Singaporean Fintech, X Infinity, Raises $20.5 Million for Speedy Crypto Wallet
On August 20, 2018, X Infinity announced that they had successfully raised $20.5 million through a private sale. The Singapore-based fintech firm surpassed their projected target of raising $18 million. The funds will be used to develop a wallet that supports transactions using any digital currency.
Faster Transaction Speeds
Investors and traders often keep their coins in separate wallets. The consensus on forums is that different currencies need specialized wallets that have been developed specifically to handle the given coins. Following this, speed is the next most significant concerns for traders and investors. Eddie Chong, the CEO of X Infinity observed that:
“Investors are currently unable to use many of their cryptocurrencies for transactions largely due to long processing times.”
Eddie Chong – Founder and CEO, X Infinity.
(Source: X Infinity YouTube Channel)
Storing all digital currencies on one wallet would thus save the user the trouble of having to move from one wallet to another hence saving them time. Additionally, X Infinity will be designed to allow for faster execution of transactions with a typical operation reportedly taking only seconds. A Bitcoin transaction, for instance, takes approximately 78 minutes to complete while an Ethereum transaction takes approximately six minutes. During the launch, the CEO said transactions on the platform would take only a second.
Faster transaction speeds allow for more transactions per second. For example, Bitcoin handles approximately seven transactions per second while Ethereum handles up to 26 operations per second. To put that into perspective, PayPal handles approximately 193 transactions per second with Visa and MasterCard venturing into the thousands.
X Infinity, therefore, has a unique chance to become the wallet of choice for most traders and investors.
Since the transactions will happen in seconds, users will be able to use any cryptocurrency to perform instantaneous exchanges anywhere on the globe. In other words, digital currency will soon give users the same experience as fiat currencies.
Merchants will enjoy the benefits of the unified wallet as well. For starters, they will have the ability to access funds instantly. Additionally, they will enjoy lower costs and better ATM-level security. The wallet is already functional, but as of now, it only supports the receiving and sending of bitcoin and ether. You can also use it to buy the XIF coin, X Finity’s native token.
Since the fundraiser was hugely successful, support for the other coins should be added in the next couple of months. The X infinity app can be downloaded from Google Play and Apple Store.