Cryptocurrency & Blockchain Business

MoonX to launch decentralised non-profit trading platform for cryptocurrencies

The Switzerland-based technology startup MoonX is hoping to attract investors and traders from India as it plans to launch decentralised non-profit trading platform for crypto currencies by the end of November. 

“MoonX allows members to collectively participate and contribute and in turn rewarded with Moon Money, equivalent to shares and voting rights within the company. One can be a part of MoonX family by just trading on the platform once,” said Nithin Palavalli, founding chief executive of the venture.

MoonX will have development centres in Bengaluru, London and Beijing. It is also planning to start office in Kerala, which has lot of NRIs working in West Asia who the startup reckons will be interested in becoming members.

Palavalli said the exchange will charge one of the lowest brokerages and offers nanosecond response time of 10 million transactions a second, which is better than most other exchanges in operation. “We have invested a lot in technology to make it fully secure and fastest exchange,” he said. 

Started by a group of investment banking experts, MoonX has raised $29 million funding for its operations. It aims to take the blockchain technology to the next level with its application in agriculture, financial technology, education, food safety and healthcare. 

“MoonX is targeting 5 million customers across the world in one year,” said Tony Lee, founding chief controller. After starting with crypto currencies, MoonX has plans to expand to trading of treasury bills, foreign exchange and commodities.

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