Episode 60: Xanpool Decentralized Blockchain Payment Network
from MikoBits Blockchain NFT and DeFi show Hosted by MikoBits
What is Xanpool? Xanpool started out as a simple local currency to cryptocurrency Fiat gateway, it was the mechanism by which we are doing this that is relatively unique. Gateways has always been a problem. I don't think I need to dig too much into that. So most of the liquidity of cryptocurrency resides in US dollar to crypto. And that is where most exchanges brokers or whomever in the market has to settle with the what the model that example takes on his example is actually a peer to peer Fiat gateway, where you are directly trading with someone locally, who has that crypto and is willing to provide liquidity for that. The way we do this is through a mixture of banking API's, as well as crypto wallet and crypto exchange API's. where people are essentially able to plug their banking API's that we've built their bank account into ours and pull network and their crypto exchange or crypto wallet into our central network, whereby they essentially create crypto liquidity, as well as local currency liquidity, and then our automated market maker (AMM) will essentially help people on an off ramp into that liquidity. So it's sort of like UNIswap. It's very similar to UNIswap, except specific for local currency. The short version is that it is a payment network similar to VISA but instead of member banks providing liquidity, liquidity is provided by individuals and businesses. This is optimized for South Asian markets at the moment.
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