What is PayBX?
PayBX is our new cryptocurrency payments application, with its scheduled release for both iOS and Android being right around the corner. The app is a custodial wallet that allows its users to spend crypto with their existing bank-issued debit cards, while also providing features for cashing in and out of crypto, swapping between supported cryptos, earning interest on select crypto holdings, and for sending feeless payments to friends, family and merchants also using the PayBX application.
In this article, we’ll be diving into the functionality of PayBX while also providing some updates on the development progress and the future roadmap of the application.
What makes PayBX different?
Utilizing crypto as currency can be tedious. Sure, the industry has come a long way in the last few years with more merchants accepting crypto directly and new crypto cards launching frequently, but we don’t believe this is enough.
PayBX aims to take a different approach to mainstream crypto payments, avoiding the need for another card in your wallet. There’s no PayBX debit card. Instead, you can connect your existing bank-issued cards, both debit and credit, into the application. Then, whenever a transaction is made using that card, PayBX will recognize it — and if enabled — will sell an equivalent portion in crypto and deposit this into your bank to cover the cost of the transaction(s) you made.
PayBX is a custodial wallet. This means that users don’t hold the keys to their wallet, but it also means that newcomers to crypto don’t need to learn the ins- and outs of web3 while paying extortionate fees unless they’re operating on layer 2 or a less adopted blockchain — either option still requiring extensive knowledge of the crypto industry. We believe that the path towards mass adoption will not only consist of decentralized options, but also centralized ones with premier security measures. Convenience is king, and here the crypto industry has got some ways to go still.
We don’t pretend to be disrupting the industry. Our goal is to provide a reliable, easy to use application that simplifies crypto payments, improves users’ ability to get into crypto and earn interest on their crypto holdings by putting it to work, and that paves the way for broader adoption of this nascent technology. PayBX is not the single app that will bring mass adoption, but it is one of the applications that will be helping spur the coming paradigm shift.
Core PayBX features
PayBX’s headline features can be seen below, with these comprising the core functionality of the application for the first version and public release.
- Spend cryptocurrencies anywhere
PayBX users can spend their crypto anywhere, both online and in-person, using regular bank-issued debit and credit cards. Merchants don’t need to be onboarded into PayBX or other crypto merchant infrastructure to accept the payment, nor do they even need to know about crypto at all. Merchants receive FIAT, like always, and you get to pay in crypto.
- Utilize multiple cryptocurrencies
PayBX supports a multitude of cryptocurrencies, including the likes of BTC, ETH, and stablecoins such as DAI, USDC, BUSD and USDT. PayBX also supports several DeFi tokens such as UNI, LINK, COMP, YFI and AVAX.
- Purchase and sell crypto with FIAT
PayBX users can leverage FIAT currencies such as EUR, GBP, CHF, DKK, PLN and many more options to purchase cryptocurrencies directly within the app using both debit/credit card and ACH payments. Users can also sell crypto and withdraw FIAT into their bank accounts. All of this is offered with competitive fees, providing a simple and reliable on-ramp and off-ramp for crypto.
- Swap between cryptocurrencies
PayBX users can also leverage crypto-to-crypto swapping functionality, enabling the seamless and instant exchange of one crypto asset into another with minimal fees. Users can swap from BTC to LINK, ETH to AVAX, etcetera. Any of the assets supported by the application can be swapped between.
- Earn interest on crypto holdings
PayBX integrates with a major CeFi player to offer interest to its users on their crypto holdings, with the safety of assets backed by our partner’s surety bonds. Users holding BTC, ETH and major stablecoins are able to earn competitive APY on their assets, paid out directly within the wallet and compounding their balance.
- Stake AXPR for in-app benefits
AXPR, aXpire’s native token, can be staked within the PayBX app to provide benefits such as increased interest rates (APY), discounted fees on crypto purchases and swaps, and increased win chance in PayBX’s in-app weekly prize draws for all users of the application.
After the initial release of PayBX, we plan to iterate and improve on the features offered within the application. Below you’ll be able to see some of the future planned features.
We plan to offer PayBX users the ability to leverage leading decentralized finance (DeFi) protocols to earn interest on their holdings. This will be offered in a “managed services” way, wherein users don’t need to deal with the complexity of DeFi and can instead let PayBX deposit the assets on their behalf for as high as 15–18% interest rates on USD-pegged stablecoins. Users will be able to put their assets to work in DeFi through a few taps within the app, with zero gas fees due if locking in the assets for set periods of time.
- Merchant infrastructure
Merchants will later be able to leverage PayBX as their crypto payments acceptance infrastructure, easily accepting online and point of sale payments in cryptocurrencies that are either a) kept in crypto, or b) converted into FIAT and deposited into the merchants’ bank accounts.
- Web application
PayBX will eventually also be available through web application, accessible on any computer while using mainstream browsers such as Chrome, Brave, Safari, Edge, Opera and others built in similar frameworks.
- OTC interface
As a company, aXpire interacts with major financial institutions and HNWIs. In the future, after the release of web application functionality, we plan to build out an OTC gateway and interface enabling institutions, corporations and HNWIs to purchase crypto and earn interest on their holdings with competitive fees and minimum slippage relative to value transacted, offered through OTC partners. There is no better way for wealthy individuals or cash-flush entities to put their money to work than with crypto, and we plan to offer our “managed services” approach to DeFi through this OTC interface as well, focusing on stable and high TVL DeFi platforms and offering potential APY that dwarfs TradFi alternatives.
- And more to come
Stay tuned as we release more insight into the future features of PayBX.
PayBX development is nearing completion, with the end of Q3 (i.e. September) as its scheduled release date. On the regulatory side of things for PayBX, we’re still in the trenches and working to make sure we’re doing everything the right way. It’s become clear that we’ll only launch in Europe to begin, and not the US, considering recent regulatory news and the general complexity associated with different state laws etcetera. Our goal is to launch PayBX globally eventually, with potential geo-locking of certain features (e.g. AXPR staking) depending on regulations in different jurisdictions. The regulatory side of things is not yet completed but we’re working hard to finalize.
Soon, you’ll be able to see screenshots and sneak peeks of the app. We encountered some hiccups on the UI/UX side of PayBX as our hiring progress was slow in getting a dedicated product designer for the PayBX team, but that’s now been resolved and we’re in the process of onboarding this new resource, as well as designing and coding the front-end of the application, with the back-end having progressed nicely through its development from the get-go and now nearing its completion.
As for PayBX marketing, we’re onboarding internal resources to the B2C marketing team for both the AXPR side of things as well as PayBX, and will also likely be working with a leading Belgian marketing firm specializing in paid ads and user acquisition. The entire brand identity of PayBX has also been reworked and will be shared shortly, with an initial sneak peek into the new color scheme of the rebrand already shared on the aXpire twitter account — more on this shortly.
All in all, things are progressing nicely and at a rapid pace. We’ll share the confirmed release date as soon as possible, with the regulatory process currently presenting the largest undertaking to work through and finalize.
aXpire is an off-shoot of the LegalTech company LSG, with a history of having worked with the likes of Coca-Cola, Nike, Intel, IBM, and other global brands. Founded in 2017, the company offers B2B cloud-based FinTech software solutions and counts a top 10 global hedge fund by AUM amongst its clients. In 2021, the company has launched a further two B2B solutions and plans to release its B2C cryptocurrency payments app, PayBX, by Q3 of this year.