We’re starting FNX because we believe that the first generation of digital currency applications are technical marvels but have failed to solve real consumer pain.
FNX is a cryptocurrency exchange and alternative banking platform. Our product suite provides users with a single point of interaction to access all DeFi protocols. We aim to make DeFi easier, scalable, and more secure for users, developers, and protocols alike.
To make digital currency useful to “cash consumers” digital currency should: be transferable to any phone in the world, not represent exchange rate risk, be as private as real cash, have no costs for money transfer, and be fungible to real paper-cash at very low cost 24 hours a day, 7 days a week. FNX was designed to fulfill all of these needs.
FNX Exchange is a next generation crypto trading marketplace. It aims to merge the benefits from both centralized and decentralized exchanges. More specifically, as a hybrid it seeks to provide the functionality and liquidity of a CEX with the privacy and security of a DEX. We believe such this new approach to exchanges are the real future of the crypto trading experience.
Technically put, FNX’s Cash App is a software application for iOS and Android that allows digital cash to be stored directly on your phone, guaranteed in US Dollars. FNX app-based transfers use the blockchain to settle, and transactions are published directly to the blockchain from your phone. FNX’s back-end servers never touch consumer’s money or their transfer requests. The value of the holdings in your wallet do NOT fluctuate with the value of the cryptocurrency held, regardless of how long it’s been since you deposited those funds. FNX Cash App is not a financial service — it is an app that facilitates storing digital currency equivalent to US Dollars directly on your smartphone and transferring your money from your FNX Cash App to any other FNX Cash App anywhere in the world.
- NFX Exchange Release
- Yield Farming
- Cash App
To make FNX accessible to consumers globally we are launching a network of FNX Collaborators. Collaborators are like mobile airtime agents. Instead of selling airtime, FNX Collaborators sell and buy digital currency. Think of them as human ATM’s. In the US, consumers with supported ATM cards will be able to add digital cash to their smartphone with their ATM card and pin. This is a US first. Those using an ATM card to buy digital cash via FNX Exchange will need to provide ID. Others do not have to register with FNX at all. All FNX Collaborators are background-checked, similar in fashion to Uber or Lyft drivers.
FNX began collaborator sign-ups yesterday in advance of a full service launch. We’ve been playing with builds of the App and we love it. It’s the digital cash app we’ve always wanted for ourselves.
How it works
Bill in San Jose wants to send $100 to Nancy in Mexico. Bill finds an FNX Collaborator, Sebastian in downtown San Jose. Sebastian charges 1.5% for selling digital currency to Bill. Bill arranges to meet Sebastian from the FNX Cash App. When they meet, Bill hands Sebastian $101.50 representing the $100 in digital currency and the $1.50 fee. Sebastian’s FNX Cash App then transfers the digital currency directly to Bill’s phone. Bill then transfers $100 in digital currency to Nancy’s phone in Mexico.
To get access to the cash in Mexico, Nancy finds an FNX Collaborator, Miguel, in her neighborhood and sells the digital currency to him in exchange for Pesos. If both parties charge 1.5% for buying and selling the digital currency then they have saved a fortune in fees versus traditional money transfer services that can charge upwards of 8%, 9%, or more, for such transactions.
- Symbol: $FNX
- Supply: 5,000,000
- Address: TBA
- 40% — Yield Farming & Staking (held in community wallet)
- 25% — Presale
- 25% — FNX Ecosystem Incentives
- 10% — Developer Fund (vested over 1 year)
Consider that Sebastian and Miguel already provide some form of service in their neighbourhood for cash. In the case of Sebastian that means he already has to deliver cash to his bank every day for safekeeping. Adding a little more cash to the mix costs him nothing and earns a few more dollars in fees every day and certainly puts him in the good graces of his friends and customers. In the case of Miguel he takes in a lot of cash via his current businesses, selling prepaid airtime and his Bodega store. Buying digital currency helps him manage all of his cash at no cost while actually making a little extra money in the process. This is a real win-win.
You might be wondering… How does Sebastian get access to digital currency to sell and how does Miguel sell the digital currency he has bought from consumers. Simple. The FNX Cash App has a built in “Collaborator” function that allows Collaborator to easily buy and sell digital currency similar to the manner in which they buy and sell airtime. They can do this for cash themselves or via their bank account. The difference between the cost of this transaction and the fees charged to the consumer is the Collaborator’s personal profit.
Uniswap Liquidity Pool
The FNX team aims to deposit 1/3 of the proceeds from a presale designated for private investors to create the the FNX/ETH liquidity pool on Uniswap.
Tokens will be locked for 12 months the day the Uniswap liquidity pool is created.
Distributions, Fees and Buybacks
- FNX Collaborator Fee: 0.5% of P2P in-person swap.
- Online Exchange Fee: 0.3% of exchange swap.
The fees aggregated from in-person swaps and online exchange fees will be distributed in the following fashion:
- 50%: Continuous buybacks on FNX/ETH Uniswap pool.
- 50%: FNX’s developer fund.
FNX Trading Fees
FNX trading on the FNX/ETH Uniswap pool will incur in a 5% trading fee to disincentivize day trading on the coin. The coin is designed to be held for long period of time.
We are currently heads down developing the hybrid exchange and preparing for our presale, which will be announced in a separate post. In the meantime, stay tuned with the latest and greatest: