your altcoin. After making the payment, click on “I have made the payment”.
Step 8: Then navigate back to your wallet, there you’ll be able to see the cryptocurrency you just bought. Right now the coin is just sitting in your OKEx Liquidity Portal, so whenever there’s a movement in the price you can sell against your local currency instantly.
However, there is an option to transfer the funds from within the liquidity portal to your personal OKEx exchange account. To do that, simply connect your exchange, select the coin you’d like to send and voila!
About XanPool
XanPool’s software allows anyone to seamlessly enable Crypto to Fiat on or offboarding.
Instantly executing and settling transactions without taking custody of customer funds, the C2C software solution and liquidity network makes the onboarding and offboarding infrastructure in crypto much more user friendly, and resilient against single existing infrastructure dependency (such as over-reliance on banking partners).
XanPool analogizes its collective technology to a “SWIFT-like Network”, but instead of taking days or weeks to settle, XanPool, using only more modern payment solutions with less overhead and risk, can settle similar transactions with a fraction of the cost, and within seconds. If you have your own platform, then XanPool can be an ideal choice for enabling a fiat gateway to crypto for your users. You can apply to be their partner from the partnership form available on XanPool’s website.
(Syndicated press content is neither written, verified or endorsed by ED Times)