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Funds withdrawal is now available in USDX Wallet mobile app

Paul Stebbing

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Funds withdrawal is now available in USDX Wallet mobile app
Source: Everest Network

Disclaimer: This a paid post, and should not be treated as news/advice.

USDX Wallet (a blockchain-powered app for quick transfers and with a stablecoin pegged to the U.S. dollar) has announced the fund withdrawal feature right in the app. Before that, USDX Wallet users could change USDX to other currencies only via crypto exchanges. This is a massive step towards cross-border money transfers without any bank account and commission.

USDX Wallet is a mobile transfer solution powered by blockchain technology. It targets crypto holders, allowing individuals to send and receive funds quickly and fee-free. It also covers the needs of an unbanked audience and of those who don’t want to pay commissions within traditional money transfer mobile apps. The USDX Wallet app guarantees multi-level security for all transactions and instant transfers of assets by username, phone number or QR code. The native blockchain used by the USDX Wallet is based on the BitShares protocol and allows 100,000 transactions per second.

The payment system has two cryptocurrencies at its core: USDX token and LHT coin. The USDX token is a stablecoin pegged to the U.S. dollar at a 1:1 ratio via a smart contract. USDX is collateralized by the system’s core cryptocurrency, LHT. The total supply of LHT is 1 billion coins. LHT coins will be released gradually to the market; only 10% of the LHT supply will be issued each year, of which 5% will be freely tradeable and 5% will be locked on the blockchain to provide 200% collateralization.

LHT is listed on ExMarkets, ExRates, Alterdice crypto exchanges. Before users of USDX Wallet could withdraw their money only via exchanges, but now it’s possible to do in the app itself. A user needs to input the amount of LHT he or she wants to exchange to BTC. Then enter the BTC Wallet address, click “Confirm” and fill in the code from SMS for additional confirmation.

USDX Wallet CEO Andrey Peshkov says:

“This is a significant step for us. We want to make money transfers as easy as messaging, helping unbanked audience to transfer their funds easily and fee-free. I hope one day no one will have to wait 3-5 banking days to send money to their friends or family.”

USDX Wallet app is available for free at Google Play and AppStore.

Paul is a software engineer and explored Bitcoin and cryptocurrencies during the early part of 2017. He entered the space by building his own mining rigs. He is currently a full-time member of AMBCrypto US & UK markets and writes about blockchain applications and cryptocurrency. You can email him at [email protected]

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