crypto: NUMONEY Initial Exchange Offering

Numoney is a retail store located near the MRT station. They offer over the counter (OTC) service for cryptocurrency purchases and now they are looking to start their own online exchange (Gemini & Binance hybrids). They are looking to raise funds for exchange liquidity through Initial Exchange Offering.

Numoney was started by a group of Singaporeans who saw problems in the cryptocurrency scenes in Singapore and Southeast Asia. Beginning in November 2017, within a span of four months, the company's turnover exceeded S $ 2.5 million, highlighting the demand for cryptocurrency in the Southeast Asian market. This significant turnover has resulted in the marking of their bank accounts (mainly due to the high volume of deposits and withdrawals). In the long run, OTC services become unsustainable in the view of developers.

The problems facing Numoney are not unique to themselves. Banks throughout Southeast Asia and Singapore have not been very appreciative of startup cryptocurrency even though DPM Tharman approves cryptocurrency at our little red dot.

http://www.straitstimes.com/business/companies-markets/tharman-no-strong-case-yet-to-ban-cryptocurrency-trading-in-spore

For example, your local Coinhako bank account is closed, and you can wait for bank transfer at Xfers. However, Xfers has been down since mid-December due to system upgrades. You have opened a transaction for a select group of members to balance the improved system. Xfers in the last few months have grown very fast, so now is the new one they need to apply for a license from the Monetary Authority of Singapore, because the funds run by them quickly reach $ 30 million.

Good News for Crypto Investors and Traders in Southeast Asia

Since investing in cryptocurrency almost a year ago, I have been using Gemini and Binance Exchanges to facilitate my transactions. The process often takes at least two days. To buy cryptocurrency, I will transfer my SGD funds to the US based Gemini exchanges, make transactions for big coins like Ether, withdraw crypto currency to Binance exchange, and buy my preferred altcoin. From there I will transfer the coins to the cool wallet, or liquidate them for transfer back to my SG account. Over time, I find this rambling process complicated and expensive, especially if I move with very large or very small funds. When I heard about NuMoney Exchange, however, I began to see the value brought by this startup to the local crypto scene. Having a brick-and-motar store that allows direct and direct conversion from cash to crypto or vice versa is a very interesting option.

The NuMoney Exchange Advantage

With direct fiat-in and fiat-out options, NuMoney Exchange operates similarly to the US-based Gemini Exchange. Unlike Gemini, however, NuMoney Exchange offers a variety of altcoin pairs, meaning that users are kept the hassle of pulling the main coins into third party exchanges 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 subjected to traditional cryptocurrency exchanges: local users can immediately verify their identity in NuMoney's physical office when they open their accounts, deposit their cash and start trading instantly, while international users can deposit cryptocurrency and trade immediately while verifying the account simultaneously. For crypto traders who want to get through the hassle of handling barriers imposed by banks and third party exchanges, this option is very feasible and attractive.

Cash saved by the user with NuMoney will be stored physically in the high safe. The team idea behind this is to avoid situations where account closure by institutional banks takes place, leaving customers in trouble with illiquid assets. Maintaining a constant flow of liquidity is the main philosophy for NuMoney exchange.

NuMoney welcomes input from government regulators and dialogue with the Monetary Authority of Singapore (MAS) on solutions to implement pragmatic policies for cryptocurrency trading. Since they are not stock exchanges, there is no requirement for a license for them to operate at this time. Government regulators in Singapore are open to developments in blockchain and cryptocurrency as long as they comply with the Anti Money Laundering / Combating the Financing of Terrorism requirements, as described in the statements and responses released from MAS.

Overall, the NuMoney system is set up to allow efficient, hassle-free and fun trading processes for cryptocurrency.

What makes NuMoney Exchange Unique

Instant KYC verification in brick-and-motar outlets, where hardwallets are also available for purchase
Eliminate traditional barriers imposed by banks and crypto exchange
Various altcoin pairing in exchange
In talks with government regulators to implement solutions for cryptocurrency trading

NuMoney's location

Headquartered in Singapore, NuMoney is looking to open a second branch locally
Plans for expansion into neighboring areas in Malaysia, Indonesia and finally the Philippines.

NuMoney Exchange Launch

Early ETH / SGD pair
Followed by a pair of ETH / NMX for token sales
In the end it offers pairing with BTC, LTC, XRP and XMR

Sales of NMX Token

The NMX Token is an ERC20 utility token intended to be used as a replacement transaction fee on NuMoney Exchange.

Tokens offer a discount payment method because it allows users to pay 3 times of their own value in cost.

A total of 1,000,000,000 NMX tokens will be printed. Each token is priced at $ 0.01, bringing sales to the soft hat for $ 10,000,000 US.

Initial Exchange Offering (IEO)

After the exchange launch, token sales will be made through Initial Exchange Offering (IEO) for 30 days. Users can purchase NMX tokens through ETH / NMX pair.

How to participate in IEO NuMoney

Subscribe to our mailing list, and join our IEO telegram group
Users will store their ETH into exchange. ETH can be purchased first through NuMoney's physical store.
On the IEO launch date, tokens will be sold directly to buyers, and can be traded on the exchange immediately. Buy orders must be submitted to purchase NMX tokens with your ETH.
The first 3 days of token sales will be exclusive to whitelisted members with the largest number of ETHs stored on the exchange before IEO. Whitelisted members will enjoy discounted NMX / ETH rates. After exclusive sales, token sales will be open to the public.

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