Some major crypto exchanges have improved their UX, but the market is still fragmented and difficult to navigate for novice users. Crypto users often need to manage multiple wallet addresses separately for each exchange.
One of the worst case scenarios in the space is sending crypto to the wrong address. While most crypto exchanges encourage users to copy the address with a single click, some users may still select the address and miss a letter or number. The problem is that crypto transactions are irreversible, which means that the money can be irretrievably lost.
Another problem is that some digital assets, such as stablecoins, are hosted by multiple chains. For example, USDT resides on several blockchain networks, including Ethereum, BNB Smart Chain, and Tron, among others. Accidentally sending such tokens to the wrong chain can also lead to money loss.
Every time a crypto user needs to send or receive cryptocurrency, he has to double check the wallet address and may feel stressed until the transaction is completed. These challenges must be addressed so that crypto assets can become usable for day-to-day transactions.
This platform offers enhanced crypto UX by facilitating wallet exchange payments
While the crypto market is still fragmented, there are platforms that integrate with most of the major exchanges to provide an enhanced user experience and reduce the risk of fund loss. An example is CXID, an open banking system for crypto exchanges. The app allows users of centralized exchanges (CEXs) to transfer crypto assets without having to copy and paste wallet addresses. CXID allows users of CEXs (centralized exchanges) to receive deposits and complete withdrawals without having to copy and paste wallet addresses. CXID allows users to resolve their individual exchange usernames to valid ENS names. This integration enables seamless payments between third-party exchanges and wallets using simple ENS names.
CXID’s goal is to build an infrastructure that enables secure and seamless transactions between CEXs to enhance the crypto and Web3 experience. This could catalyze crypto adoption as major CEXs account for most crypto transaction volumes and are the first point of contact for most new entrants.
With CXID, users can easily receive payments, deposit and withdraw funds from third-party exchanges and Defi wallets without dealing with complex wallet addresses, all through a user-friendly interface.
This integration follows standard practices similar to how identity protocols such as ENS and Unstoppable Domains handle integrations with third-party services using on-chain data. In this case, CXID pulls data via APIs directly from the exchange and ENS.
To enable direct withdrawals to other third-party exchanges, the exchange only needs to enable ENS integration for withdrawals. Simply put, CXID integrates with ENS to convert exchange usernames into valid ENS names, making this functionality available to exchanges at a lower cost.
CXID is still adding more crypto exchanges, which can easily integrate the API at an affordable commission.
Thanks to its UX-first approach, CXID not only provides a safer and easier method of transferring crypto funds, but also ensures interoperability, addressing the current fragmentation in the crypto space.
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