While cryptocurrencies offer evident benefits like decentralization, borderless transactions at a low cost and unparalleled security, they still have to catch up with traditional payment systems in terms of user experience in order to enjoy the same adoption rate.
Some major crypto exchanges have improved their UX, but the market is still fragmented and difficult to navigate for novice users. Crypto users often have to manage several wallet addresses for each exchange separately.
One of the worst-case scenarios in the space is sending crypto to the wrong address. While most crypto exchanges encourage users to copy the address with a single click, some users may still select the address and miss a letter or digit. The problem is that crypto transactions are irreversible, which is why the funds can be irretrievably lost.
Another problem is that some digital assets, such as stablecoins, are hosted by multiple chains. For example, USDT resides on several blockchain networks, including Ethereum, BNB Smart Chain and Tron, among others. Sending such tokens to the wrong chain by mistake can also lead to the loss of funds.
Every time a crypto user has to send or receive cryptocurrency, they need to double-check the wallet address and may feel stressed until the transaction is finalized. These challenges have to be addressed so that crypto assets can become usable for everyday transactions.
This platform offers improved crypto UX by facilitating payments to exchange wallets
While the crypto market is still fragmented, there are platforms that integrate with most major exchanges to offer an improved user experience and reduce the risk of fund loss. One example is CXID, an open banking system for crypto exchanges. The app enables users of centralized exchanges (CEXs) to transfer crypto assets without having to copy and paste wallet addresses. CXID enables users of CEXs (centralized exchanges) to receive deposits and complete withdrawals without having to copy and paste wallet addresses. With CXID, users can convert their individual exchange usernames into valid ENS names. This integration enables seamless payments between third-party exchanges and wallets using simple ENS names.
CXID’s goal is to build infrastructure that enables safe and seamless transactions between CEXs to improve the crypto and Web3 experience. This can catalyze crypto adoption, considering that major CEXs account for most crypto transaction volumes and are the first point of contact for most newbies.
Source: CXID
With CXID, users can easily receive payments, fund and withdraw from external exchanges and Defi wallets without having to deal with complex wallet addresses, and all through a user-friendly interface.
This integration follows standard practices similar to how identity protocols like ENS and unstoppable domains handle integrations with third-party services using on-chain data. In this case, CXID retrieves data directly from the exchange and ENS via APIs.
To enable direct withdrawals to other third-party exchanges, the exchange simply needs to enable ENS integration for withdrawals. Simply put, CXID integrates with ENS to convert exchange usernames to valid ENS names, providing this functionality to exchanges at a reduced cost.
CXID is still in the process of adding more crypto exchanges, which can easily integrate its API at an affordable commission.
Thanks to its UX-first approach, CXID not only provides a safer and easier method to transfer crypto funds, but also brings interoperability, addressing the current fragmentation in the crypto space.
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