The world has seen drastic advancements in the art of writing and solving codes, known as cryptography. Also, the computing power over the last few decades has increased tremendously. Cryptocurrency has come alongside these advancements. Developed in 2009, Bitcoin has become the vanguard of cryptocurrencies. It is the most widely adopted cryptocurrency to date. Some attention has been placed on bitcoin’s ability to demote the need for trusted financial institutions in developing nations. However, the uncertainty surrounding bitcoin’s volatility has been an ongoing barrier to widespread adoption in the developing world. For that reason, a solution that provides the benefits of cryptocurrency with the localised stability of fiat currency has the potential to disrupt financial systems and place financial autonomy into the hands of individuals. HybridFX has that potential to fill this role.
Approximately 2.5 billion adults in the world are unbanked and are entirely cut off from the benefits that financial services offer. These people cannot open savings accounts or use credit cards and are generally excluded from the global financial system. Cash and other commodities become the only store of value for these individuals. This makes it more difficult to store and transfer value between parties without a physical meeting.
Bringing the unbanked individuals into the HybridFX ecosystem, which can be accessed through their cell phones, wouldn’t only render the benefits offered by a bank account but also of an account with negligible fees. Smaller businesses in developing nations will also have the opportunity to receive similar benefits, gaining access to the technology that provides a better place to store their funds and low-cost transactions.
Market Efficiency Mechanism
The HybridFX with its fiat-backed HFX tokens could play a role in both domestic and international markets. The primary focus of the HybridFX has been on its impact in local markets. Over the long term, HFX tokens will be able to play a considerable role in foreign exchange (forex) transactions.
Within HybridFX’s global forex setting, participants will be able to choose to exchange HFXs of one fiat currency into HFXs of another fiat currency. HybridFX will be built to assist these transactions and to ensure that participants receive the best exchange rate possible. While users have the option to withdraw fiat from our platform and exchange it into another currency through their bank, HybridBlock believes that HybridFX will be able to create more efficient markets for this need.
Rather than completing a forex transaction through an intermediary, users could indulge in an exchange through HFX currency pairs. In a simplified example, an individual that wants to exchange Philippine pesos (PHP) to Japanese yen (JPY) will be able to simultaneously place a PHP/HFX sell order and a JPY/HFX buy order. This transaction would be executed automatically.
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