Preview version of f(x)Wallet with new Crypto Bank feature is now available
Function X developers have released two key developments in the month of February.
The first is the preview version of the f(x)Wallet, a blockchain wallet that allows users to own private keys, swap tokens, and use crypto banking services.
The preview version of the f(x)Wallet is set to support Bitcoin mainnet, Ethereum mainnet (and testnet), Function X testnet (and more) making it one of the first wallets to support multiple blockchain networks. In this version, users can perform swaps using the Uniswap feature on the wallet. To swap, it will require gas fee and smart contract fee on the Ethereum network as well.
Of course, users should take note of several things when using the preview version of the f(x)Wallet.
First, this is not a custodial wallet and users own their private keys. Please make sure you back up your wallet, write down the recovery phrases and keep them in a safe place.
While the blockchain transactions are irreversible, users take the full responsibility of their own transactions and should also be careful to transact on Ethereum Mainnet and Kovan Testnet instead of sending real tokens to a testnet network and losing their coins. To switch the network, users can easily tap the “Setting” icon on the platform’s upper right hand side and choosing “Network Configuration”.
The development of f(x) Wallet is inline with our mission to make blockchain technology more accessible to more people. By creating a blockchain wallet with multiple functions, f(x)Wallet facilitates the regular person to transact in digital assets easily. Supporting multiple blockchain networks also adds an extra layer of efficiency we’ve never seen before.
The second development dovetails perfectly with the release of the new Crypto Bank feature, also on the f(x) Wallet.
With Crypto Bank, users can easily get crypto via direct bank transfer, debit card, or Apple Pay. They then have the option of depositing their coins to earn interest from an open-source decentralized platform and delegating their Function X Native Coin to receive a block reward.
How to delegate FX to receive reward
To try the delegate feature to receive block reward, you can get FX Test Coin from the Faucet at Function X.
Please do NOT use your FX tokens (ERC20) to your FX receiving address since the preview version of f(x) Wallet is on Function X testnet.
For instruction, you can visit here to learn more.
Buy crypto via your bank transfer, credit card and Apple Pay
Crypto Bank’s “Buy Crypto” feature is currently powered by Ramp Network, a financial services company supporting over 170 countries and territories from Bhutan to the United States. We continue looking into regulated and low-fee on-ramp channels to integrate with f(x)Wallet to ensures that transactions on Crypto Bank with more fiat support. Ramp Network also provides responsive customer service to assist f(x)Wallet users to solve any issues they may have.
Deposit to earn passive income
Another feature on the Crypto Bank that allows users to earn interest on their deposits is also powered by reliable open-source decentralized finance protocols. In this version, we’ve integrated Aave for the ERC20 token owners. The purpose is to enable users to earn a passive income from the cryptocurrency they own. f(x)Wallet provides simplified interface to make using the decentralized finance services easier.
We’d like to remind you that in this preview version, users should take notes when using the f(x)Wallet preview version.
- Send crypto to username is not available yet. It can only be sent to users’ wallet addresses.
- When sending and receiving Crypto, users need to pay attention to the blockchain network they are going to send as Function X is still in its testnet phase. Also there are Bitcoin mainnet, Ethereum Mainnet and Kovan Testnet. Make sure NOT to send the real tokens to a testnet address. Otherwise, the asset will be lost. To configure the network, tap “Setting” icon on your upper right hand side and choose “Network Configuration”
- FX Coin for staking is using testnet coin. Please do not send your FX token (ERC20) to the FX receiving address on Function X network.
- To perform a swap feature using Uniswap, there will be an approval fee and the swap fee to settle on the Ethereum network.
- Buying crypto with Ramp Network may not accessible for users in some countries. We are working on improving API with Ramp Network.
If you encounter any issues, please feel free to request a support ticket at https://support.functionx.io/hc/en-us/requests/new.
The launch of f(x) Wallet and the new Crypto Bank feature set the tone for other Function X developments coming in 2021. This is all just the beginning and we are seeing the start of an era where blockchain technology finally reaches the mainstream.