Press Release
Press Release Dublin, Ireland, 8/29/2022 –. One of the arguments against cryptocurrencies is that “what’s the point of having a currency if you can’t use it?” While many projects are trying to establish the utility of tokens outside of the blockchain world, not many companies are using or accepting them. That is about to change. Fabio, co-founder of
18} Fabio, co-founder of FixxFiFabio, co-founder of FixxFi, had a career in finance and currency trading before taking over the family auto repair business in Turin. He soon discovered that customers were having difficulty paying for their auto repairs. This put pressure on the business as customers began to negotiate prices, payment plans, or not make repairs. Through the repair business, he met his co-founder, Andrew, a serial technology entrepreneur, and FixxFi was born.
Repairs are a necessity of life. It is common for cars and homes to need repairs, but not everyone’s budget can handle such costly events. Repairs can destabilize a household’s cash flow, and research shows that this does not only affect low-income individuals.
There are shortages in current financial products, burdened by outdated and inflexible options. As a result, repairers are often forced to make up the shortfall with discounts or comparable repairs.
Fast forward to today, FixxFi has developed an innovative Fintech platform that provides an embedded financial solution for the independent auto and home repair industry. Financing for unforeseen repairs is done using off-chain and on-chain technology with a quick approval process that occurs immediately at the repair shop.
The FixxFi app provides a seamless experience for both customers and business partners. By partnering with an independent repair business, customers are introduced to the FixxFi app at the point of service. Repair partners can now offer a simple, embedded financing solution to support customers and manage their unexpected expenses. After a quick one-time approval process, customers now have an immediate payment solution.
FixxFi provides customers with a credit line that can be replenished with each payment. This creates a scalable business model, as customers can have a line of credit ready for the next unexpected repair. In addition, companies that partner with FixxFi will have a dedicated customer base that prefers companies that have access to this line of credit. The customer retention system is enhanced by the app’s option to locate and schedule approved repair partners.
A common question is, “Why not use a credit card?” The difficulty is that credit cards only delay payments for a month and are contingent on having available credit and a high credit limit. Customers are looking for alternatives, and with FixxFi, customers can customize their payment options: through a calculator in the FixxFi app, customers select the amount of funds they want to spend and the time period (1-60 months) over which they want to spread their schedule. In this new world of financial competition, traditional methods like credit cards, with their limited payment options, cannot provide the flexibility needed in every scenario.
The strong independent repair sector in the UK and Italy makes these regions the target markets with the highest initial demand.34} Extensive market research using the Ibis World Vehicle Repair and Maintenancein Italy and An extensive market study using the UK report shows that the available market (TAM) for the independent repair market in 2021 is €57.5 billion Fixxfi plans to seize this opportunity and chip away at the problem with the latest technology available.
Built on the Elrond Network, FixxFi offers a native cryptocurrency, theFIXX tokens. This app has the unique ability to put more users on crypto while solving some of the problems of normal life. Customers also receive crypto rewards for paying back on time, discounts for being a holder, and for referring other customers. Partners are rewarded for referrals and receive $FIXX rebates for meeting loan value goals.
The ability to pay bills in crypto is just the first perk in a long line of Fintech options; FixxFi will issue a native corporate stablecoin backed one-to-one by Fiat and FixxFi’s real world utility. This practical application of a stablecoin could set a new precedent. It also answers another main argument for using crypto for payments, since the currency is stable and does not fluctuate with the market. Investors can also participate in the lending market, lending directly to those who want a line of credit or participating in staking and pharming options.
In addition, early investors will be issued NFTs, a modernized version of the traditional dividend; NFTs will be indexed to a percentage of corporate profits, and holders can bet on NFTs to earn more fixed profits.
As solutions like FixxFi come to market, the future of crypto becomes clearer. Alternative financing and lines of credit could be the first step for many businesses and reward programs to look at crypto-related options.
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