NUMONEY EXCHANGE

NuMoney Exchange, a service of nubela.co, is a pioneering Asian crypto exchange that offers to eliminate traditional barriers to buying and selling cryptocurrency. Based in Singapore and launching in March 2018, the uniqueness of NuMoney Exchange lies in their brick-and-motar stores which allow users to physically buy and sell cryptocurrency. You can literally bring cash into the store and have it converted to cryptocurrency immediately, or vice versa, eliminating the need for transferring funds to and from the exchange through a banking intermediary.

In fact, that was how the online exchange initially started: it began as an over-the-counter service designed to facilitate a convenient process for users to convert cash to crypto and vice versa. Within two months of launching their retail service, they crossed S$1.2m in turnover. The sheer volume of demand for cryptocurrency trading, and the rapid movement of cash, however, meant that the successful startup soon encountered problems with the liquidity providers and banks. This prompted NuMoney’s decision to build an online exchange.

Good News for Southeast Asia-based Crypto Investors & Traders

Since investing in cryptocurrency almost a year ago, I’ve been using Gemini and Binance Exchanges to facilitate my transactions. The process often took a couple of days at the very least. To purchase cryptocurrency, I would wire my SGD funds to U.S. based Gemini exchange, make a transaction for a major coin like Ether, withdraw the cryptocurrency to Binance exchange, and purchase the altcoin of my choice. From there I would either transfer the coins to a cold wallet, or liquidate them to be wired back to my SG account. Over time, I found this long-winded process cumbersome and costly, especially if I was moving either very large or very small amounts of funds around. When I heard of NuMoney Exchange, however, I began to see the value that this startup was bringing to the local crypto scene. Having a brick-and-motar store that allows for direct and immediate conversions from cash to crypto or vice versa was a very attractive option.

The NuMoney Exchange Advantage

With a direct fiat-in and fiat-out option, NuMoney Exchange operates similarly to U.S. based Gemini Exchange. Unlike Gemini, however, NuMoney Exchange offers a range of altcoin pairings, which means that users are saved the hassle of withdrawing a major coin to a third party exchange like Binance. It also offers cold and hard wallet storage for coins.

The presence of a physical store also eliminates the waiting time for customer verification that users are subject to on traditional cryptocurrency exchanges: local users can immediately verify their identities at the physical NuMoney office when they open their account, deposit their cash and begin trading instantly, while international users can deposit cryptocurrencies and trade immediately while concurrently verifying their accounts. For crypto traders looking to skip the hassle of dealing with barriers imposed by banks and third party exchanges, this option is extremely viable and attractive.

The cash that users deposit with NuMoney will be physically stored in high-security vaults. The team’s idea behind this is to avoid a situation where a clampdown of accounts by institutional banks occurs, leaving customers in the lurch with illiquid assets. Maintaining a constant flow of liquidity is a central philosophy to the NuMoney exchange.

NuMoney welcomes the input of government regulators and are dialoguing with the Monetary Authority of Singapore (MAS) on solutions to pragmatically implement policies for cryptocurrency trading. Since they are not a securities exchange, there is no requirement for a license for them to operate at this point in time. Government regulators in Singapore are open to the developments in blockchain and cryptocurrency as long as they abide by Anti Money Laundering / Combating the Financing of Terrorism requirements, as clarified in both this released statement and response from MAS.

All in all, the NuMoney system is set up to enable a streamlined, hassle-free and enjoyable process of trading cryptocurrencies.

What makes NuMoney Exchange Unique

· Instant KYC verifications at brick-and-motar outlet, where hardwallets are also available for purchase

· Circumvents traditional barriers imposed by banks and crypto exchanges

· Cash deposit and withdrawals with no imposed limits

· Diverse alt-coin pairings on exchange

· In talks with government regulators to implement solutions for cryptocurrency trading

NuMoney Locations

· Headquartered in Singapore, NuMoney is looking to open a second branch locally

· Plans to expand into neighbouring regions in Malaysia, Indonesia and eventually the Philippines.

NuMoney Exchange Launch

· Initial ETH/SGD pairing

· Followed by an ETH/NMX pair for token sale

· Eventually offering pairings with BTC, LTC, XRP and XMR

NMX Token Sale

Similar to the BNB token on Binance, the NMX token is an ERC20 utility token intended to be used as a substitute transaction fees on NuMoney Exchange. The tokens offer a discounted payment method as it lets users pay for 3 times of its own value in fees. Think of it like a a discount coupon which can be used to redeem future purchases.

A total of 1,000,000,000 NMX tokens will be minted. Each token is priced at USD$0.01, bringing the sale to a soft cap of US$10,000,000.

Initial Exchange Offering (IEO)

Following the launch of the exchange, the token sale will take place through an Initial Exchange Offering (IEO) for 30 days. Users can purchase the NMX token through an ETH/NMX pairing.

To participate in the IEO:

· Users will deposit their ETH into the exchange. ETH can be purchased beforehand through the physical NuMoney store.

· On the launch date of the IEO, the tokens will be sold directly to buyers, and can be immediately traded on the exchange. A buy order must be submitted to purchase NMX tokens with your ETH.

· The first 3 days of the token sale will be exclusive to whitelisted members with the most number of ETH deposited on the exchange prior to the IEO. Whitelisted members will enjoy a discounted NMX/ETH rate. Following the exclusive sale, the token sale will then be open to public.

For more information on the token sale, refer to NuMoney’s whitepaper. To get the latest updates and announcements about the IEO, join their Telegram group.

NuMoney Exchange is challenging the way conventional investment and trading transactions have been taking place through institutionalised financial systems. This makes them a key player set to revolutionise the cryptocurrency scene and shape the next stage of the global blockchain and crypto economy. By creating an accessible and user-centred platform, they are paving the way for increased mainstream adoption of cyptocurrency and secure, seamless crypto trading to take place!

NuMoney Exchange

NuMoney Exchange Whitepaper

NuMoney IEO Telegram group

Author : Maniecool
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1692995