We are really excited because we’re Singapore’s first crypto-education portal, and it does seem like NuMoney is going to have regular crypto-education sessions! So we thought it would be fun to do a review.
What is NuMoney?
In their words–
we started NuMoney as an over-the-counter service. Running NuMoney’s OTC service was straightforward:
- Acquire a cryptocurrency liquidity provider
- Fund our account via wire transfers
- Resell cryptocurrency at a spread
In the first 2 months, we crossed S$1.2M in turnover.
What’s The Big Deal About NuMoney leh?
Here are some of the unique selling points that NuMoney offers:
- NuMoney has its own cash vault. This means Singaporeans and Indonesians can deposit and withdraw cash at NuMoney retail stores at their respective locations.There are NuMoneyretail offices in Singapore, Indonesia and KL.
In other words, this implies that banks can now go fuck themselves. haha
I’m sure we all remember what happened last November, when the cryptomarket suddenly boomed. Xfers was suddenly overwhelmed with new account registrations and verification took super long.
It was also difficult to make deposits and withdrawals because there were no over-the-counter (OTC) exchanges. Therefore, it’s a great thing to have OTC services now. You can now buy and sell ETH with cash physically!
- Flat fees. Cash withdrawals in NuMoney will also be a flat fee of $2 instead of a percentage.
- The team seems passionate and friendly. So I’m sure they won’t kill you if you ask them questions about how to set up a crypto wallet etc. It always helps to have patient people who want to support you no matter which stage you are at in this crypto journey!
What is an Initial Exchange Offering (IEO)?
There are essentially two differences between an Initial Exchange Offering (IEO) and an Initial Coin Offering (ICO):
According to NuMoney, in their IEO:
- The token sale takes place directly on their exchange instead of a smart contract;
- The token sold will immediately be tradeable on their NuMoney exchange.
The NuMoney token is called NMX and it will be traded on the NuMoney exchange, which will be functioning and live before April ’18. They will hold the IEO after the exchange is up, which gives backers a peace of mind.
Benefits of NuMoney’s IEO and NMX
- Relatively Liquid// As the exchange is done before the IEO, NMX tokens can be used immediately upon trade;
- Independence From Banks// NuMoney aims to be independent of banks by providing cash-only deposits/ withdrawals to the SG and APAC region.
You might ask, doesn’t QUOINE already do this? Well yes, so NuMoney aims to up QUOINE in the customer service component, which I personally think is why they are going big on community events locally.
- Ready product// This means you can use the NXM token immediately, which means that there is immediate utility. You are not backing a project that has no product currently, so you don’t have to worry that the company is a scam.
- Listing of major Alt-coins// The team at NuMoney has promised to list alt-coins soon after the exchange is launched, so that you can trade on their exchange with a peace of mind.
Our Take on NuMoney IEO
Objective of the IEO
The main objective of the IEO seems to be liquidity, which of course is important in the event someone sells 1000bitcoins to them suddenly OTC.
Tactically then, it means that their next course of action is to increase the number of users using the NuMoney exchange platform.
User Experience And Interface
According to NuMoney’s website, the NuMoney exchange interface will probably look like the above. Apparently this is inspired off GEMINI’s user interface–but I don’t use GEMINI so I’m not sure.
Personally I prefer something closer to BINANCE’s interface though.
If you use NMX to pay for your trades on their NuMoney’s exchange, you’ll get a discount. So why not buy and use NMX to pay?
Anyway, it does seem that tokens backed by crypto-exchanges are relatively “safe”, because there would always be people who want to buy and sell cryptocurrencies. In other words there is utility and the price fluctuations would be more contained.
Conclusion: NuMoney’s Progress Will Be Interesting To Watch!
Well, our team at IKIGUIDE wishes the NuMoney’s team all the best!! It’s always fun to cheer on a fellow Singaporean startup and we look forward to their growth and progress with much anticipation 🙂
We are pretty optimistic about NXM as well in terms of pricing. Because even if the prices do not do as well as expected, you can still use NXM to liquidate your BTC or ETH on their exchange. They do list Monero and I hope they can list Stellar Lumens in future too!
We are definitely going to attend one of their community events this month or next, and we’re actually really excited about it! 🙂 Join their telegram group here!