NuMoney exchange
NuMoney started off operating as an OTC cryptocurrency service in November 2017 which was a huge success, turning over S$1.2M in 2017, and S$2.5M in January 2018. However, we quickly start experiencing trouble with banks and our liquidity providers. To eliminate these problems, we decided to build our own exchange.
NuMoney Exchange aims to be an exchange with fiat-in and fiat-out through physical stores across Asia, a model not unlike a hybrid of Gemini and Binance.
Running NuMoney's OTC service was straightforward:
- Acquire a cryptocurrency liquidity provider
- Fund our account via wire transfers
- Resell cryptocurrency at a spread
- In the first 2 months, we crossed S$1.2M in turnover.
either banks nor liquidity providers appreciate high-volume, rapid movements of cash, particularly so if you run a cryptocurrency startup. So we soon encountered problems with both the liquidity providers and our banks.
Nevertheless, this fast growth demonstrated a massive demand for cryptocurrency in Singapore. For us to satiate this demand, we have to eliminate these points of failure.
NuMoney Exchange
This exchange will be like Gemini, in the sense that you can fund your account and purchase cryptocurrency with fiat currencies.
This exchange will also be like Binance, for which we try to support as many alt-coin pairs as we can. Like Bithumb, we will also have a physical location for customer care.
As a local user for which NuMoney Exchange has a physical office store in your vicinity, you can open an account, deposit fiat in-store and begin trading instantly.
As an international user, you can deposit cryptocurrencies and trade immediately. You can also verify your account concurrently. Withdrawals are enabled right after accounts are verified.
Alt-coin support
There is a huge market of other cryptocurrency coins beyond Bitcoin. And we will like to support that without requiring you, the user, to make an extra hop of withdrawing a major coin such as Bitcoin to a 3rd party exchange such as Binance or Bittrex.
NuMoney Exchange will thus support alt-coins enthusiastically. In fact, the very first coin that we will be launching with is Ethereum, instead of Bitcoin.
Since day 1, the wallet module in our exchange has been planned in our codebase to be easily integrable. A diverse set of alt-coin markets will be a significant feature of NuMoney Exchange.
Account limits
Fiat limits
For local users, there are no limits for deposits and withdrawals. However, transactions more than $50,000 require a proof for source of funds.
International users who make their way to our physical stores are allowed to deposit and withdrawals, but is subject to approval. Approval will be predicated on the proof for the source of funds.
Cryptocurrency limits
Both local and international users can withdraw up to S$50,000 worth of cryptocurrency a day.
GraphQL API for developers
The original founding team of NuMoney Exchange is comprised entirely of software engineers.
This is why developers will be a first-class citizen on NuMoney Exchange. We highly encourage developers to build bots to arbitrage or algorithmically-trade on our exchange. On launch, our API will be fully-featured and fully documented.
As with any public API, our GraphQL API protects against excessive or abusive calls to NuMoney Exchange servers. APIs will be rate-limited.
Physical store for customer care
NuMoney, the Bitcoin Shop will be the brand of the regional retail chain that will serve as customer care centres for NuMoney Exchange.
At our customer care centres, users can
- Open an exchange account
- Deposit or withdraw fiat currency
- Make buy or sell orders
- Purchase hardware wallets
Initial Exchange Offering
The way an initial exchange offering (IEO) differs from an Initial Coin Offering (ICO) is that:
- The token sale takes place directly on an exchange instead of a smart contract
- The token sold will immediately be tradeable on an exchange
With NuMoney Exchange's IEO, the differences go further:
- You will be backing NuMoney Exchange, a ready product, instead of its whitepaper concept
- Tokens will be sold exclusively via sell orders on the order book
We are launching an IEO to kickstart liquidity on our exchange.
With a token sale exclusively hosted on NuMoney exchange, we hope that
- Users will deposit Ethereum to trade for NMX tokens - lead to sell orders for Ether
- Local users will deposit SGD fiat at our exchange to purchase Ethereum, in order to trade for NMX tokens - lead to buy orders for Ether
- Users will register and participate in trading activities in exchange for airdropped tokens - motivate users to join NuMoney Exchange
NMX token sale
For NuMoney's IEO, we will be releasing NMX tokens for sale. Like the Binance's BNB token, the NMX token will be used as an alternative payment method for fees (with a discount) at NuMoney Exchange.
NMX token is an ERC20 token that NuMoney Exchange minted as a token for fee discounts for future transactions on NuMoney Exchange. These tokens are then sold on NuMoney Exchange token to bootstrap the exchange's liquidity.
Token allocation
% Allocated to
75% Token sale
10% Team
10% Marketing
5% Bounties
Total cap
We will be minting a total of 1,000,000,000 NMX tokens, with each token priced at USD$0.01. This puts the token sale at a soft cap of US$10,000,000.
The IEO will be launched on NuMoney Exchange in the near future. If you have not joined our IEO's telegram group or subscribed to our mailing list, please do so to stay informed.
NuMoney Exchange will be launched before the IEO, so potential buyers can deposit their Ethers into the exchange in preparation for the IEO.
On launch date of the token sale, the ETH-NMX market will be opened. The first 3 days of the token sale will be opened only to whitelisted members.
Detail Information
Website : https://exchange.numoney.store/
Telegram : https://t.me/NMX_IEO
Twitter : https://twitter.com/numoney_
Facebook : https://www.facebook.com/numoneystore
Instagram : https://www.instagram.com/numoneystore/
Username : asyifa
My Profile Bitcointalk : https://bitcointalk.org/index.php?action=profile
ETH : 0x31E1baB2A252C6096343F7E1F92590CE91BD4024
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