By Jeremy

Xanpool, the world’s first automated peer to peer crypto to local currency (fiat) platform, has created a Suggestion. The company executes and settles transactions without taking custody of customer’s funds. Their service provides a much-needed fiat gateway into the Elastos ecosystem.

The goal of the team will be to integrate ELA into Xanpool, test and audit ELA functionalities on the platform, and provide continuous ELA support for an increasing amount of countries and payment methods. The timeline for all these tasks is approximately two months. 

Xanpool’s motivation for this Proposal lies in the opening in the crypto-to-fiat gateway market. The team is in pursuit of bridging local currencies around the world to Elastos’ token. 

The current status quo for most Elastos investors is to purchase USD, send USD to an exchange to purchase BTC, then trade BTC for ELA, and finally send ELA to a private wallet.

With Xanpool, users will be able to onboard and offboard directly using their local currency and payment methods. The Asian market will be targeted first; the rest of the world will follow shortly after.

The implementation plan coincides with what they’ve done with Zilliqa. The Zilliqa-fiat gateway is almost complete and due to go live on September 16th, 2019. The team is confident they can execute on a similar timeline with the Elastos project. 

Incorporating Xanpool’s fiat gateway into Elastos will require a few different resources: one full-time engineer dedicated to writing code, testing, debugging and refactoring; two hours of a UX/UI designer’s time; and an independent security/penetration engineer to conduct security testing in a production environment. 

The team consists of three members. Co-founders Jeffery Liu and Artem Ibragimov both are proficient in building scalable and secure systems. Daniel de Weyer has lots of experience working at SWIFT and will be responsible for building Xanpool’s liquidity network. 

The total integration cost of the Xanpool’s plan will be $24,000 USD. An additional $12,000 will be needed in order to take care of unforeseen maintenance issues.

Fiat-to-crypto gateways are certainly in their infancy stages in the crypto sphere, so it’s good to see progress being made.

If you’d like to support the Xanpool ELA integration project, please like their Suggestion and/or leave a comment.