Geneva, Switzerland-based MoonX, a decentralized ownership crypto exchange, is all set to launch decentralised non-profit trading platform for cryptocurrencies in India, by the end of November this year.
MoonX platform allows members to collectively participate and contribute and in turn rewarded with Moon Money, equivalent to shares and voting rights within the company. One can be a part of MoonX family by just trading on the platform once.
MoonX claims to be a true socially scalable product that benefits the entire crypto market due to the fact that unlike traditional for-profit, centralised crypto exchanges that make money from the end users, Moonx platform is instead a decentralized and “Not-for-Profit” cryptocurrency exchange with zero commission fees for users and its community members.
Besides setting up its development centres in Bengaluru, London and Beijing, MoonX is also planning to start office in Kerala, which has lot of NRIs working in West Asia who the startup quantify to be interested in becoming members of the platform.
Founded in 2017, by Dr. Nithin Palavalli and Tony Lee, MoonX MoonX has raised $29 million funding for its operations. Its investors include BCH Angel Fund, IDG, BITMAIN, and Fission Capital. Other investors include NGC (Neo Global Capital), Node Capital, DHVC, Pre Angel, Linear VC, Du Capital, and 20 more.
According to Nithin Palavalli, founding CEO of MoonX, the exchange will charge one of the lowest brokerages and offers nanosecond response time of 10 million transactions a second, which is better than most other exchanges in operation.
In its future plan, MoonX family is up to build a highly secure, useful, and easy-to-use product based on private blockchain and will include easy cryptocurrency payments integration and even a digital arbitration system.
To recall, an another cryptocurrency-based startup Pundi X, which is based out of Indonesia, is also preparing to launch point-of-sale network in India so that people in the country can buy and invest in cryptocurrencies not just only online but offline as well.
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