Introduction
The BridgeX Network is adecntralized financial ecosysrem that is enabling crypto-to-crypto collateralised lending and borrowing, crypto-to-fiat currency conversions and cross border payments. The network will bring together the full spectrum of financial services players in the blockchain industry and open new opportunities for traditional financial institutions/ services to enter and participate in this new world economy. Also any third party integrator or distributed app (DApp) developer can leverage the power of the BridgeX Network to offer new services on their existing platform or create DApps or applications on the network that solve real-world financial needs.
CURRENT CHALLENGES
Even with the significant growth in value of and confidence in the cryptocurrency markets, fiat currencies remain the prevailing instruments for the bulk of all transactions and loan collaterals that occur globally today.Traditional investors in the fiat world, cryptocurrency investors often have the need for:
- Real world cash flow
- International payments
Looking at the numbers of cryptocurrency investors increasing exponentially, the need for conversions of crypto into fiat currencies also increases in tandem.
SOLUTION TO THE ABOVE CHALLENGES
Bridgex network create the access to the Traditional World of Fiat: Cryptocurrencies are currently being traded in a world of their own, it helps holders to unlock their cryptocurrencies in order for fiat currencies to make necessary international payments is not only troublesome, but also costly.
Today, the bridgex Network gives access to credit: most banks and financial institutions hold traditional assets like property, land and gold as collateral for their loan and financing services. Also, a total market capitalisation of USD 300 billion and rising, cryptocurrencies remain an unrecognised asset class by the traditional financial system. Presently banks and financial institutions remain a closed door for holders of cryptocurrency assets. Nevertheless, the acceptance of cryptocurrencies as a valid asset class continues to grow. The challenges that cryptocurrency holders face – having little/no means to unlock their crypto portfolio – will only get worse.
BENEFITS PROVIDED BY THE NETWORK
1. Individual Borrowers
• Will have ave access to affordable credit via a collateral-based assessment with no credit scoring.
• The bridgex network helps to avoid Tax Events by obtaining short/mid-term liquidity without a sale of crypto assets
• Avoid inflated exchange fees
• Maintain unlimited upside potential of crypto assets
2. Individual Lenders
The BridgeX Network is a favourable lending for all, customarily the preserve of financial institutions or accredited lenders. Presently, Individuals can now participate as lenders in a 2-sided loans marketplace, BRIDGELoan, on the BridgeX Network. Borrowing allows individuals to diversify their crypto portfolio exposure, lower risks and earn a steady income, with the suite of smart contracts making this process quick and easy
TOKEN DISTRIBUTION
Token Sale 30%
Partnerships/Community 15%
Team & Advisors 20%
Liquidity pool & company reserves 35%
ICO DETAILS
BridgeX Network Tokens (BXN)
Total No. of Tokens: 1 Billion
Hard Cap: 18,000 ETH
Token Sale: 300,000,000
Token Price: 0.00006 ETH
CONCLUSION
The BridgeX Network plans to have the network power a large ecosystem of decentralised and off-chain crypto financial services that will efficiently democratise access to credit and bridge the divided worlds of crypto and fiat. The network sees a future where the underbanked get access to affordable credit, where cryptocurrencies are recognised as a legitimate asset to be accepted as collateral and in a case where there is seamless interoperability between the divided worlds of crypto and fiat.
Useful Links
Website: https://bridgex.network
Whitepaper: https://bridgex.network/180827%20BridgeX%20Network%20Whitepaper.pdf
Forum: https://bitcointalk.org/index.php?topic=5024373.0
Telegram: https://t.me/bridgexnetwork
Author Details
Bitcointalk username: kingairdrop
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1862137