Foxbit Token is Foxbit’s bet in growth area. Photo: Thomas Pehan, Unsplash.
Real estate, agribusiness, prepayment of receivables and fan tokens. These are some of the segments that Foxbit considers most promising for its solution Foxbit Tokens. The company has just officially launched the service that includes the creation, sale and use of tokens.
Asset tokenization is gaining ground in different areas, in particular some like fan tokens, non-fungible tokens (NFTs) games and gold, which are others that Foxbit sees as promising. There are also initiatives involving, for example, works of art and copyright.
Tokens allow you to sell entire units or pieces of assets. In addition, they ensure more agility and liquidity in transactions, which take place through intelligent contracts embedded in the token codes. All this in blockchain, therefore, with security of information and value transactions. Thus, they are allowing companies to create services and products and new revenues. This is the case of the tokenization of properties in Rio Grande do Sul.
“We realized in the market that several business sectors and companies are already tokenizing their assets to capitalize more money for investments. Foxbit Tokens will enable the final public to also see an opportunity for profitability in these assets,” said Ricardo Dantas, CO-CEO of Foxbit, in a statement.
Foxbit Tokens goes from structuring to governance
Foxbit Tokens includes from token structuring, that is, from asset valuation and development of holders’ rights, and issuance, in which smart contracts are created, to listing or distribution and governance. Governance includes the ability for token holders to track their return on investment in a transparent way, as everything is in the blockchain.
It is not a rule to list the token on the Foxbit Exchange platform, “but we make this available as an option, as we have nearly 1 million customers in the base and a public familiar and adept at these new assets,” the company said. The company uses Ethereum or similar network.
According to Foxbit, The cost of tokenization varies with the customer’s needs and business and whether the entire tokenization process is done by the company. “We have several charging models, including no setup costs and only 50% of the trade fee is charged.”
Viseu Advogados will use FoxPay to receive bitcoin
Foxbit also closed a deal with the Viseu Lawyeros, one of the largest law firms in the country, to use the solution Foxbit Pay. Thus, the office can receive payments in bitcoin and other cryptocurrencies. The process is done through a link with a QR code and the wallet that receives the crypto in the Foxbit account. Afterwards, the value changes to reais.
“In recent months, we have received inquiries from clients about the possibility of receiving legal fees in cryptocurrencies. Therefore, we decided to study the best format to offer this payment alternative”, Gustavo Viseu, Viseu Advogados CEO, told Blocknews.
“Our initiative to receive cryptocurrencies is a pioneering movement in the legal market and one that is in line with our DNA of innovation and a focus on the customer experience. Despite being a novelty in our sector, we believe that it will not be an isolated movement. We have already observed, in other segments, companies accepting cryptocurrencies for payment of products and services”, added Viseu. For him, in three years the use of cryptocurrencies will be common.