It is not sufficient to say that both Bitcoin and, even more Ethereum, are gaining momentum lately (just look at the 670% increase of ETH within the last 6 months) – the rise of crypto-adoption is finally sprawling its arms to allure governments, too. Soon enough, state authorities may become the major – if not the exclusive – provider of financial services to the population, which opens a prospect for the banks that in no way can be regarded as positive.
For the time being, however, cryptocurrency and its services remain a separate, independent niche, of which more investors are trying to take advantage before it turns out to be too late. The range of services is unceasingly expanding – take a look at Kianite, a community-governed ecosystem that takes inspiration from Vanguard or Russell, some of the largest players in the investment industry, – and builds its own crypto index fund. Another standout is Busy Tech – a playground platform for numerous upcoming decentralized projects based on Smart Contracts, the one that could provide a decent rivalry for the current centralized economy. It is also noted that a high profile investment firm with proven track records, PrimeBlock Ventures, has invested in both busy tech and kianite, which indicate the quality of both projects.
These two abovementioned projects are a part of MXC Exchange. As a part of its strategic cooperation with Poolz, this emerging trading platform has incessantly been investing into the expansion of its services, now to include spot, margin, leveraged ETF, contract trading and other types of services. Since its launch, it has established its licensed operation on 5 core markets: Switzerland, Canada, Australia, and the United States, while maintaining its active presence in English, Russian, Korean, Portuguese, and other language-speaking areas of the world. For its outstanding achievements, MXC has been publicly acclaimed as one of the “Best Trading Platforms”.
Being inspired by the ambitious project and its leadership team, I prepared a few questions for the CEO of MXC Exchange, John Chen Ju. In the course of our interview, we uncovered the intriguing details of project launches, as well as looked into the future aspirations of the rapidly expanding trading platform.
First of all, how would you describe the investor landscape of crypto in 2021? Who are the major players, and what changes have taken place since the last year?
It’s almost hard to believe, but the number of blockchain wallets has grown almost twice since the same time year ago. That tells us that blockchain and its application have finally passed into the active phase of adoption. That had a reflection on the investors too – while formerly those were mostly scattered individual actors, today we can observe the movement of larger institutional investors and private funds. This trend will only be growing, so expect even more corporates to get in.
What should we pay attention to when we speak about the newest developments in this field? How has blockchain progressed since the days of Satoshi Nakamoto?
That has been a long journey. While in 2008 blockchain was nothing more than a Bitcoin technological back-up, today it evolved to be an independent entity that can be used for various sorts of purposes – from instant payments to healthcare check. The possibilities of blockchain are not limited to cryptocurrency alone. The growing movement is multichain platforms – the blockchains that are capable of blending the functionalities of various chains into one. And we shouldn’t forget of NFT games – they initially made the Ethereum blockchain crackdown. I think, since those times, the processing power of mainstream blockchains has improved timefolds, and we are never going back.
How would you comment on the mass adoption of crypto – does it ever seem plausible? Please support your statement.
It depends on the crypto we talk about. Stablecoins like USDT have good potential – however, it has been proved that not all of their coins have an actual fiat backup. I think the discoveries like these may slow down the adoption process. In my view, right now it’s a task of central banks or of other private institutions to come up with a decent alternative that will be fast, easy to use and accessible to everyone. For that, the technology has to possess a tremendous processing power to accommodate the uncountable multitude of transactions performed every day. Unless this one is done, there can be no talk of mass adoption of cryptocurrency.
Do you think crypto overall is a good long-term investment – let’s say, over the span of 20 years? Is it true, in your opinion, that both crypto and DeFi markets are overhyped?
Right now, the market of digital currencies is flourishing. This is especially visible from ETH – the cryptocurrency has never seen such a high since the beginning of its existence – it is about to hit $3,000. Ethereum Classic has already outperformed all possible growth predictions. Look at Binance Coin – its progression too has been phenomenal. And I would say, even this is not the limit. As long as the coin is backing up a solid technological foundation, there should not be any problem with it striking a higher benchmark. I think, right now the market is definitely overhyped – there are so many players willing to try out the test of DeFi, however, not all of them have a solid proposition and a stable growth plan. This is not a problem now, but it can be in the longer run, when we see lots of projects losing their value as quickly as they gained it.
What can we say about the competitive landscape in this niche, especially among professional trading platforms? What qualities are essential to succeed in this field?
Well, I would say this space is as competitive as it has always been. There were numerous projects with good potential from the very start – especially, as they replicate the functionality of Forex platforms in many ways. The challenge was to adapt it to cryptocurrency, and this has not always been easy. It was necessary to keep up to date with the latest token releases, and not all of the platforms do that. We continuously update our proposition list, and that makes us strong. Another task is to identify the projects that store the highest promise and possess solid long-term potential. So far, we’ve been managing the task well, that’s why many professional traders already rewarded us with their preference.
Now about your project – what inspired you to follow the idea of kick-starting your own asset trading platform? What helped you to elevate it to the world-class level?
This decision was quite an intuitive one. I’ve been a successful trader for many years myself. And I knew that crypto is a dynamic and constantly growing niche that will be here to stay. I gathered the team of trading experts Wall Street professionals and said – why not? Why should we not try to create the platform for professional traders that will compete with other leading platforms in the space? Eventually, we achieved our goal – we are fully operational within 5 major markets, both in Europe and beyond, and we are constantly eyeing the expansion into other regions. What helped out to stand out is, undoubtedly, the high quality of service we aim to provide. Our platform supports multiple world languages, while we ourselves are interested in identifying and listing the high-potential projects among the first ones. That’s something to be proud of.
What are the most notable features of MXC Exchange that no other platform can boast of?
We have two noteworthy initiatives – SpaceM and M-day. The first one is an IEO enterprise to support the raising stars of the crypto space, while the second one is a unique event held only on Mondays – within the scope of it our devoted holders of MXC token are freely rewarded with a chance to win the tokens that have neither been listed, nor participated in the airdrop yet. The chances of winning are extremely high – especially, if the MXC position is substantial. Another notable feature is MXC DeFi, where users are encouraged to stake and participate in DeFi mining. The returns are worthwhile too – one of our latest listings, YFX, can boast of 309.15% APR, compared with 14.57% APR on Bitcoin. Can you feel the difference? I’m not even mentioning ETFs and derivatives trading – it comes as features that show the seriousness of our intention of becoming the best among trading platforms. Eventually, users will discover the advantage of MXC Exchange and will start using it ubiquitously.
I am aware about your partnership with Poolz. How does it influence the MXC Exchange?
As two partner projects, we share similar goals – continuous growth and mutual benefit. This can be seen from our two recent launches. Kianite and Busy Tech got listed on MXC and at the same time, announced IDO on Poolz, a cross-chain token auction platform. This clearly reflected our value of strategic partnership between MXC and Poolz – while new projects get listed on MXC, they further get nurtured within the broad Poolz ecosystem.
Could you please elaborate on the recent project launches – Kianite and Busy Technology? What made you choose two ones among the vast sea of DeFi and crypto initiatives?
The two projects of Kianite and Busy Technology are the first two projects to be launched by MXC after concluding the strategic cooperation with Poolz. M-Day – an initiative aimed at selling the large volume of crypto and rewarding the holders with the biggest amount with the lottery-like draw, went at the same time with IDO – an initial DEX offering – of Busy Tech on the MXC and Poolz platforms. Both me and our partner see these projects as a strong bet – Kianite as an aspirant crypto fund that creates and tracks indices, and Busy Tech, the playground for developing a vast majority of decentralized projects. I think these two have a stellar future, and pretty sure that investors will agree.
From what you mentioned, it seems that Busy Tech has recently announced an IDO on your partner’s platform, Poolz. Could you please shed on details of the process?
Sure. Busy Tech raised $1.9 Million in both seed and private rounds via leading investors like Spark Digital Capital, Insignius Capital, PrivCode Capital (MXC), Block Dream Fund (OKEx), etc. – and, in addition, established many strategic partnerships. That made Busy an outstanding candidate to conduct an IDO on Poolz platform.
Could you share a bit more details about the M-Day event of BUSY token at your exchange?
As soon as Busy Tech has successfully completed an IDO at Poolz platform together with obtaining the listing on UniSwap, the project took part in the M-Day event on MXC Exchange centring around a token sale (with the price 0.06 USDT/BUSY). As a part of this occasion, MXC Exchange attracted a record high of overseas participants as well as concluded the sale with over 800,000 tokens purchased. Leading up to its official listing on MXC Exchange, the price of BUSY rose to a strikingly high of 0.26USDT, marking a significant price growth of 333% – a phenomenal price increase that has rarely seen before.
What would be your advice to beginner traders starting to actively employ your platform?
Our platform is one of the best-in-class, according to public choice, when it comes to long-term trading activity. Both individual and corporate actors can take advantage of our platform. It is fully compliant, it speaks your language, it is performance-driven and has high liquidity. These are the essential qualities to be successful on the crypto-market. My advice for those who are new in the field would be: choose the currency pair that you are most interested in, and make a lot of background research. Do you believe in the firm potential of the initiative that backs up the crypto/token price? What is your investment horizon, and which returns would you aim for? Are you risk-prone or risk-averse? Which trading strategy is best to adopt at an early stage? All these questions have to be answered prior to plunging head-down into trading activity. Making a solid research on the project you are entrusting your money in as well as knowing your expectations will help you to be successful in this dynamic and rapidly-changing market. And our tutorials will help you with building an initial knowledge base.
What is your outlook into the future? What is your development plan for the years ahead?
We would like to maintain a stronger foothold in other geographical areas – especially Africa, the fastest-growing region in terms of financial services. We have the ambition to provide a high-quality service corresponding to local standards. We have lots of work ahead of us – but we are encouraged by the good outcome and the positive impact we make. I’m absolutely certain that our ambition will allow us to stand hand-in-hand with the world-class crypto exchanges and trading platforms.