The DeFi industry has received yet another boost from FixedFloat. The fully automated digital exchange is not only offering a quick turnaround time on transactions but also offers users a hassle-free trading experience through its optional registration and KYC (Know Your Customer) features.
Put differently, users can exchange their assets without verifying their identity. Instead, a unique QR code is used to transact. The innovation was launched to help solve the age-old friction between the crypto community, the regulator, and exchanges that demand identity verification (KYC) upon sign-up.
Although KYC procedures can benefit both the user and the service provider, they’ve also been sources of frequent friction between the mentioned parties. In worst-case scenarios, mandatory identity verification has been said to deter first-time clients.
As the spokesperson explained, FixedFloat offers a different experience, “While creating an account is fairly easy, our advantage is that we do not require our users to undergo mandatory registration on FreeFloat. They can simply go to our portal and immediately make an exchange without additional actions.” Rightly so, the platform makes it easy for anyone to enter the crypto market, besides offering high levels of privacy to its community.
User data security is also assured while, at the same time, it’s possible to track previous transactions. Other perks include outrageously low transaction costs. FixedFloat charges just $1 on both fixed and float exchange rates. Plus, lightning-speed settlements are assured since the exchange is entirely automated.
However, FixedFloat is non-custodial; therefore, users can’t store their coins in it. Nonetheless, it allows sending coins from hot wallets and saving on withdrawal fees for small transactions.
Founded by a group of blockchain enthusiasts, FixedFloat is a digital exchange offering quick turnaround on crypto transactions without requesting identity verification or what’s popularly known as Know Your Customer (KYC) procedures.
Instead, users scan a unique QR code whenever transacting. As a result, even new users can register, invest or trade cryptocurrencies without verifying their identities.