CrossFi Nabs Key Web3 Payment Patents—Global Finance Braces for Disruption
Another blockchain firm just stacked its IP war chest—this time targeting the holy grail of crypto adoption: payments. CrossFi’s newly secured patents could finally crack the code for frictionless Web3 transactions. TradFi banks, consider this your wake-up call.
The filings cover everything from cross-chain settlement to fraud-proof smart contracts—basically duct-taping DeFi’s leaks before mainstream users notice. No more ’wait, why is my coffee purchase taking 20 minutes?’
Of course, Wall Street will dismiss this until their quarterly reports start bleeding clients. Nothing motivates innovation like the smell of lost revenue—just ask Blockbuster’s ghost.
Cementing Innovations For The Long Term
The patents are a step forward for the team, as Mamasidikov shared, covering CrossFi’s foundational proprietary technologies. The patents will help protect the company’s intellectual property, including the eponymous banking app, its infrastructure that seamlessly blends DeFi and TradFi systems, the blockchain-based FastPayments system, the decentralized exchange protocol MPX (Multi-Purpose Exchange), and the xAssets tokenization platform for real-world and synthetic assets.
This will ensure the security of CrossFi’s innovations from infringement, preventing unauthorized imitation or replication in multiple major markets. Notwithstanding, the patents also give the company a leg up in its quest to become the thought leader in Web3 payments and DeFi.
As well as protecting its intellectual property with patents, CrossFi has secured 70-year design registrations for its user interfaces. The registrations help cement CrossFi’s competitive advantage in the web3 fintech space. The global recognition validates the originality of CrossFi’s innovations and positions the company as a leader in digital finance.
Mamasidikov also believes securing the patents and design registrations will kick-start the journey towards CrossFi becoming a publicly-traded company.
“While a formal valuation is still ahead of us, this is a defining step on our path toward a future IPO. I’m incredibly proud of what we’ve achieved and inspired by what lies ahead,” he shared.
Building For Next Generation DApps
The design registrations will help secure several IP elements for the next 70 years, including CrossFi’s user interface designs encompassing its website, mobile app, console dashboard, and blockchain scan tools. As CrossFi builds for the next generation of DApps, the design registration will help fortify the brand’s distinctive user experience and visual identity into the future.
Moreover, the company has also secured and registered several trademarks to ensure exclusive rights to the brand and consistency across all markets, covering Cross Finance, CrossFi, CrossFi Chain, XFI, XFI Scan, XFI Console, MPX, CrossFi xAssets, and CrossFi xAPP.
The CrossFi team believes the latest developments will help solidify its goal of bringing financial freedom through combining the efficiency and convenience of TradFi with the transparency and security of Web3.
In the future, CrossFi targets to support purchases at over 100 million merchants globally. This follows the recent growth of its user base to 1 million+ users and the launch of its Layer-1, EVM-compatible mainnet last year. It will offer a scalable global payment network that combines the security and transparency of blockchain with the stability and user experience of traditional finance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
