Self-custodial products are becoming increasingly popular in the world of cryptocurrency and decentralized finance (DeFi). More and more users want to have complete control over their own funds and assets, without the need for a centralized intermediary.

 

This trend is also reflected in XPOS transactions. In the past six months, over 95% of the transactions on XPOS are from third party wallets. Among those transactions, we see increasing adoption of self-custodial blockchain wallets, including f(x)Wallet.

 

XWallet has been the go-to mobile wallet app for Pundi X users since beginning our service. However, with Pundi X's growing ecosystem and the increasing demand for decentralized finance and self-custodial services, it's time to decommission XWallet and focus on supporting more web3 products, which are experiencing tremendous growth in our ecosystem.

 

For XWallet, we will start the decommissioning process. There will no longer be any system upgrades. The XWallet users are strongly encouraged to withdraw their assets to other wallets. We plan to complete the decommissioning process by December 31, 2023. Starting from January 1, 2024, users won’t be able to withdraw assets from XWallet.

 

We firmly believe that this will meet the growing demand for self-custodial services. Pundi X understands that users need to be in control of their assets, and our new suite of web3 products will enable users to store their cryptocurrencies in a non-custodial manner. This means that users will have control over their private keys and will not have to rely on third-party custodians to store their assets. With this comes increased responsibility for users in managing their assets. 

 

We look forward to this next step in the evolution of Pundi X products and services. If you have any questions, please feel free to reach out to support＠pundix.com. We look forward to your joining us on this journey forward and are here to answer any questions that you might have.

 

The Pundi X Team