Introduction to Chatex Cryptobank

The Simplest Finances in Your Smartphone

12 min readJul 29, 2021
Introduction to Chatex Cryptobank: The Simplest Finances in your smartphone

The cryptocurrency industry offers solutions that completely replace traditional fiat institutions. Lending, crowdfunding, deposits, loans, and other financial tools are among the most pressing issues of businesses and regular people. The cryptocurrency industry has a revolutionary answer to this demand — DeFi. Short for Decentralized Finance is a collection of traditional financial instruments implemented in a decentralized architecture.

DeFi provides many of profitable opportunities, but taking advantage of them is rather complicated and usually not affordable for an average user. However, this is about to change! Chatex is a simple and secure gateway to complex DeFi systems, making them accessible for the masses.


Thanks to DeFi, many financial tools became accessible to any user around the world. Additionally, today anyone can crowdfund through an IDO and make a reality of the most groundbreaking and crazy ideas. The global trend of growing interest in DeFi solutions is a consequence of several of social and financial factors, including:

  • Distrust in traditional banking systems
  • The growing interest in new solutions for the exchange of value
  • Inflated service commissions of conventional banks
  • Diverse DeFi solutions that provide a way to make passive gains

The above list of accolades, plus other DeFi features noted by Bitcointalk users, place the DeFi boom of 2020–2021 on par with the ICO boom of 2017–2018 as far as its impact on the crypto space. However, at the age the ICO was dying out, DeFi seems to be just getting started as it is growing at twice the speed of the crypto market as a whole. The thing is that communicating with a bank, even a very customer-oriented one, can be truly exhausting. Centralized structures are inherently clumsy, tend to repeat already worked out schemes, and have inert decision-making constantly. You are not able to build something drastically new and demanded on an aging foundation. We are seemingly on the verge of a new global “clash” of traditional institutions versus crypto.

Growth interest in DeFi since august 2020 among users worldwide (Source: Google Trends)

Indeed, DeFi products are becoming more and more affordable, making DeFi one of the leading parts of the crypto industry. DeFi is a system by which the banking products familiar to the average user are now available without intermediaries. You don’t need an insurance number or proof of income to use DeFi. With DeFi, lenders, borrowers, buyers, and sellers meet on the same platform. This system doesn’t require such a factor that is still inherent in the fiat banking world — the trust in the intermediary. With DeFi, you don’t need to trust a particular bank or site. You trust the code. Most DeFi developers share a libertarian outlook and strive to provide users with all the benefits of traditional banking, but with distributed algorithms.

The possibilities offered by DeFi are truly endless, as they not only challenge traditional banking but have the potential to completely replace and liquidate established financial institutions, eliminating services traditionally considered to be exclusively banking paths. But let’s move from words to deeds. Numbers always tell the truth. So first of all, it is worth paying attention to such an indicator as Total Value Locked (TVL), which shows us the number of funds locked in the cryptocurrency market’s various DeFi protocols. The annual volume speaks for itself.

Annual TVL ( Total Value Locked) in DeFi is snowballing.

Despite plenty of the advantages that users have highly appraised worldwide, DeFi has plenty of cons, which require careful considerations among users planning to start working with these products. So let’s conduct a deeper investigation on them.

The Advantages of DeFi


High returns that no banking instrument can offer is one of DeFi’s main competitive advantages. Nevertheless, until recently, without specific knowledge about a product, such dividends were available only to the wealthiest and most tech-savvy folks. . Figures speak for themselves. According to CoinMarketCap profitability of Crypto Yield Farming may vary drastically: from 1% to 300+% yearly! While with traditional bank deposits, it’s highly unlikely that you’ll get even 1%. During the COVID-19 pandemic, the central banks of Denmark, Japan, Sweden, and Switzerland decreased interest rates below zero. Elon Musk complained about the same issue in his last talk with the cryptocurrency industry’s leaders.

Elimination of the human factor

The vast majority of financial problems arose due to the human factor and errors in managing financial flows. In the case of DeFi smart contracts, such errors are excluded. The only factor that can affect their work process is the human factor in drafting smart contracts. For instance, in the traditional banking system, there are plenty of leaked user data cases and scammer schemes that lead to tremendous sums lost. Moreover, leaked personal data has a significant impact on the overall trustworthiness of the whole institutional, traditional banking system. Research conducted by dailymail claims that bank scammers stole £207.5 million in the first six months of this year. Now that’s a real epidemic!

Permanent access to operations

In traditional banking, you still need a personal presence in one of its branches to get a loan. Bureaucratic red tape takes a lot of time and effort from businesses to make revenue instead of cost time. With DeFi, you can access all the financial tools you need right from your smartphone.

No need for third-party validation

To conduct almost any financial transaction in the traditional financial system, you need third-party approval. In DeFi, there is no class system. Also, banks demand a massive package of documents to proceed in operations with vast amounts of money involved. And, for sure, there is no option to keep your private data.

On the other hand, DeFi also has several disadvantages, which are noted not only by ordinary users but also by specialists in finance.

The Disadvantages of DeFi

Despite the many obvious advantages of DeFi solutions, there are risks, and one should not be overconfident or display too much courage in their methods. As with any other financial instrument, approach with extreme caution and prudence. There are already enough examples on the market when people have lost quite large sums due to thoughtless and unreasonably risky actions. Users can lose money due to an error in a smart contract, hacker attack, or banal phishing. But even if you do not consider cases related to platform problems, sometimes users themselves can become the cause of irrecoverable loss of funds. Thoughtlessly investing money in unverified projects can lead to ruin. Discussions and moanings on Bitcointalk confirm this. Let’s analyze some of the most likely scenarios for losing funds:

  • High-cost of transactions

Due to scalability issues, transactions often take a long time to confirm. For instance, Ethereum processes about 12 transactions per second, while centralized counterparts process thousands of times more. Perhaps, with the transition to PoS, this problem will be partially solved since the Ethereum blockchain is currently the leader in the number of DeFi-based applications.


The high transaction cost is one of the main concerns for all new DeFi users. The increased fees are a consequence of many factors, including the overpricing of the platforms as well as the cost of transactions on the blockchain itself. It is difficult for an inexperienced user to take into account all the nuances of using DeFi.

  • Investing in obviously scam projects

Scam projects are a common problem for the cryptocurrency community in general, and DeFI is no exception. To not fall for the bait of scammers, you need to study the project with which you plan to interact thoroughly. In 2020 YFDEX.Finance (YFDEX) pulled an exit scam and left with $20 million worth of investors’ funds two days after launch. Recently, a huge DeFi scam appeared: WhaleFarm crashed. “The whole thing is just fake — people get fake yields, they get fake balances, and then eventually the founders take everything. A competitor platform is offering 10%, so I say I can get you 20%. You send me your money, and then I run,” said Stephane Ouellette to Bloomberg.

Recently, another Ponzi scheme collapsed in Russia, the name of which we will not disclose to avoid any liability. Some people sold their apartments, cars, and other properties, tempted by the “guaranteed” 300% yield. And, as is the case with all other Ponzi schemes, this organization stopped paying its depositors.

  • Low-risk awareness

High volatility speaks for itself. You, of course, can be incredibly lucky, and you will receive huge dividends in a “green” market, but such luck does not happen often. Managing your investment portfolio takes a lot of work.

  • High entry threshold

Typically, the minimum entry threshold is around $10,000 or even higher. Otherwise, DeFi tools will not generate significant profits since the commission can completely absorb the gains.

  • Negligent attitude to personal data

Storing access keys online can be a fatal mistake for a DeFi user and an ordinary cryptocurrency hodler. And if you use your phone both to manage your DeFi portfolio and for your daily needs, then a simple hacking of your mail can be fatal to all your savings.

  • Mass adoption problem
Reasons for the DeFi mass adoption problem. According to the Cointelegraph study.

Another significant problem facing new DeFi practitioners is the lack of mass product adoption, the complexity of working with platforms, and a low level of understanding of how DeFi works.

Access to various financial instruments is a double-edged sword. On the one hand, experienced users get access to the necessary tools; then, on the other hand, inexperienced users can lose all their assets due to low awareness and a lack of insurance mechanisms. Moreover, it requires you to spend hours, if not days, to ensure that you got everything clear. Otherwise, it may lead to losing a tremendous amount of money. And we didn’t even mention complex Automated Market Making (AMM) and Yield Farming strategies, which require a deep technical understanding of how the cryptocurrency industry and the DeFi ecosystem work. Such risks may be unbearable and unachievable for newbies.

Nevertheless, there are few decisions in the market that can be considered real game-changers for users. And the Chatex Cryptobank is one of them.

Chatex Cryptobank: Your Simple, Secure, and Accessible Gateway to The Complex DeFi Solutions

Chatext Cryptobank modules/products

The Chatex Cryptobank will offer its users a complete package of DeFi-solutions, including savings, borrowing, lending, and instant asset management but all in a Simple, Secure and Accessible manner.

For ordinary people, who are not familiar with crypto, it would be too difficult to choose the right CeFi or DeFi solution, along with the ability to learn how to use each tool properly and take action to move funds around. Despite being too expensive to operate with the Ethereum network now, it is a major barrier to mass adoption. As a result, there is a need to simplify such complexities, and Chatex is able to help with that.

DeFi is still quite complex even for existing crypto users, but it is a very promising and beneficial ecosystem in the global financial market. Nevertheless, there are already products on the market, such as Chatex, offering favorable conditions and simplifying interactions with banking to a minimum, while alleviating users from a number of issues related to

  • investing large amounts of money,
  • choosing the right DeFi platforms that provide the most favorable conditions (APR%, APY%).

The Chatex team has already built a set of solutions that help purchase, store and manage crypto assets, which 325,000 people worldwide use. In turn, the tools related to Earning and Lending will be realized in the nearest future, in 2021 and 2022 accordingly, thanks to our Token Sale event. So eventually, when the platform is fully operational, anyone from around the world will be able to enjoy the benefits of CeFi and DeFi via the Chatex Cryptobank. Global access to all who want it will be granted via the following product modules:

How Chatex Cryptobank democratizes the DeFi industry

Chatex Savings or Earn (To be built in 2021)

The Chatex Savings MVP works with the participation of an initial set of CeFi and DeFi solutions. When stablecoins are placed in Chatex Savings, users benefit from a balanced market approach resulting from a combination of strategies in DeFi offerings available in the market. The strategies and solutions set are regularly updated by our analytics team in close cooperation with external partners who are crypto and financial experts.

On the user side, money is always available for withdrawal, and earnings are credited to one’s balance daily. This apparent simplicity essentially allows the product to be usable by the masses. In addition, Chatex is offering a completegateway for fiat transformation into DeFi backed yield. For instance, you may come to Chatex with Russian rubles on a Qiwi e-wallet or with a rare in-game item, then sell it on the Chatex Exchange and get USDT and put it to work immediately via Chatex Savings. Furthermore, users, who obtain Chatex’s CHTX token, will receive additional benefits from using DeFi products.

Chatex will integrate with major DeFi ecosystems like Ethereum, Binance Smart Chain, and the Huobi Eco Chain to benefit from the most demanded DeFi protocols like lending and borrowing, swaps, and staking. Integrating with other blockchains means that we eliminate all issues related to various blockchains and scalability. If you are not ready to spend a lot of time studying all the intricacies associated with DeFi but want to try to receive dividends quickly and without unnecessary delays, then Chatex has a complete set of tools that are right for you.

How Chatex Cryptobank & CHTX token work

Chatex Borrow (To be built in 2022)

As we mentioned earlier, with this system, you may get cash without selling it. You may choose the most flexible loan terms payable in stablecoins or CHTX to lower interest rates. It’s a relatively simple and accessible tool for both newbies and experienced crypto users. In addition, the platform doesn’t require large investment sums for deposits on very favorable terms. Users can get cash for their crypto without selling it! Flexible loan terms that suit most users and payable in stablecoins or CHTX to lower interest rates. As we mentioned earlier, you may use this tool to borrow some money as soon as possible.

Store (Done ​✅)

With Chatex, users can store money without leaving Telegram. It’s safe because Telegram is renowned for its immunity to hacker attacks and government regulation. Chatex also offers two-factor authentication for extra security and PIN code functionality. The same level of protectionas with your bank card. It’s very easy to use, even for crypto newbies. This service is already very popular among people who just hodl crypto without in-depth knowledge of the whole cryptocurrency market.

Send (Done ​✅​)

Money is transferred between Chatex users instantly and free of charge. Chatex users can transfer money to friends, check their balances, or withdraw money in local fiat currency whenever and wherever needed. In addition, you can send crypto via mobile number or e-mail with our Moneylink function. This option was popular among students and workers who wanted to send their funds to relatives in other countries.

Buy / Sell (Done ​✅​)

Buy or Sell cryptocurrency with any local fiat currency, trade your in-game items or gift cards, and get crypto. Choose a suitable offer and start the deal or post your ad and trade on your terms. All transactions are shielded with our Escrow and reputation systems.

Exchange (Done ​✅​)

Manage your asset portfolio and swap your coins and tokens instantly with our unique any-to-any exchange to get more out of your crypto! No need to use other exchanges anymore. This service is top-rated among experienced traders who prefer P2P transactions.

Chatex is here to make the entire DeFi world as simple, secure, and accessible for the global community as it can be.

Don’t miss out — stay tuned to our updates in our Telegram group and Twitter. Just join us, and be ready for some great stuff!

Join Chatex and enjoy Simple, Secure and Accessible DeFi solutions!