KOCHI: Swiss-based technology startup MoonX, which claims to be the world’s first truly decentralised crypto exchange, will begin its operations in India by November-end with Kerala as its focal point. The announcement was made the other day.“MoonX allows members to collectively participate and contribute, and in turn, be rewarded with Moon Money, equivalent to shares and voting rights within the company. One can be a part of MoonX family simply by trading on the platform once,” said Nitin Palavalli, founding chief executive.
“The company plans to tap into the advanced technological competence of Malayalees. It believes the number of youngsters and NRIs engaging in crypto-trade will increase exponentially in the coming years. “Besides London and Beijing, we have already set up a development centre in Bengaluru,” Palavalli said.
“We invested heavily to better our technology, making the exchange fully secure and the fastest,” said Tony Lee, founding financial controller.
MoonX claims its back-end systems can handle 10 million (1 crore) transactions per second compared to the current norm of 3,000-4,000. The exchange will be practically free of brokerage charges as the 0.01 per cent charged will be credited as ‘Moon Money’ which can be used for other transactions.
MoonX has raised a total of 29 million dollars (more than Rs 210 crore at present) in funding till date and aims to take the blockchain technology to the next level by applying it in agriculture, financial technology, education, food safety and healthcare.
“Using blockchain technology, even the basic information about a product or policy can be made transparent to the public, thereby bringing in more trust and reliability,” Lee said. MoonX aims to achieve 5 million (50 lakh) customers across the world in its first year of operations. Beginning the trade in cryptocurrencies, the company plans to expand into the trading of treasury bills, foreign exchange and commodities.