PDX Coin has announced that it is developing an international virtual banking platform for the crypto-economy that will provide retail crypto-to-fiat payment capability.
As mentioned in a release, the high-speed, bank-friendly payment platform aims to offer “a modern alternative to the traditional 70-year-old bank payments system that has hit merchants with high fees, long float times and fraud risk.”
The update also noted that PDX Coin is offering the “first pre-sale of its native currency token through the P2PB2B.io cryptocurrency exchange.” The first exchange-led token sale will “take place Dec. 1-14, 2021,” the announcement revealed.
The PDX Coin payments processing architecture is completely new and the app will “allow all major cryptocurrencies to become instantly liquid and spendable in tens of millions of locations around the world; speeding up the opening of the crypto economy to institutions, merchants and other ecosystem partners worldwide,” the update confirmed.
The user-friendly app will enable everyday purchases “using all major cryptocurrencies. PDX is targeting at least 250 million downloads globally by the end of the decade as crypto mass adoption continues to grow,” the update revealed.
Shane Rodgers, CEO, PDX Coin and its Singapore-based parent, PDX Global Pte. Ltd.
“We are not 20-somethings in hoodies coding in back rooms. We are a highly experienced group of financial executives intent on establishing a well-financed crypto-to-fiat payments and digital banking platform where the digital tokens are also partly backed by physical assets. It is time to finally use cryptocurrency and the blockchain to disrupt the old global banking establishment and offer an entirely new global banking capability that’s fully-inclusive and open to all.”
“As we move forward, we have hope that the U.S. government especially will provide a regulatory infrastructure to rein in the ‘wild west’ and encourage sustained growth so that platforms like ours can manage seamless and frictionless, secure, low-cost transactions.”
For retail users PDX will provide a crypto and blockchain-powered wallet to invest, store, spend, earn, lend, borrow, and be paid in cryptocurrency.
In contrast to PDX, most other crypto-based payment efforts are crypto wallets that “rely on legacy financial infrastructure,” the announcement noted.
Although the current system squeezes store owners with high fees from multiple banks and other middlemen, PDX Coin is “a nearly instant peer-to-peer (P2P) network with no fees going to middlemen.” Merchants will also “benefit from the addition of instant money transfer in their preferred fiat currency, with no float times,” the update noted.
As stated in the release:
“With its full-service digital banking capability and advanced trading and custody technology, PDX will also provide a one-stop shop for hedge funds, money managers, corporations, and individuals to access the crypto markets.”
The payments app will also be “well-suited to disrupt the $700+billion global foreign-worker remittances market,” the announcement added.
World Bank data reveals that, since 2009, international cross-border payments have “increased by more than 60 percent.”
PDX Coin claims that the legacy cross-border payments system has “made essentially zero progress and no real improvement in technology, speed, costs and fees, service quality and offerings.” International money transfer companies “charge as much as 7-11% to the very people who can least afford it,” the company noted.
Using the blockchain and decentralized finance (DeFi), PDX is “completely sidestepping cumbersome and expensive legacy payment systems,” the company claims.
“We will unleash the untapped buying power of top cryptocurrencies for the retail and remittance industries. We believe that the best way for global commerce to become more efficient and accessible is by making cryptocurrency spendable everywhere. Crypto global population penetration in mid-2021 is only around 3%, but we anticipate a rise to 15-20% by the end of the decade driven by utility, ease of use, increased merchant adoption, and growing infrastructure, as well as new products and services.”
PDX said it would be starting the development of a new, fully decentralized and autonomous blockchain protocol called “Siberia” that will “offer ultra high speed, low cost, and high transaction capacity with up to one million transactions per second.”
The Siberia blockchain protocol will eliminate gas fees from blockchain platforms such as Ethereum. Upon completion, PDX will “migrate off the Ethereum blockchain and onto Siberia.” Siberia coins will be “distributed as a dividend to all PDX Coin wallets,” the update noted.