Kyrrex: The World’s First Crypto-Fiat Bank

crypto fiat bank

Cryptocurrencies are turning out to be a definitive characteristic of the 21st Century. Similar to the evolution of electric cars and smart technologies, the underlying blockchain principle has solidified the place of this digital finance system in history. Thus, the march of progress in all things crypto is changing from a brisk walk to a dash. And as the narrative changes in favor of decentralized digital financial systems, Kyrrex appears as the first crypto-fiat bank.

The Kyrrex engine evolved from a determined purpose to sort out some of the still-existing gaps in the crypto industry. As a centralized exchange platform, Kyrrex’s driving objective is to provide users with the opportunities and needed digital infrastructure to slide into the backseat of the crypto sedan without throwing away the old ledger of handwritten or Excel-driven ledger accounting.

As the first crypto bank, Kyrrex takes the initiative of financial inclusivity to a whole new level. Its lineup of integrative features, for example, the liquidity hub, implement the core tenets of the Satoshi Nakamoto principle. These include autonomous economics, investment adventures that are unhindered by geographical space, and avenues for wealth building that are legal, recognized by peers from different parts of the world, and primarily managed by the person rather than a traditional banking institution.

So, as the first crypto-fiat bank, Kyrrex’s mandate is genuine and also original. The user (who is an ordinary person, a newbie to the crypto industry, an expert trader or investor, etc.) is the center of the revolution. The architecture of the exchange platform is such that this user, some of whose assets are still in fiat, has all of their questions answered and the world of crypto assets opened to them.

In this article, we highlight the peculiarities of the Kyrrex crypto exchange platform. First, we underline the gaps in the traditional and crypto accounting industry, then present the attributes of Kyrrex as the first crypto-fiat bank. Lastly, the article touches on the platform’s prospects for the future.

Lapses in the Financial/Banking Industry and the Need for a Crypto-Fiat Bank

 Lapses in the Financial Banking Industry

Kyrrex was developed with a common objective in mind: solve the current problems of traditional banking and the crypto market, and introduce the next phase for the blockchain-driven evolution of personal and corporate finance. Some of these problems are highlighted below.

1- High costs in traditional banking

Regardless of the location, using traditional banks and other conventional financial institutions is costly. There are seemingly small charges for the use of debit and credit cards, online banking, international trading, and lots more. Each of these small charges amount to a sizable fraction of total personal, household, and even corporate income. These are really ‘operative expenses’ that make little sense, but that is the dynamic of the accounting model that evolved from the trade-and-barter system.

2- Low speeds of transactions in traditional banking

Timely transactions are a foreign thing for traditional banking institutions. The typical banking hall, for example, is a corridor where many of us learn to be patient, read magazines about global tourist attractions, and waste good time. The online variants are not all that different as international transactions, for instance, usually take three to five business days—unless you use those disruptive Fintech services.

3- Stagnated in the world driven by intelligent programs/protocols

Traditional accounting models are dull. Like the paper ledger that only knows to record data and does not directly help decision-making, the system is outdated and has fallen out of use in this fast-paced epoch. Why are we still married to obsolete technologies (a generous label) when there are newer options that are driven by artificial intelligence (AI)?

4- Lack of trust

Then comes the crypto market with laudable elements like peer-to-peer technology, decentralized economics, and other accents of the distributed ledger system. But the vision of decentralization is taking a while to manifest due to our inherent distrust of other people and new things. The best way out is to have something familiar and relatable, but many crypto platforms do not make a convincing case for earning the trust of intended users.

5- Needlessly complex platforms

Decentralized platforms are generally complex. The landscape is unfamiliar to the average person, and the language is positively weird. It takes a while to get used to the physics of blockchains and cryptos, especially considering that many decentralized platforms provide little or no direct help to users.

6- High volatility

The crypto market is a very volatile space. Observing the fluctuations in the value of crypto assets is a lesson in quantum mechanics. The odds of winning walk side-by-side with the risks of losing. And exchange platforms are not helping with their shallow liquidity pools. Consequently, users are not as invested in the crypto market/industry as they should be.

8- Prevalent security/Leaks

Hackers and scammers are having a field day and unlicensed crypto project managers are pulling the rug out from under even the most observant user. The apparent absence of accountability leads to distrust and the lack of trust evolves into nonparticipation.

Kyrrex, the First Crypto-Fiat Bank to the Rescue

 First Crypto-Fiat Bank to the Rescue

The primary goal of Kyrrex is to build a solid bridge between the traditional banking and financial system and the digital world of online investment, trading, and economics. Put differently, the regulated crypto-fiat network promotes an all-in-one exchange platform derived from a vision to see both worlds (the actual and the virtual) criss-cross each other for the benefit of users.

The entire Kyrrex ecosystem has the user as the control factor. As a result of this, the platform emphasizes focused performability with regards to crypto exchange, liquidity options, trading and portfolio management, tokenization, and more. In other words, these features and services are optimized to meet user needs at affordable (and even negligible) financial costs.

History and Mission

Kyrrex was founded in 2016 as a regulated crypto-fiat platform. Unlike many others, the platform did not take up the decentralized exchange model or the increasingly popular hybridized centralized-decentralized model. Instead, the platform was designed to use a regulated framework to provide products and services for investment and finance.

Kyrrex is an inclusive ecosystem, and is particularly geared towards closing the divide of traditional banking and the crypto market. Thus, it is the one-stop-shop for the trading of both fiat currencies and crypto assets using a user-friendly and user-centered architecture.

According to the Kyrrex website, the mission of the crypto-fiat bank is to create “... a global system of financial products without geographical, legal and time boundaries, accessible from everywhere, by anyone.” The result of such a system would be a promising step towards the next phase of the crypto and blockchain revolution.

Features and Advantages

advantages of kyrrex

A number of features make Kyrrex a valuable and convenient platform for crypto-fiat exchange.

1- Licensing and regulation

Kyrrex is a regulated exchange platform. This means that the system runs on direct human supervision rather than automated computer protocols. To this effect, Kyrrex has a Class 4 VFA License by the Malta Financial Services Authority, the highest available and evidence to demonstrate that the platform is as legit as possible. Kyrrex also has a virtual currency and e-wallet exchange license issued by the Estonian Financial Intelligence Unit. By implication, Kyrrex has the stamp of approval from two well-known crypto license issuers.

2- Crypto Exchange

Kyrrex operates a fast and ultra-efficient system for traders. The transaction speed for each crypto asset reaches up to 1.5 million transactions per second, which is a big bump compared to the 5 to 15-minutes average guaranteed by other platforms for a similar number of transactions. Kyrrex also offers demo trading accounts for newcomers to the crypto industry who can then switch to genuine trading accounts once they are confident. This is possible due to the massive treasure trove of information that Kyrrex offers as training manual and educational material on trading crypto assets.

3- Liquidity Hub

Kyrrex introduced the idea of a liquidity hub where users can easily buy and sell digital assets without worrying about large swings in price (slippage). As a result, users are free to trade in crypto assets with a dedicated focus, rather than remaining jittery as a result of the high volatility dynamics inherently native to the crypto universe.

4- Over the counter trading services

Kyrrex offers over-the-counter (OTC) services which is another way of saying that Kyrrex offers users interested in securities trading without the monitoring eyes of a formal exchange. The OTC system is transparent, legal, and safe. As such, Kyrrex users are not at a disadvantage using this decentralized feature since the platform itself acts as the basis for the broker-dealer transaction.

5- Crypto-Fiat Portfolio Management

Kyrrex combines the cardinal excellences of both fiat currencies and digital assets. This way, you can easily manage both sides of the financial coin by buying and selling new assets using them. With Kyrrex, users are able to convert their fiat currencies to cryptocurrencies, and vice versa. The process is simple and seamless and does not require any other protocol/procedure since the integration of fiat and crypto is built into the Kyrrex ecosystem. Thus, you can conveniently manage your trading portfolio with both fiat currencies and crypto assets as viable instruments for exchange.

6- Tokenization

Kyrrex has much to offer its users in terms of tokenization. The native KRRX token offers multiple benefits for Kyrrx users. These include zero commissions on all trades done inside the Kyrrex ecosystem, and chips for social interactions among traders. The tokenization protocol also allows for the progression of Kyrrex traders over the 6 user trading levels.

7- Referral Bonuses

Kyrrex is not a multi-level marketing (MMM) scheme but it uses a referral system to reward active and advertising users. Upon referring three people, a Kyrrex user gains access to new discount rates, although that also depends on the volume of KRRX that the user stakes. To put things in perspective, at the third referral, Kyrrex awards users that have staked more than 2500 KRRX with a whopping 60% discount. This is not including the secret bonuses that the users become eligible for.

8- User-Friendly interface

Kyrrex, like many centralized exchange platforms, prioritizes a simple and user-friendly interface for its users. The emphasis is on practicality and convenience rather than a design focused on blinding the eyes. As such, you won’t find extreme colors on the Kyrrex mobile app or web platform. Instead, the interface of the trading wallet is comfortable and can be used without newcomers having to rely on extra materials on how to use the Kyrrex trading wallet.

9- Free trading within the ecosystem

As earlier mentioned, Kyrrex users are eligible for very low trading fees. These fees depend on how much cryptocurrency they are trading, their trading level, and, again, whether or not they are using the native KRRX token. Even so, the Kyrrex trading fees are low compared to the offerings on other platforms.

For example, the highest trading fee on the Kyrrex platform is 0.15% for transaction volumes worth less than 100btc. This fee is lowered to 0.135% for traders who have staked 500 to 5,000 KRRX and to 0.0525% for those that have staked more than 250,000 KRRX. For users at institutional and market maker trading levels, there is no trading fee. 

10- Privacy/Security of user information

Kyrrex uses a watertight security system that ensures that user information is safe from hacker activity. Without authorization from the platform, no individual, institution, or computer program can gain access to the funds on Kyrrex. This is one of the vision-points of the Kyrrex exchange platform, so it is taken pretty seriously.

Kyrrex Prospects for the Future

Kyrrex Prospects for the Future

Kyrrex has several prospects for the future that will consolidate its status as the first crypto bank and the most progressive regulated crypto exchange platform. Two particular features are slated to be implemented on the Kyrrex ecosystem. These include banking capabilities (in which case Kyrrex can operate in full capacity as a digital bank); and the crypto merchant platform where users can use the Kyrrex engine to optimize their business operations, boost client coverage, and make more profit.

All in all, Kyrrex is both a crypto-fiat bank for the future and for the present. Its objectives are appreciably sensible, its features are on point, and its prospects cannot be any brighter.

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The Benefits of Using a Self-Custodial Wallet Like Trust Wallet

Like traditional finance, handling cryptocurrency is ultimately about making, using, and keeping money. When it comes to your funds in crypto, you need to know and sensibly decide how and who gets to keep it for you.

With the rise of decentralized applications, DeFi and web3, cryptocurrency custody has attained more importance. This is because how you store your digital funds directly affects how you interact with the many blockchain applications that exist on numerous decentralized networks and demand your attention.

Meanwhile, unlike traditional bank accounts that are mostly confined to legal borders, your cryptocurrencies can be accessed from virtually anywhere in the world. And if you can store these assets in a self-custodial wallet, you can be said to have gained control of your crypto assets. Therefore, you can use them as you see fit.

So, what is a self-custodial wallet and how do you benefit from using one? Here, we explore this topic and explain how Trust Wallet is arguably the best self-custodial wallet out there.

Overview of Self-Custodial Wallets

The concept of self-custodial wallets is self-evident. The concept is rooted in two complementary definitions: self-custodial and wallet. The idea of something as self-custodial refers to that thing having full control of its own belongings. Within the cryptocurrency context, self-custodial is having complete control of your crypto assets, kind of like being the manager of the bank in charge of your money.

Wallet, of course, means wallet. Therefore, a self-custodial wallet is a digital ‘purse’ where you can keep your crypto assets. Obviously, unless you are a genius developer and succeeded in creating a software application that serves as a crypto wallet, you would still need to rely on third-party developers to provide self-custodial wallets. In this sense, you are sort of renting the application and turning it into a wallet that you can use for the safekeeping of your cryptocurrency.

There are many popular self-custodial wallets around. Some of these only function as normal wallets or bank accounts, and therefore have no other value. Others are more wide-ranging in their application and might even directly increase the odds of your realizing more returns on your crypto assets.

Benefits of Using Self-Custodial Wallets Like Trust Wallets

1- Extensive Support of Multiple Blockchain Networks and Crypto Assets

Self-custodial wallets typically value the security of user assets above characteristics such as transaction speed, cost of custodial service, and options for asset withdrawal. Thus, it is normal for these crypto wallets to isolate their operations from the mainstream networks. This way, they can avoid potential attacks from hackers targeting mainstream blockchain networks. But Trust Wallet is different. Despite its popularity, it runs as a bridge across many blockchain networks. As a result, you can add tokens and other crypto assets belonging to more than 60 different blockchain networks to Trust Wallet.

The primary benefit of Trust Wallet’s extensive support of multiple blockchain networks and crypto assets is that you can store all your crypto assets in it, regardless of whether they are tokens from chain A or chain B. This helps you better organize your portfolio and keep track of all your assets inside one digital pocket.

2- Innovative Security Framework

One of the reasons that Trust Wallet is able to retain its versatile quality in the face of network breaches is that its security framework is enough to counter the majority of attacks. If you are like the majority of crypto traders, then securing your virtual assets is a priority. Trust Wallet understands this, so its developers created a simple but innovative system to ensure that your self-custodial wallet is safe and secure. This system ensures that you only gain access to your Trust Wallet via a private key. The key, which takes the form of a 64-bit string of characters, is unique and belongs to you and you alone.

3- No-Price Structure

Trust Wallet’s pricing structure is another element of its peculiarity. It is essentially free to use. In other words, you don’t have to pay anything as transaction fees for using Trust Wallet. Of course, this does not mean that Trust Wallet is responsible for footing the bills of your transactions. No, you would still need to settle the cost of using a blockchain network. So, if you are buying or selling a set amount of tokens on a blockchain Z, you would still need to pay the associated gas fees. So, the fees you pay go to the blockchain, not Trust Wallet. Therefore, once again, Trust Wallet does not charge users for its self-custodial service.

4- Option for Seamless Integration with DApps and NFTs

Reinforcing its multi-coin and multi-chain support system, Trust Wallet also supports DApps (decentralized apps) and NFTs (non-fungible tokens). Using the wallet consequently enables you to use and interact with different components of the decentralized crypto model. As a result, for every application that runs on this model, Trust Wallet is useful. This means that Trust Wallet offers you options to use finance-related applications that draw on smart contracts to make business deals and investments, thereby boosting the efficiency of your crypto trading/investment portfolio.

5- Available Opportunities for Trading and Investing in Cryptos

Just as important as its safekeeping options for your crypto assets, Trust Wallet also doubles as a means to enable you to interact with the crypto market. From within the Trust Wallet app, you can stake, trade, invest, and monitor the cryptos supported by the wallet. You can also engage tokens that are available for any kind of crypto transaction on every blockchain network that is supported by Trust Wallet. Moreover, because Trust Wallet is available on virtually every mobile operating system, you can download the app from Google PlayStore, Apple Store, and manage your crypto portfolio from there. Thus, you can use Trust Wallet as an all-in-all application to store, trade, and invest your crypto assets.

So, compared to many other crypto wallets, self-custodial wallets like Trust Wallet enable users to have total control over crypto assets. In terms of security, service cost, multiplicity of function, and integration with blockchain networks and DeFi applications, Trust Wallet tops the list of these self-custodial wallets.

Financial support for Ukraine: your cryptocurrency can save lives

Kyrrex is monitoring the situation in Ukraine, providing assistance to citizens, volunteers, and public organizations. 

This time, we sent raised funds for the Mykolaiv Regional State Administration and the Ukraine Security Service in the Lviv region. We believe that these donations will provide humanitarian support for people in areas and contribute to local budgets.  

Token Airdrops Beginner Guide

This in-depth guide explains the intricacies of token airdrops so you can get free tokens from DeFi projects 

Airdrops are a common way for crypto projects to grow in popularity and reward dedicated users and supporters. A crypto drop disburses the project's tokens to users who meet certain eligibility conditions. 

These eligibility requirements vary and can be based on social engagement, transactions made, or longevity of interaction with the platform. 

The best airdrops come from bridges, ZK rollups, DeFis and other projects built on Layer-1 ecosystems. Researching new protocols within popular emerging blockchains is a good way to net valuable tokens for free.

What are Airdrops? 

Airdrops have become more frequent in the crypto space. These token giveaways contribute massively to the growth of the cryptocurrency ecosystem by attracting new users and investors. 

A token drop involves disbursing tokens for free to those who qualify to receive them. In most cases, the qualified participants are early adopters of a project. Sometimes, the project rewards them for helping to spread the word on social media. An airdrop can also be given as a reward to holders of another token. 

Many new decentralized application (dapp), decentralized finance (DeFi), metaverse and NFT protocols implement some form of airdrop as a way to get the ball rolling and quickly become relevant. The distributed tokens are used for a variety of narrow functions such as governance, utility and anti-manipulation by whales. 

The right airdrop can provide a lucrative opportunity for recipients. In recent times, a few projects have distributed airdrops worth thousands of dollars in value. Rarely, these come out of the blue; often, they're highly anticipated and competitive drops. In airdrops, as with general token trading, getting in early is the name of the game. 

Many DeFi protocols have gone on to distribute airdrops for their earliest community members. Many people who traded on these platforms at the beginning have gotten rich from token drops. 

As a result, the spotlight has turned to popular and thriving protocols currently without a token. Swapping, staking and other DeFi activity on these platforms has spiked in anticipation of retrospective token airdrops. Following the example of Ethereum Name Service (ENS) , retrospective drops have become the favored medium by tokenless protocols. 

But what's the best way to qualify for big token airdrops? There are a number of good strategies to employ and get eligible for drops potentially worth thousands of dollars with little to no upfront investment.

How to Find Good Airdrops