PHOTO CREDIT: Company Courtesy
The past few weeks have been challenging for both the global and regional cryptocurrency scene as regulatory bodies, from China to South Korea, have clamped down on popular digital currency exchanges.
Malaysia-based Luno, the country’s most popular crypto exchange, recently had their bank accounts frozen, preventing further deposits and withdrawals since December 14. User funds on Luno have been untouchable for almost two months now, with users unable to use these to buy cryptocurrency.
It’s a similar picture in Indonesia. Its most popular exchange, bitcoin.co.id, charges an exorbitant fee of one percent for withdrawals larger than RP2,500,000 ($182.75).
As banks shut down accounts of local exchanges, industry-wide customer support has been subpar. For one, the lack of local exchanges has prompted people to make their deposits and withdrawals in platforms like Xfers, a payment gateway that recently shut its doors on new users. Long verification times and expensive fees for such foreign exchanges as Gemini and Bittrex have also become barriers to entry for locals keen to get into the crypto market.
The second hop to another exchange like Binance and Bittrex when purchasing alt-coins is also making the entire process even more expensive and inconvenient, as such exchanges charge high withdrawal fees.
It’s precisely such pain points that NuMoney Exchange seeks to address.
A cryptocurrency exchange with markets dominated by local currency and major coin pairs, NuMoney accepts and trades both cryptocurrency and fiat money, even without banks facilitating such transactions. NuMoney stores cash in cash vaults, which ensures the exchange will carry on its operations even when banks choose to shut down its account.
Through NuMoney, users can deposit and withdraw cash—for a flat fee of $2 instead of a percentage—in the nearest NuMoney retail store within their vicinity. The company is currently setting up two retail offices in Singapore, one in Jakarta via NuMoney Indonesia, and one in Kuala Lumpur via NuMoney Malaysia. Such retail outlets are designed to make it easier for local users to seek customer support.
For those keen on dipping their toes into the alt-coin market, NuMoney Exchange will also make alt-coin support its priority once the Exchange is launched, thus eliminating the need for users to move across different exchanges.
To kickstart liquidity, NuMoney is launching an Initial Exchange Offering (IEO) in late March. Whitelist-only access will be limited to the first three days, with the limited token sale running daily for 30 days. One billion tokens will be minted.
Learn more about the IEO via their Telegram Group at https://t.me/NMX_IEO.
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