VerifiedX, a bitcoin-based layer 1 blockchain, has launched Butterfly, an app that supports cryptocurrency payments, Coindesk reported on Jan. 20.
Butterfly removes complexity around existing cryptocurrency wallets while helping users avoid high exchange fees, Coindesk reported.
VerifiedX developed Butterfly in cooperation with Crypto.com, Moonpay and Blockdaemon. Users can send transfers for a cost of 1 cent. The app also supports a "reversal" feature that allows users to cancel a payment sent by mistake to the wrong address.
VerifiedX was founded 5 years ago with the goal of expanding bitcoin utility, and the app was developed based on VFX Switchblade wallet technology. Jay Pollak (제이 폴락), head of strategy and business development at VerifiedX, said the goal was to create an intuitive payment system that bitcoin holders can use in everyday life. He said Butterfly offers an interface that anyone can easily understand, like Venmo, Zelle and Cash App.
Chi-gyu Hwang
delight@d-today.co.kr