NuMoney Token (NMX) - Bridge for Unifying Financial Markets - COINSAURUS CRYPTO

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Friday, August 17, 2018

NuMoney Token (NMX) - Bridge for Unifying Financial Markets


Born out of frustration because of our difficulty in buying cryptocurrency comfortably, Steven and Bach started NuMoney as an over-the-counter service. In the first two months, NuMoney grew too fast so it began to face several problems. Both banks and liquidity providers do not like large amounts of fast cash flow, especially if you run a cryptocurrency startup. Nonetheless, this rapid growth shows an insatiable demand for cryptocurrency in Singapore. To eliminate the problems we faced, we began to build an order-book exchange.

Order-book exchange is needed for both local and international users to trade and arbitrate requests here, which then increase liquidity to the operating area of ​​NuMoney. In the long run, NuMoney hopes that a crowded order-book exchange will eliminate dependence on liquidity providers outside the region to operate.

Exchange online serves users who understand cryptocurrency more and reduces NuMoney's dependence on liquidity providers. NuMoney Exchange also manifested efforts to bring NuMoney's vision out of Singapore. Continuing the tradition of good customer service, NuMoney provides immediate assistance during office hours and users can visit the office to ask OTC staff to directly help them.

 

NMX Token

NMX tokens are not a separate product, but part of the project's efforts to bring cryptocurrency to the public. The principle applied to NMX tokens is high demand and constant supply.

To apply this principle, the team from the NuMoney project will make the following strategies:
  1. Trading Fee Discount Voucher
  2. NMX as the Base currency
  3. 100% referral fee
  4. Fast Expansion
  5. Adding mainstay features:
    • Take profit and stop loss
    • Short selling
    • Trade margin and leverage

Connecting Fiat to Exchange Decentralization

Decentralized exchange or decentralization exchange (DEX) is the latest development that facilitates the trading of cryptocurrency with a distributed ledger. Users do not have to submit control over their funds to centralized exchanges so they can participate in DEX. Moreover, new tokens or cryptocurrency can be registered instantly if they meet certain technical requirements.

However, because trading on DEX is recorded as a distributed ledger transaction, it is subject to high latency and fees. Because it is bound to the ledger, DEX also does not support fiat. In addition, higher technical understanding is needed and less friendly for new cryptocurrency investors. So, NuMoney sees a decentralized exchange not as a substitute, but as a complement to a centralized exchange.

NuMoney will pave the way for fiat to decentralized exchange. To do this, the team will build atomic swap 1: 1 smart contracts between significant platform coins.

NMX excess in technology and economy

To increase liquidity, all markets that pair with NMX will experience a significant reduction in fees. This fee structure can be summarized as follows:
It is important to know that NuMoney applies a negative fee for market makers in each market. This means that the market maker actually gets a fee because it increases liquidity on the order book. For takers who use NMX as intermediaries, only 0.2% will be charged (from 0.4% - 0.2%). Much lower than the 1% fee for direct fiat-cryptocurrency purchases. This fee can be compared with other exchanges that provide the same pair

Unlike other tokens that make funding to build products, NMX relies on the NuMoney Exchange that has been operating. Since its launch in April 2018, the project team has established bases in Singapore, Indonesia, and Malaysia. Efforts are being made to expand into other regions such as Australia, the United Arab Emirates, the Philippines, and India. As such, NMX tokens should not be seen as future products, but additional, extra fuel to speed up the machines that have worked today.

Team

Steven Goh - CEO
Le Viet Bach - CTO
Liangyuan “Ted” Tian - Software Engineer
Benjamen Lim - Compliance (Advisor)
Lee Wei Ping - Partnerships
Cheryl Goh - Operations
Andika Sutoro Putra - CEO NuMoney Indonesia
Joni Sunggono - Executive Vice President NuMoney Indonesia
Gunawan Aldy - CMO NuMoney Indonesia
Ryan Prasetyo - COO NuMoney Indonesia
Julian Ong - CEO NuMoney Malaysia
Jason Ong - COO NuMoney Malaysia

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