Frax founder Sam Kazemian says the company is redesigning FraxNet around a marketplace of financial apps, aiming to serve stablecoin users and businesses seeking payment, invoicing and receivables tools.
In an Oct. 18 interview with The Rollup, Kazemian said the plan reflects a view that one financial product cannot meet every customer’s needs. He described an app marketplace where users could choose services according to how they use FraxNet.
Retail customers mainly need payment options, Kazemian said. Companies using stablecoins and other crypto assets also need tools for compliance, accounting, invoicing and balance management. He said the marketplace could include card, invoicing and receivables services.
Kazemian said existing crypto cards largely cater to consumer spending. Some large companies want to hold and accept regulated stablecoins directly and seek alternatives to Visa and Mastercard payment rails, he said. Their needs could also extend to credit and receivables management.
In one example, a company would make its receivables available to an entity that had completed know-your-customer (KYC) checks. That entity would extend credit and receive repayment directly from the company, Kazemian said. He added that tokenized securities could become a later addition.
FraxNet could also connect outside services such as EtherFi, Kazemian said. Users could bring several cards into the platform and send a purchase to the card with the most suitable rewards for that transaction.
Kazemian said the system would need to connect multiple blockchains, payment rails and compliance processes, while allowing verified identity information to be reused. He confirmed plans for a Frax DeFi card, saying, “There will be a Frax DeFi card.” He said it would differ from existing DeFi cards but did not explain how.
