From successful over the counter crypto business to online exchange
NuMoney has had an interesting approach to cryptocurrencies compared to how the industry usually is in the western world. NuMoney has been running a physical cryptocurrency buying and selling store in Singapore. This has been a successful endeavor as they have reached around 1.2 million Singapore dollars in revenue in the first 2 months of operating. As the demand for cryptocurrencies has risen, NuMoney has run into a couple of issues, which they are aiming to fix by launching their own cryptocurrency exchange. They are, however, still going to be providing customer care and support at their physical location. Some users find this more convenient, especially those who have no prior knowledge regarding cryptocurrencies or tech in general. The exchange will be both fiat and crypto compatible so you can fund or withdraw whatever you prefer. NuMoney aims to add a ton of altcoins to their exchange in the future, as well as the major ones of course. The NuMoney exchange is going to offer a range different types of order structures such as quick buy/sell and limit orders.
An initial exchange offering and their token NMX
NuMoney is creating their own cryptocurrency built on the Ethereum blockchain, which means it is an ERC20 token. Its name is NMX and will be used as a fee payment solution for executing trades on the exchange. The benefit of buying the NMX token as using that to pay fees is that you receive 66.66% discount on all trading fees. Usually, you hear someone doing an initial coin offering, but NuMoney is doing an initial exchange offering instead. In an initial exchange offering, you will not be contributing ETH to an Ethereum smart contract and receiving the ERC20 token later. Instead, you will simply buy the NMX token on the NuMoney exchange. This means that you can trade your tokens instantly after purchasing them. NuMoney themselves will be the one putting up sell orders and will be setting the price according to the Dutch Auction format. The reason for doing an IEO instead of an ICO is that this format creates liquidity for the exchange which is something many exchanges struggle with right when they go live. By having people buy NMX tokens directly from the exchange ensures that there is buy and sell orders right from the beginning and that ether is entering the exchange as that is what NMX can be bought with. Airdrop programs will also be established to further increase the liquidity.
To fund their project, NuMoney is raising funds through an initial coin offering (ICO), selling their ERC20 token NMX. This token is going to act as a fee payment alternative which gives users a 66.66% discount on fees when paying them with it.
The price of NMX is going to be decided through a dutch auction on the NuMoney exchange. In the first hour, the price of NMX will initially be set to 0.01 USD and will change according to how much is contributed by the community. If everying sells out in the first minute, the price increases 10%. If the amount set for sale doesn’t sell out within the hour, the price of NMX will decrease 20%. Notably the price of NMX tokens can’t decrease below 0.007 USD.
- Total amount of tokens issued is 1.000.000.000 NMX
- Hard cap is 10.000.000 US dollars
If you find this project interesting and wish to learn more about it or their token sale, you can visit the following links below and read their whitepaper. To keep yourself up to date on the project, you can follow their social media accounts also linked below.
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