Fiat Gateway Defexa Makes an U-turn to Become World’s First Memecoin Bank

Fiat Gateway Defexa Makes an U-turn to Become World’s First Memecoin Bank

Following the recent memecoin frenzy, fiat & crypto ecosystem Defexa announced on its X page that it has reimagined its B2C unit, and now wants to bridge the farthest parts of TradFi and DeFi. Starting today, the team behind the project will develop its crypto wallet as a full-circle memecoin bank.

What was Defexa

The main product of the brand is a B2B fiat and crypto payment platform, allowing merchants to accept, exchange, manage, and transfer money using multiple payment systems and cryptocurrencies. The tools include card processing, payment links, recurring payments, omnichannel payouts, and local payment methods.

The platform is proud of its increased acceptance, global accessibility, fast transactions, low fees, enhanced security, and increased customer privacy. It serves a wide range of businesses such as e-sports, e-commerce, tourism, dating, and freelance.

The B2C unit consists of a mobile crypto wallet and a decentralized exchange, supporting several tokens on Arbitrum in beta.

Key features & plans

Non-custodial

The mobile crypto wallet app is completely non-custodial and allows you to buy, store, send, swap, and sell hundreds of popular assets on major blockchains. The team has recently listed 50+ memecoins and plans to make all fungible and non-fungible tokens on all EVM and the most popular non-EVM networks available.

Audited

The safety and privacy of customers’ funds are guaranteed by the company’s own in-house security department. The most critical parts of the wallet were developed with the help of Decurity, a full-stack web3 security services company delivered by top-tier ethical hackers. The gateway and DEX have been audited by Hexens, a cybersecurity provider with an essential focus on blockchain. On top of that, Defexa’s apps are taking part in Hexens’ bug bounty program and being audited by various researchers 24/7.

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Licenced

Defexa brand belongs to a Canada-registered company with a Money Services Business (MSB) license. To expand globally, the team has acquired a UK company, authorized as an Electronic Money Institution (EMI), some licensed EU companies, and several companies in Hong Kong. Latin America is covered by a Brazilian company, which is licensed as a Payment Institution (PI), and a local legal entity in Mexico.

Cards

The mentioned above UK EMI company is a principal member of Mastercard, and is also in the process of obtaining SWIFT membership —  these features allow offering a full spectrum of banking services, including IBAN accounts, debit, and credit cards. Issuing the first batch of cards with memecoin designs is planned for Q4 2024. The waitlist and card design gallery will become available in the coming app releases.

Token

The next product announced in the thread is Defexa’s own loyalty token, designed to engage, incentivize, and GameFi customer journey. The team plans to establish a point system which will grant users for activities within the app. 

SocialFi

Another big area that has attracted the company’s attention is decentralized messengers and social networks. In the upcoming release  Defexa plans to utilize Extensible Message Transport Protocol (XMTP), that makes secure chats and channels accessible right in the wallet, and brings alerts and shilling closer to memecoins.

Following the progress

Putting all of the above together, the company aims to create a super-app that combines the best solutions from TradFi, DeFi, and SocialFi to make your memecoin experience smooth across the globe. The team is currently working on the new website which will bring more details to light. As of now, you can download an app for Android or iOS, and stay tuned to the announcements on Defexa’s social media.

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