How user-friendly Web3 wallets bridge the gap between TradFi and DeFi

    2023.12.28 | exchangesranking | 205onlookers

    Presented by StrikeX

    Decentralized finance needs simplicity to get any interest from everyday users. StrikeX delivers a wallet with an easy-to-use mobile app to onboard more users to DeFi.

    The current wave of the tech revolution, with blockchain at the forefront, is changing the identity and flexibility of money, empowering individuals through decentralization and offering accessibility to unbanked people.

    Building on the promise of decentralization and a more democratic financial ecosystem, the decentralized finance (DeFi) trend – a $50 billion market as of mid-December 2023 – has already onboarded about 50 million users.

    While market participants recognize the advantages of digital assets, DeFi still hasn’t reached a mainstream audience due to a number of essential challenges, including poor user experience, complexity, market fragmentation and security vulnerabilities.

    DeFi users are growing despite the market downturn. Source: Dune

    DeFi users are growing despite the market downturn. Source: Dune

    To reach the first billion users, DeFi should take a cue from how the internet progressed in the 1990s and focus on user experience. The vast majority of DeFi processes, from login to transactions and wallet management, require multiple steps, which may confuse newcomers and non-tech-savvy users. Integrating Web2 optimization can stimulate DeFi and Web3 adoption.

    Self-custody DeFi simplified

    Crypto wallets play a crucial role in how users perceive the DeFi and Web3 space, as they are the main point of connection between users and smart contracts on the blockchain. Wallets are both digital asset storages and identities of a user in DeFi. Therefore, improving user experience in DeFi should start with making wallets more straightforward. StrikeX Wallet, a self-custody crypto wallet, aims to simplify DeFi interactions by integrating a Web2-like experience.

    StrikeX Wallet enables users to store multiple cryptocurrencies in a single app, making the whole process simple and secure. It addresses market fragmentation by supporting digital assets on various chains, including Bitcoin, Ethereum, BNB Chain, Solana, Arbitrum, Polygon and Base.

    With StrikeX Wallet, users can self-custody their digital assets, removing the need for third-party custodians and giving the user total control and ownership of their wallet contents. Without any registration, users can explore DeFi opportunities with a few taps. Although a DeFi wallet, users can also buy crypto with fiat or withdraw fiat to their bank directly from the app, as StrikeX Wallet supports fiat on-ramp and off-ramp options at competitive rates.

    StrikeX wallet has enabled in-app token swaps with its latest update. Source: StrikeX

    StrikeX wallet has enabled in-app token swaps with its latest update. Source: StrikeX

    StrikeX Wallet’s latest upgrade, Swaps v2, introduces an intuitive swap feature inside the app, enabling users to exchange any token for another without leaving the app. Following the update, wallet users can exchange any token from the supported networks using the easy-to-use screens of the StrikeX Wallet app. Using the same feature, DeFi-savvy StrikeX users can also import new tokens from contract addresses and swap them from within the app.

    “We are thrilled to have launched this latest update,” StrikeX CEO and co-founder Joe Jowett commented, adding, “This version release marks a significant milestone in the evolution of the StrikeX Wallet on its journey to become a market leader.”

    Swaps v2 stands out as a key part of a broader upgrade to the next version of the StrikeX Wallet. Rolling out incrementally, it will see additional features such as an upgraded interface, NFT support, additional blockchain integrations and more.

    StrikeX aims to bring the first billion users to blockchain by bridging the gap with traditional finance by focusing on tokenization and self-custody solutions, as reflected by its recent partnership with CMC Markets —a leading brokerage firm listed on the London Stock Exchange (LSE) and part of the FTSE 250 Index. CMC has purchased a 33% stake in StrikeX as part of the collaboration.

    The growing interest from TradFi players in exploring the potential of crypto and tokenization emphasizes the mainstream potential of digital assets.

    Learn More: StrikeX

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