INTRODUCTION
Our current ecosystem if properly studied has quite a number of challenges in each sector to be looked into. The financial sector is not left out with the hardships faced. KYRREX is a financial project that went through in-depth, rigorous research on the market to discover significant issues that will be addressed via Kyrrex system and categorized in two.
Major Problems Discovered
- Traditional (Conventional) Banking
Crisis in the financial sector has been largely witnessed throughout history due to the individualization of wealth done by centralized establishments. Multiple studies have proven the distrust seen in existing financial platforms arises from the client's belief about their banks not working for their clients (customers) best outcome. Particularly, this belief has been given more room for observation since 2008 worldwide crisis. Local marketplaces like Ukraine where the collapse of bank establishments was the driving factor of the nation's crises had similar reports made. Also, goods and services have been separated into various silos whereby each is paying attention to a defined good, service or product. This also was discovered to boost the degree of distrust in clients of the banking sector as different areas are faced with it's own work for instance, banking services, accounts of savings and current, mortgage and withdraw cards. Obviously, this absence of a multiple dimensional technology/means by which the streamlining of financial products is possible should be solved.
A. High rate of transaction
Although, there has been advances in the banking system technologically, the rate of international remittance is still costly. Study shows the mean sum of money transferred 2021 was about $50; 2.9% fee, 1.1% mean for transfers. The expwnaive nature of rates is a huge restriction to the receiving end because not every customer are willing to spend so much for transactions or even have it hence refraining from complete bank transactions.
B. Poor transaction processing
Instant services and gratification is the order of the day therefore, when transactions are taking so much time to go thought, it is a pain for customers. Nothing less than instant results are expected by customers especially when deductions are made from their accounts immediately but take forever to get to the recipient. Customers are infuriated by this process.
- Cryptocurrency Marketplace
A. Absence of market rules
The need for rules governing the market, legal establishments, including standardization throughout the markets is urgent. Challenges like disorder, fragmentation, inability to make use of worldwide authorized and enforced regulatory means shows great risks to cryptocurrency future exchange growth. Also, restrictions that brought about critical mistakes on platforms for trading and blinds in the exchange marketplace.
Destabilization is avoided by putting all these rules in place to protect traders and providers of services. Transparency and resilience to operations is important for the rules.
CONCLUSION
KYRREX is one of a kind, unique and newly developed project that is the missing link in the financial sector. Banking just got better with Kyrrex. Be rest assured that all your challenges have been solved and this is hitch free.
USEFUL LINKS
Website: https://kyrrex.com/
Telegram: https://t.me/kyrrex_official_en
Linkedin: https://www.linkedin.com/company/kyrrex
Reddit: https://www.reddit.com/r/kyrrex/
Facebook: https://www.facebook.com/kyrrexcom/
Instagram: https://www.instagram.com/kyrrexexchange/
Twitter: https://twitter.com/Kyrrexcom
AUTHORS DETAILS
Bitcointalk Username: Pullorient
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2767518
Proof of Authentication: https://bitcointalk.org/index.php?topic=5371160.msg58553668#msg58553668