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Paxtradings Report: Midex

//Paxtradings Report: Midex

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What is Midex?

For those who hear about our company for the first time, it is better to say that Midex is the solution to connect the classic financial world with cryptocurrency. This is achieved through our core service built on a modular structure which allows implementing such important products as escrow, classic banking, P2P lending service, the introduction of a cryptomats network, and, of course, our own exchange.

First and foremost, this exchange plays a significant role for us. The success will be largely guaranteed by liquidity, in other words by the fullness of “glasses” for buying and selling cryptocurrencies. Everyone is interested in liquid exchange with large trading volumes so that it can be well-monetized. Since Midex has conducted token sale, we are interested in the situation when token-holders initially get benefit from the exchange. It is a very important aspect for us.

— Dmitry Machikhin | CEO

Paxtradings Quick Facts

  1. Financial platform for working with crypto and traditional currencies
  2. 0.00107 = 1 MDX token
  3. Main ICO: February 1, 2018 — April 15, 2018
  4. 63,750,000 total available / 75,000,000 total supply
  5. Over $5 million already raised

Q&A with Dmitry Machikhin, CEO

Paxtradings: For those who are not familiar with Midex, can you explain what it is, and what the team aims to accomplish?

Machikhin: For those who hear about our company for the first time, it is better to say that Midex is the solution to connect the classic financial world with cryptocurrency. This is achieved through our core service built on a modular structure which allows implementing such important products as escrow, classic banking, P2P lending service, the introduction of a cryptomats network, and, of course, our own exchange.

First and foremost, this exchange plays a significant role for us. The success will be largely guaranteed by liquidity, in other words by the fullness of “glasses” for buying and selling cryptocurrencies. Everyone is interested in liquid exchange with large trading volumes so that it can be well-monetized. Since Midex has conducted token sale, we are interested in the situation when token-holders initially get benefit from the exchange. It is a very important aspect for us.

Paxtradings: How does the Midex token (MDX) function within the platform and why is it needed?

Machikhin: First of all, the Midex token can be used inside the platform to reduce the cost of commissions, as well as for obtaining discounts, favorable conditions, and for payment of certain privileges. On the other hand, the MDX token is an investment. Here we observe proper regulation, so the token can really give passive income in the form of 20% of daily commissions charged to your account. More detailed information about how the system works can be found on our website. Holders of the investment part of tokens have a privileged right for future tokens exchanged for shares. The company’s IPO is expected in two years.

Paxtradings: How is Midex different from other blockchain based financial platforms? What are the advantages that it holds over the competitors?

Machikhin: Midex is a serious development in the context of modern exchange technologies. In addition to usual blockchain and Ethereum, we will use fundamentally new block-development of Bitfury. Also, Midex uses NEM infrastructure and a separate word needs to be said about security. We don’t store private keys from users’ wallets, but issue them to everyone, making them absolutely “cold,” which makes Midex practically immune to attacks. In fact, there are a lot of security factors, and every one of them creates high competitive advantages. As a financial platform, Midex is a holistic project, and when all services are launched according to our roadmap, the company will be more like a crypto bank than like an exchange. We can say that Midex is the solution of problems in the financial sphere of crypto-currencies and such solutions have not existed so far in the market.

Paxtradings: How does Midex ensure that the platform is easy to use by those that are not technically savvy?

Machikhin: One of the advantages of using the Midex platform is the opportunity to work on the exchange without having any technical knowledge and background.

All menus are intuitive and easy, where fairly light colors are used and the information is translated into several languages. If there are any doubts or questions, you can always contact support — technical support is ready to help at any time. Also, you can always get a response to any question in our English chat in Telegram.

Paxtradings: What is your strategy for growing the user base? What is the context of the industry as a whole and who is the target audience?

Machikhin: We are attracted by the approach of Binance, which has come a long way from a small stock exchange to the top 5 in six years. So, we have our own marketing strategy at the end of token sale. This is an attraction of funds through the sale of tokens with the blockchain. According to this strategy, Midex plans to win a certain market share at the expense of advantages already mentioned and show that the crypto-exchange and financial platforms are the services of the future that have right to exist. They can increase the transparency and credibility of such services with the help of the involved technologies like blockchain. This will improve the everyday life of every person.

Speaking about our target audience, we primarily work with traders, because our main service is an exchange. They will trade round the clock and get benefits from it. Further on, after all, cycles of trading there is a necessity for money withdrawal and payments for services. If you ask the question “Who is the user of banks?” then the exact same answer to this question will completely coincide with the target audience of Midex in a couple of years.

Paxtradings: One of the main value propositions for traders is that they can easily exchange various tokens without having to use multiple exchange platforms. What coins will be supported by Midex post-ICO and in the future?

Machikhin: Yes, indeed, one of the advantages of Midex is that it’s a one stop shop. Everything can be done in one window, it is not necessary to hold three monitors to trade between several exchanges, to exchange coins and display them. At first, about 10 major cryptocurrency pairs will be available on the exchange, then this number will increase in accordance with our capabilities, the availability of servers, and the passage of legal procedures.

Paxtradings: How is Midex providing liquidity to start, or will it take time for the platform to have enough liquidity to handle a large number of users? What will the initial liquidity amount look like for Ether, Bitcoin, etc.?

Machikhin: Midex is already preparing (during token sale) to ensure a large amount of liquidity. In addition, we have agreements with several strategic liquidity partners that will trade through Midex at the start. Now we are buying servers in Europe to prevent our services from collapse connected with the influx of users and moreover, we are creating a system for their security and integrity.

It is difficult to answer the question about some particular coins liquidity at first. I think that we will distribute this process based on the popularity and number of transactions. For example, no one will fill the “glass” with unknown coins to the detriment of Bitcoin and other popular cryptocurrencies.

Paxtradings: Regulations on cryptocurrencies and ICOs are big news these days. How does Midex plan on supporting traders from countries with strict regulations on crypto trading?

Machikhin: Yes, indeed, the news background is quite dense. Governments introduce universal regulation, but we fully comply with the legislation in those countries where Midex is located and don’t violate the rights of third parties. At the same time, if users of our platform are prohibited from participating in the ICO by its local legislation, then the risks will be beared by himself, because of the legal policy of our site. If a person can’t trade on Midex due to our terms, then after conducting KYC, we will find it out and will not verify such account.

If a request for information is received from the government or a competent authority, we will certainly comply with any requirements and laws, if documents are properly framed. This is the whole task for Midex to make an exchange trade in the cryptocurrency field transparent, understandable and legitimate.

Paxtradings: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for 2018?

Machikhin: The project has come a long way to create the exchange. It is available in demo mode now. The exchange will start to work in normal mode, when it will be filled with liquidity and when all legal formalities will be settled. At the end of the token sale, the exchange will be fully available for bidding. In 2018, very large amount of work is planned: the completion of the ICO phase, the launch of announced products, a mobile application, and the receipt of a banking license. Due to the Midex development plan, which is reflected in our roadmap, each token sale member can begin to get benefit in the first months.

Paxtradings: As a non-Midex question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Machikhin: It is obvious that cryptocurrencies, the blockchain, fundraising, and ICO fundraising won’t disappear. They only give way to new projects and teams that actively use it. Despite this, a huge growth potential remains. The blockchain is undoubtedly associated with the fourth industrial revolution, as well as with IoT, big data, and robotics. With timely introduction of all positions, the world will acquire a completely different picture, and the Internet will be simply servicing mechanism. This is exactly what is being talked about: the Internet will be completely free and publicly available. The main feature will be a new type of payments working on the blockchain, which are cryptocurrency payments.

I hope that Midex will be such infrastructure that will bring this to life. We return to the first question; our task is to unite people’s everyday financial lifestyle and the benefits that the cryptocurrency world carries.

ICO Information

The main ICO began on February 1, 2018 and will end on April 15, 2018. There are a total of 63,750,000 Midex tokens (MDX) available during the main ICO, representing 85% of the total MDX supply. A hard cap of 75,000,000 MDX is set for this period.

0.00107 = 1 MDX token

Midex currently accepts only Ether.

Midex is an ERC20 token, so it’s important that contributors use ERC20 compatible wallets to send funds to the ICO smart contract, and to receive the Midex tokens.

Token Distribution Information
There are a total 75,000,000 MDX tokens being created, with 63,750,000 available during main ICO.

Contributors will have their tokens distributed shortly after the end of the ICO. Visit the Midex website for more information and the contribution address.

Allocation

 

Team

2018-02-24T02:21:16+00:00 February 22nd, 2018|Categories: ICOs|

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