In this interview, Daria Varha, Head of Social at CrossFi, unveils the groundbreaking potential of their innovative blockchain ecosystem. As CrossFi aims to enhance cross-border transactions and bridge the gap between traditional and decentralized finance, Daria provides insider insights into the platform’s unique features, upcoming developments, and vision for the future of global finance.

Can you elaborate on the specific benefits of the modular architecture that combines Cosmos and EVM in the CrossFi Chain? 

The modular architecture of the CrossFi Chain is designed to eliminate the need for a central authority, such as a bank or government, to manage data. This decentralized system operates autonomously, with users retaining full control and management. The structure embodies financial freedom in the digital age, where trust is embedded in the technology itself.

One of the key benefits is that our system is continually evolving—becoming better, faster, and stronger. Additionally, the technology is open to the community, allowing anyone to build and enhance it further. 

What technological innovations are you implementing to make cross-border transactions more efficient and cost-effective compared to traditional financial systems?

The core innovation lies in the CrossFi technology itself. The average transaction fee on our blockchain is around $0.03, regardless of the transaction amount. By using our card product, cryptocurrency can be spent immediately. We are currently working with the VISA payment system, and for crypto-to-fiat payments, the current commission is 2% of the transaction amount. However, we are actively working to minimize these fees.

The CrossFi App has been certified for compliance with the PCI DSS security standard. What specific measures are taken to protect customer payment data?

The Payment Card Industry Data Security Standard (PCI DSS) is a globally recognized information security framework, ensuring the security of payment card data. For CrossFi, this certification means that our software meets all international standards and regulations, providing users with a high level of trust and security.

We are proud to be the first to implement non-custodial, instant payments using a cryptocurrency bank card. Unlike prepaid cards, where your cryptocurrency is converted into fiat and can be blocked, the CrossFi App uses blockchain technology and its own processing system. Your cryptocurrency is managed through the MetaMask wallet and a smart contract that interacts with your address and card. This approach ensures that your funds are always secure and never accessible to third parties.

Could you provide insights into the cross-chain transfer capabilities within the CrossFi App? 

The CrossFi xApp, in partnership with deBridge, offers reliable and proven bridging between blockchains. This feature significantly enhances the user experience by enabling the purchase of XFI with various cryptocurrencies available on SushiSwap. Initially, the bridge is essential for sending XFI to other networks and adding USDT to our network. We also have a native bridge that works with XFI and networks like BNB Smart Chain, Base, Ethereum, and Arbitrum. This has allowed us to list XFI on DEXs like Uniswap and Pancake, improving the utility and liquidity of the coin.

In summary, bridges are a critical tool for interacting with other EVM networks and scaling our blockchain.

Could you explain the non-custodial payment technology in more detail? 

The non-custodial aspect of our technology means that we never control your assets. Blockchain and smart contract technology ensure that no one’s funds are locked up. Unlike centralized exchanges or some DEXs that have authority over your assets, we do not operate in this manner.

This approach is different from cards issued by companies like Crypto.com or Binance because you always retain ownership of your assets. The CrossFi App only holds the number of funds you load into it from an external wallet. Currently, we are testing it with MetaMask. You sign a smart contract on MetaMask, and you choose how much XFI you want to load into our app. The Visa or future MasterCard will function like a prepaid debit card.

Even when funds are in our application, they remain your assets, not ours. If any issues arise, such as glitches or security concerns, we can return the assets to the MetaMask owner via another smart contract, ensuring there are no problems, collateral lockup, or limitations. You always have control over your assets.

What steps are you taking to ensure that the CrossFi App remains user-friendly, especially for those who may not be familiar with blockchain technology?

We understand that MetaMask can be complex, even for experienced crypto users. To address this, we are implementing account abstraction based on the ERC-4337 standard. This will simplify the user experience, making the crypto wallet as easy to use as a regular banking application.

What are the major regulatory challenges CrossFi faces in different regions, and how are you mitigating these to ensure compliance and smooth operation?

Regulatory compliance is indeed challenging, particularly in regions like the U.S. and Canada, where crypto regulations are stringent or unclear. We also face challenges in sanctioned countries such as Iran and North Korea due to political and regulatory restrictions.

To navigate these challenges, we seek advisory services in various countries and participate in global conferences and summits. We are establishing new headquarters in more crypto-friendly locations like Dubai. Additionally, we are working with security and compliance companies to ensure we are fully compliant with regulations. We adhere strictly to KYC regulations and other relevant policies, and we monitor regulatory changes closely to adapt as necessary.

What new DeFi products are you planning to introduce on the CrossFi platform, and how will they leverage the unique features of the blockchain?

We are planning to introduce a wide range of DeFi products, including DEXs, advanced data liquidity, yield farming, staking, swaps, real-world assets, and more. These offerings will leverage the unique features of our blockchain, including its modular architecture and cross-chain capabilities.

We are also hosting a hackathon with a significant focus on DeFi projects. You can explore the types of projects we are accepting for the hackathon on the XFI.foundation page. This will give you a better understanding of the innovative projects we plan to bring into our ecosystem.

How is CrossFi working to build and engage a developer community around its ecosystem? Are there specific programs or incentives in place to attract developers?

We have several initiatives to attract and engage developers, including an incentivized testnet, a bug bounty platform, and a grant program. We also host both in-person and virtual hackathons, AMAs, and workshops. In addition, we provide open-source tools from our partners, such as connectivity to bridges, oracles, and randomized verifiable functions, along with comprehensive API documentation.

We are committed to providing substantial funding through our grant program, with over $300,000 allocated for the hackathon and a multi-million dollar fund for grants. Our goal is to make the experience exciting and seamless for developers, providing both technical and marketing resources.

Can you share more about the partnerships with Visa and MIR and any future plans for expanding card services?

We have established a physical Visa card, and we are working to formalize our partnership with them, with plans to apply to their startup program. Additionally, we are exploring a partnership with MasterCard and have applied for their startup program under the blockchain and digital assets track. We aim to expand our card services to 120 countries and beyond.

The physical card connects to the CrossFi App, allowing users to tap, swipe, or use a chip at any POS terminal. It can also be used online for services like rideshares or marketplaces and at certain ATMs to withdraw cash. We are working on expanding these services to new regions and pushing towards mass adoption.

Can you share your roadmap for the next few years? What major milestones are you aiming to achieve, and what new features can users expect?

Over the next few years, our roadmap focuses on achieving mass adoption and expanding into new markets, particularly in Latin America, Africa, and eventually Europe. We aim to fundamentally change how people perceive money by bridging traditional finance with decentralized finance.

We plan to build out our ecosystem with the deployment of thousands of decentralized applications on the CrossFi Chain. Additionally, we are focused on ensuring strong token prices for both XFI and MPX upon their launch.

Our immediate goal is to transition from Testnet to Mainnet by September. Beyond that, we will continue building out our ecosystem, scaling operations, and working with high-quality partners to grow our platform.

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