I find it quite strange that although this project is in top 60 of coinmarketcap, there's not much talk about it here and I feel like it deserves a bit more attention. So let's discuss it a bit.
To start off, I'll cover the basics for you.
Their core product is something they call "global blockchain acquiring", and while I'm not exactly sure what that means, the main idea seems pretty clear.
Right now, the total capitalization of all cryptocurrencies nears 450 billion dollars, but only a meager portion of it can actually be used for payments and purchases. And so people are forced to use centralized exchanges or services like localbitcoins.com to convert crypto to fiat and vice versa. Such operations involve risk, not mentioning that you have to pay fees to the platforms and that your exchanging options are limited to the existing trading pairs.
Cryptonex aims to create a system that will allow you to exchange any fiat currency for any supported cryptocurrency, and, in the future, to pay for virtually anything with a mobile app or credit cards of partner banks. The project has the real - world use case, and I can certainly see the potential for mass-adoption here, but what are the guarantees that banks and payment systems, some of which admit financing mass-media campaigns against cryptocurrencies would join forces with a blockchain related project?
With that said, a lot of projects nowadays have huge things planned, so let's look at what they've already achieved. Out of curiosity, I've registered on their platform in order to try it out, and, as far as I understand, all it does is allow you to exchange your CNX directly to GBP, EUR, USD, BRL, RUB. deposit on the platform without commissions, and later perform transactions and withdrawals. It sort of resembles the ordinary exchanges we're all used to, but with the addition of fiat trading pairs other than USD. If this platform adds support for more currencies, I can see some people using it, especially if you'd be able to exchange literally any currency for any other.
As for the current progress, they seem to be following the development schedule just right with recent announcements of close release of mobile app and p2p platform.
As for the questionable moments, CNX is currently present on 2 exchanges, YouBit and HitBTC, the first has not much to talk about and questionable entry requirements, the second one, on the other hand, is among the main exchanges, with 10th biggest trading volume in 24h. at the moment of writing.
Presence on only 2 exchanges is strange for a top 100 projects in general, considering that literally all of them have 4 or more listings, but we should also consider that this one is about 3 months old and listing negotiations and the process of listing itself takes significant amount of time, though, as I'd imagine, not nearly 3 months.
While I like the overall idea and the current progress, I don't get why there's so little info about this project and why the media coverage is so low. I mean, I haven't even been able to find the info about the team, and they don't have slack, telegram chat or discord channel, so there's basically no way for the community to communicate.
So, what are your thoughts on it? It seems like a legitimate project, but there's just not much happening around it.
Topic: Why there's no talk about Cryptonex? (Read 144 times)
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