LetsExchange, the instant crypto exchange supporting the largest number of cryptocurrencies in the market, and RBX, a novel ecosystem of DeFi 2.0 DApps, utilities, and protocols, held a joint AMA (Ask Me Anything) session on Twitter on July 18, 2023. Participants were excited to have the opportunity to know these companies better. Below, we summarize the questions from team members and users.
Question from RBX: Please, tell us a little bit about your team and how this company started.
Answer: LetsExchange was launched in March 2021, and in just one year, the service has become one of the top-5 services that provide crypto swaps. Further, we have expanded the range of features, launched several B2B solutions, added buying and selling crypto for fiat, and established cooperation with numerous partners and affiliates. Now, our users can swap over 3,900 coins and tokens without registration and buy or sell crypto for over 190 fiat currencies in a safe environment. Among partners who have already appreciated the quality of LetsExchange toolkits are Trezor, Edge, Trustee, SwapSpace, SwapZone, Nano, ARK, Beldex, Telos, and many others.
Question from LetsExchange: Your project is quite unique; there are not so many competitors in the market, at least for now. How did you come up with the idea of offering such products to DeFi?
Answer: RBX goal has been since its inception to build and provide user friendly one stop shop for DeFi traders. This has required a long path of development, testing and releasing the range of products that we have today. Our priority is DeFi adoption so all our product range is widgetized for any project to integrate easily and seamlessly into any website.
Our latest product, Skipshift is the one that is getting most attention. A truly groundbreaking product. A decentralized P2P on and off ramp, any payment method, any currency, all in a decentralized and private manner. Users can move from fiat to crypto and vice versa without the need of a centralized entity and without the need of KYC. Users can also earn income by providing liquidity with their fiat or crypto and generate revenue from the spread on each trade.
Our main product has been our Multi chain DEX. It can trade across 20+ chains, limit orders, cross swaps, faster quotes, auto slippage and many other features. Our proprietary Teleswap router gathers prices from over 300+ DEXes to offer the best price for your trades. No need to go to different DEXes to trade on different chains. All in one place.
Question from RBX: Where is your company from?
Answer: Our company is registered in Seychelles, and our team members are from all parts of the world, such as the USA, the UK, Mexico, Ukraine, and others. Thus we've gathered the best experts in the industry.
Question from LetsExchange: So, your product is aimed at improving the existing DeFi ecosystems. Why have you selected DeFi as your target and not, say exchanges, or other similar ecosystems?
Answer: Even in the crypto space, centralization enables malintent. As we have seen with the failure of FTX - misuse of customer funds, behaving recklessly and selling consumer data - there is an inherent risk to the customer.
So, from our perspective, given the troubles that some centralized entities have been exposing over the last few years, the increasing regulatory pressure and KYC requirements, it has become evident to us that DeFi provides transparency and fairness into finance while maintaining the privacy that users need.
Question from RBX: What products and services does LetsExchange offer? Any new products or services to be launched anytime soon?
Answer: For now, we offer 3,900 coins and tokens available for swaps, including cross-chain swaps, on- and off-ramp of 190+ cryptocurrencies with 40+ fiat currencies, and a DEX for those who prefer decentralized swaps.
We also have a wide range of B2B solutions for crypto processing. Our partners and affiliates can benefit from an API for developers, exchange widgets and buttons, a branded Telegram bot, white-label solutions, and referral links. All these solutions are fully customizable to match brand and business needs.
For 2023, we plan a series of platform upgrades, including redesigning our website, adding new liquidity and fiat providers and so on. We also plan to launch a custodial and a non-custodial wallets, to add new trending coins, and in general, to respond to our users’ needs in a fast and efficient way to ensure they get from our service all that they need.
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Question from LetsExchange: Do you have a liquidity pool to enable seamless swaps for those who integrate your products or you offer merely technical solutions, and the companies have to count on their own resources to make it all work as expected?
Answer: Our DEX works as an aggregator, gathering prices from over 300+ to offer traders the best prices. Trades go through our proprietary Teleswap router so we ensure the fastest quotes and best prices.
Skipshift, our decentralized P2P ramp liquidity model, is supported by users providing liquidity from their fiat or crypto assets and earning revenue by doing so. This unique solution eliminates any point of censorship or failure as it is also permissionless.
Question from RBX: What are LetsExchange.io goals?
Answer: Our main goal is to maintain leadership among other instant crypto exchange services and to expand the range of services offered by our platform to enable our community and partners to cover all their needs when it comes to crypto.
Question from LetsExchange: Now, there is a question about on/off-ramp. You claim there is no KYC needed to buy crypto with fiat or fiat with crypto. What is the process and how does it work?
Answer: Skipshift is an end-to-end P2P trading system, allowing on/off ramp without using a CEX. No KYC required, full autonomy over your trading. It is no exaggeration to say this represents a paradigm shift in the Web3 Space. Any currency, in a totally decentralized and private fashion.
Unlike other ramp solutions that rely on a centralized source of liquidity, SkipShift’s decentralized liquidity model eliminates any central point of failure or censorship. It’s also permissionless, enabling anyone to earn yield by providing liquidity. Most importantly, this yield is derived solely from the price spread on trades, which is essentially a bid/ask between market and ramp prices. This approach allows liquidity providers to earn yield on both their fiat and digital assets, a first in the industry. It basically gives liquidity providers the chance to earn yield with risk free returns.
A key feature is that users don’t need to disclose any KYC as they’re transacting directly with a private counterparty. The protocol automates all aspects of the process, including secure trustless escrows for both sides of a trade.
Despite the automation, there is an optional encrypted chat available if a user needs to communicate directly with a provider (or vice versa). All messages are end-to-end encrypted and handled in a decentralized manner; by using the XMTP protocol, users communicate directly using just their wallet addresses.
The Skipshift widget is available to anyone. Totally free - we’re all about adoption.
Question from RBX: What would you say are LetsExchange's biggest challenges and best advantages?
Answer: The main advantages are safety, security, attention to users, and the range of services offered, including the biggest number of supported coins and tokens (over 3,900 as of now) across the entire market.
The main challenges are relatively low crypto adoption, uncertainty with the crypto regulation, and high competition. However, we follow all the market and regulatory updates and consider the needs and wishes of our users to move on with further development and implement the features that our community expects to see.
Question from LetsExchange: You claim that your solutions are “uncensored”, and “decentralized”. Do you bear any responsibility for the solutions offered by you to other companies?
Answer: Absolutely none, but we do the right thing and build good reliable products, offer tech support 24/7 to all users of our products. The positive experience that our users, partners and clients have with our products and services is what has made us grow into a company that has built many long lasting trustworthy business relationships.
Question from RBX: How does your company approach the current crypto environment with CEX, being targeted showcasing the need and growth of DeFi?
Answer: All crypto operations shall be performed in a safe environment, and the protection of users’ funds and privacy shall be the main priority, no matter whether it is a centralized exchange, a DEX, or an instant exchange service like our platform.
DeFi has great perspectives, but we shall admit that for now, the industry is still very young, the security is low, and thus, the sector attracts many malicious players. Once proper regulation is in place and all the needed security measures are developed and implemented, DeFi may change the financial world. However, CEX plays a crucial role in the crypto industry, and for now, we don’t see how (and why) it can be changed.
Question from LetsExchange: Could you please elaborate on the Forge product? Is it for purely internal purposes or it can be used by your partners in one or another way?
Answer: Forge is where our development team goes beyond current available solutions in the web3 space to test and trial innovative products in DeFi. This is used for internal development but partnerships arise and evolve into developing unique solutions that go beyond of what’s currently available in the DeFi space.
Question from RBX: Given the difficulties to bring trustworthiness and new investors into crypto. How does LetsExchange approach this problem?
Answer: We are always transparent with our users. In our exchange widget, one can track the swap status at each step of exchanging coins. After the operation is completed, a user can download a receipt with all the details. Customer support is available 24/7 to reply to any questions and solve the issues that may arise. The platform has a very high rating on TrustPilot, which also tells a lot.
We would say that building trust is not a problem for us but the result of the hard and diligent work that we do every day.
Question from LetsExchange: How do you ensure the safety of all your solutions? Are there any audits performed?
Answer: At RBX we take very seriously the safety and reliability of our products. Before any product is released it goes through a long process of testing. Starting from the development team, to internal team, to beta testing and community. After a certain period of time we can ensure bugs are cleared out and the product is ready to be released for public use.
We provide a tech support channel on Telegram available 24/7 for anyone that has any problem. Our support team is there to help out when using any of our products. No other DEX offers this.
We also in certain occasions provide additional safety by audits; this has been applied for our staking widget for partners and clients.
Providing reliable and safe DeFi products is where reputation is built for us, this means everything in DeFi, and it comes from our clients and partners. The satisfaction of our clients and partners when integrating our products and the reliability of them for extended periods of time is what we are most proud of and helps us to grow and build trust with our brand.
How many protocols and projects have been audited and later on they have been hacked? Quite a few of them.
In RBX we work really hard to bring trustworthiness into DeFi and this is only achieved when you offer reliable and safe products that clients are happy to integrate and use for extended periods of time.
Question from RBX: In what position do you want your company to be in once the next bullrun arrives?
Answer: We are planning to maintain leadership in the number of crypto assets supported. This is our core advantage compared to similar services. And the next bull run, we expect people and investors looking for assets beyond the top 100 on CMC.
Question from LetsExchange: How do you monetize your solutions?
Answer: As we widgetize our products for clients and partners to integrate, a passive income can be achieved by doing this. As an example, any project that integrates our DEX widget can set up the percentage fee they will be earning from all trades done inside their widget. So from that point onward, they will be earning a passive income from all trades done on their DEX. Inside RBXdefi.co, you can create your own widget and just paste the code in your site.
https://rbxdefi.com/integrate
Question from LetsExchange: How did the project survive the crypto winter?
Answer: Crypto winter has not been easy for anyone, especially in DeFi. At RBX we work really hard on making reliable products. This has paid off as customers, clients and partners come to us for reliable solutions that we can help out with.
Question from LetsExchange: What do you think the future of DeFi is in the further development of Web3 and the crypto market?
Answer: From our perspective, bridges must be built between TradFi and DeFi in a decentralized manner. DeFi must provide friendly UX to onboard mainstream users. Easy access, friendly interfaces, reliability, and security will help increase its adoption. RBX keeps building tools and products targeting these goals.
Given the failure of several centralized exchanges, increased regulatory pressure and restrictions, inflationary pressure and KYC requirements, decentralized finance is heading into the spotlight as a solution to solve these problems.
Question from Twitter user: Can an individual use your products? Or are they aimed at companies only?
Answer: LetsExchange has products for users - Swap of 3,900+ crypto assets, DEX, fiat on- & off-ramp (190+crypto and 40+ fiat), and affiliate tools
What about you @RBXtoken?
Users, users and users. Our DEX is designed with users in mind. Lightning fast cross chain, simply the best DEX you will ever use. An integration with @CryptoLink_Tech makes it even better. Skipshift let’s users on and off ramp crypto->fiat and vice versa in the easiest way.
Question from Twitter user: The DeFi sector is in decline, and with the imposing of regulation, its future is dubious. Do you have any backup plans in case DeFi is banned or collapses as an industry?
Answer: No one can ban DeDi. True decentralization will be around forever. DeFi will grow as more and more people realize centralization brings malintent.
Question from Twitter user: Any reasons why one should invest in your token? What utility does it provide? How can it be used at all?
Answer: RBX token is the gateway token for Skipshift our P2P on/off ramp. As volumes rise, and we seek and destroy centralized exchanges…the price will rise considerably.
That, and a proven track record of delivery
We are the postmen of DeFi. We deliver.