We took some time to interview the Changex team to get an inside scoop into what they have been working on and how they are developing an innovative personal finance management app,
What is Changex and what does it hope to accomplish for Web3?
Changex is an innovative personal finance management app that aims to put users in control of their finances and enable them to earn passive income from DeFi. Crypto can be very unforgiving to newcomers. There are no reassurances, especially if centralization is involved – just look at FTX and what followed. We started Changex because we want to offer users a better, faster, more simple experience with crypto. This is why we’re creating a non-custodial, multi-chain, DeFi wallet with integrated mobile banking and DeFi earning tools: everything needed for financial independence in one place, but on simple terms. Self-custody provides safety, while TradFi offers unprecedented freedom of choice for crypto. We believe this is the way to crypto mass adoption – functionality and safety in a single app.
What are the differentiating features of Changex and how does it differ from other projects with a similar mission?
Almost all projects that offer hybrid DeFi-banking tend to be centralized, while Changex remains decentralized – we have no control over users’ wallets, their assets, or their data. Even leveraged staking – another unique offering – and lending are designed to be exclusively P2P. At the same time we will have full-fledged mobile banking in the wallet, so it’s a very unusual combination.
Another differentiating feature is our Changex Crypto Debit Card, which is expected in Q2/Q3 2023, and can switch between using fiat or crypto with a single click in the app. To our knowledge no debit card allows such seamless choice of usable assets.
For non-crypto natives, what does Changex plan to bring to the user experience of crypto, and what will be its main applications?
Changex was built with non-crypto native users in mind. To them, we will offer access to DeFi on simple terms – explainers, simplified flows, and constant tips will serve to guide them in the app, so they can easily make the most of their money. Our crypto-friendly banking is designed specially to interact with the new decentralized economy and it will offer users a highly-intuitive entry into crypto. We are also working on a dedicated educational platform, where DeFi and crypto will be transformed into an understandable concept.
Can you introduce your team to the readers? What relevant experience do they have and what projects have inspired them in their designs?
Our C-level managers are rooted in crypto, fintech, blockchain, and TradFi, so we’ve got all bases covered. Changex CTO Martin Kuvandzhiev was one of the core developers of the Bitcoin Gold hard fork, and is highly experienced in all things blockchain. We then have CHANGE tokenomics architect Nikola Alexandrov, who is also a co-creator of HydraChain’s unique economy. My experience is in finance and IT. I have an MSc in Finance and together with Gary Guerassimov, who is a business development and management expert, we founded Changex in 2022. But we couldn’t have done it without our COO Petya Nankova and her experience in VC, M&A, and FX. It’s a long list of devoted and talented people.
How did you achieve your funding requirements? Was it from an exclusive token sale or private funding? When was it?
Our Initial Coin Offering took place between March and July of 2022, and thanks to a strong and dedicated community we managed to secure funding for the next 18-24 months of development. We had no private sale exactly because we believe access to crypto and DeFi should be equally available to all.
What parts of the Changex roadmap is the team most excited for?
We really can’t wait to get our banking-as-a-service license and start rolling out the debit cards. This will be a massive milestone for Changex and our community, as it will allow them to spend their fiat and crypto assets however and wherever they want, and that’s what we’re after – financial freedom for all.
Where do you see Changex in 5 years? What does it look like when Changex is mass-adopted?
When we look ahead we like to imagine our users and how Changex has helped them take control of their financial wellbeing. So if we really had to peek into the future, then we would like to see Changex as the go-to personal finance mobile app for users of all backgrounds, who use it to manage and grow their wealth in the most simple, yet effective, way.
How does the Changex architecture differ from other blockchains? Why was this approach chosen?
Changex doesn’t have its own blockchain, rather the CHANGE token was built on the HydraChain, which is unique in its own right. Anyone can become a full node, for example. HydraChain offers the same stable staking income to all stakers, 100% burn of transaction fees, and fixed gas fees. All of these attributes contributed to us choosing HydraChain as the place to build CHANGE on. But CHANGE is a multi-chain token, however, and there is an ERC20 version that is traded on UniSwap. CHANGE will also be available on Binance Smart Chain and other chains.
What is the primary use case of the CHANGE token?
CHANGE holders will be eligible for different perks and benefits for the CeFi functionalities of Changex (IBAN, crypto debit card, crypto-fiat trading, savings product) such as better rates, higher cashbacks, higher APR, etc. CHANGE is deflationary and a buy-and-burn mechanism will be used to reduce its supply, thus increasing the price. This will happen with every crypto-to-crypto and fiat-to-crypto transaction in Changex.
Why should users stake CHANGE and what benefits should they expect outside of normal staking rewards?
When a user stakes a POS token in Changex, the asset pays out rewards like it normally would, but it also pays out additional rewards in CHANGE. This is possible thanks to commissions that are applied to all staking pools in Changex, and every such commission is used to buy CHANGE and automatically distribute it to CHANGE stakers, effectively raising the CHANGE staking APY. These rewards also stack. A user not only receives rewards for his staked asset, but also boosts the APY for his staked CHANGE. So the more assets are staked, the higher the CHANGE rewards are. There will also be various benefits for staking more CHANGE.
Why did Changex focus on mobile development and adoption?
We want to put personal finance into a user’s pocket. That way everyone can stay in touch with their money and investments, allowing them to make decisions on the go and, moreover, always use them via the Changex Crypto Debit Card. The mobile app will be used to pick which token the card uses, so if you’re low on USDT for spending, you might want to switch to some other asset. This wouldn’t be possible with a desktop application.
Do you believe most dApps will trend towards mobile applications instead of desktop users?
I think this is quite likely, yes. Crypto and DeFi will enter real life more and more, and you need an interface to interact with them. There is probably nothing more convenient than having your bank and your gateway to the blockchain inside your pocket.
Are there any exciting updates, announcements, or partnerships coming up in the immediate future that you can disclose today?
Staking for more PoS tokens will be coming in the next months, but I still can’t reveal any names. By the end of March we will introduce wallet-wide fiat purchases for all tokens, and integrate three new blockchains to the wallet. Banking is expected by the end of Q2, and so is the Crypto Debit Card, and this is huge in terms of functionality and use cases. Leveraged Staking should also be online by the end of Q2. It will be a very busy period, but extremely rewarding.
Where is the best place for the community to interact with you?
We’re online round-the-clock in the official Changex Telegram group and we have an amazing community over there. They are curious, active, and always asking questions and poking around the project. It’s a great place to get to know Changex and the community is very open to all newcomers.
Why is Staking Rewards the best partner for your project?
Changex is a project that focuses on passive income, which is also what Staking Rewards is about. Staking, along with leveraged staking, is one of our main focuses and reaching out to the Staking Rewards community is one of the best ways to connect with a community of interested and like-minded users, who care about their financial future. Staking Rewards is also the leading data provider when it comes to PoS assets and the ways to stake, so we cannot think of a better place to be than here.