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Singapore’s X Infinity Raises Money to Create Crypto Wallet

The Singapore-based fintech firm, X Infinity declared that it would able to raise more money from the private placement than it has initially targeted. The company indicated that the money raised would be used to create a crypto wallet to supporting transactions involving virtual currencies. The amount raised is significant and comes at a time when the cryptocurrency market is struggling to find its direction in the absence of clarity from regulators.

Separate Wallets

Interestingly, there is a growing habit of traders and investors preferring to keep their digital coins in different wallets. There is also a need for specialized wallets for various types of virtual assets that were created with the specific purpose of handling those crypto coins. After the wallets, the next concern for investors and traders is the speed, which is a significant factor for several reasons. This has made X Inifity CEO, Eddie Chong, to observe that Investors are finding it difficult to use several of their digital coins.

That is mainly due to the lengthy process of time for transactions, according to a report in btcmanager.com. Therefore, he believes that solution lies in storing all cryptocurrencies in a single wallet. This would allow the user to save considerable time and energy of moving from one to another wallet. Aside from that, the company is meant to execute speedy transactions. That would mean it would take only a few seconds for transactions to go through. This is in contrast to about 78 minutes being taken for a bitcoin transaction.

As far as Ethereum is concerned, the transaction takes about six minutes through its CEO indicated during the launch that it would take a second on its platform. The advantage is that transaction speeds enable more transactions to happen per second. For instance, bitcoin manage to handle seven transactions whereas Ethereum could handle a maximum of 26 transactions a second. On the other hand, PayPal manages 193 transactions a second while Mastercard and Visa are venturing into thousands.

That leaves enough space for X Infinity to explore the opportunities with its uniqueness. The company has the potential to be the preferred wallet for most of the investors and traders due to its uniqueness. The main advantage that the unified wallet will have is that as the transactions could go through in second, users could use any digital coins to perform instant exchanges across the globe.

Access Funds

In a nutshell, this would mean that users could have the same experience as that of fiat money while making transactions. As far as merchants are concerned, they would enjoy the unified wallet gains. For the beginners, they will be provided with the capability to gain access to funds on an instant basis.

Moreover, merchants will be offered with lower costs apart from offering better than ATM-kind of security. Though the wallet is functional already, currently it supports only bitcoin and ether for sending receiving them. The company indicated that the app could be used to acquire XIF coin too, which is its native coin. Since the startup firm has raised more than targeted level, support for additional digital currencies could be expected in the upcoming months.

About the author

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Gareth Jenkinson

Gareth Jenkinson is a journalist and radio presenter based in Durban, South Africa. When he’s not talking about sport on the airwaves - he’s got his eye on the Cryptocurrency market.

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