Recap | VirgoX CEO Adam Cai’s AMA at CryptoTalkz Community
On March 26, 2021, Adam Cai, CEO of VirgoX Exchange, was invited to the Crypto Talkz community for an AMA session. There, he talked about the VirgoX Exchange, its features and innovative products, and the future plans for VirgoX. For those who couldn’t join us today, here is a recap of the interview.
Hello, Welcome to a special AMA session with VirgoX! Please welcome Adam from VirgoX.
Let’s get it started! Thanks for the invitation today!
Welcome here, Adam. Thanks for bringing us VirgoX❤️ Before we start our first session, can you introduce yourself to our community?
Hello everyone, my name is Adam Cai, CEO of VirgoX and co-fonder of the World stablecoin association. I have been in the industry for more than 5 years now. Been through a few cycles in the industry. Looking to share some insights that may be valuable to you tonight!
www.virgox.com is the link for our exchange, just in case you are curious
Segment 1 — Introduction
Q1. Can you briefly describe what VirgoX is? We would like to know more about it and how it works.
VirgoX is known for being the world stablecoin trading center. At VirgoX, various types of stablecoins(Fiat backed, Crypto backed, Algorithm backed, and Asset-backed) are listed and integrated into the ecosystem. The use cases of stablecoins within the VirgoX ecosystem have gone beyond spot trading. The synthetic FX（Foreign Exchange） market powered by stablecoins is also available on the VirgoX platform on a 24/7 basis. It also includes stablecoin financial products, stablecoin borrowing, and lending with one token VXT as collateral, and more use cases are being evaluated and developed.
VirgoX adds value to the ever-growing DeFi world by providing a trading venue for complete DeFi protocols with high potentials. VirgoX actively sources various existing and future DeFi protocols, allowing users to deposit assets in one place and earn the best possible yields without fussing about the steep learning curve. The CEFI Vault saves crypto holders tremendous time and allows users to have a very competitive APY in the industry.
VirgoX has revolutionized how centralized exchange services clients, and I believe the innovation will keep going. Please make sure you follow VirgoX on the latest updates.
Q2. What are the main features that distinguish you from other exchanges, and what competitive advantages do you have?
A few points I would like to mention:
1) in terms of the service offering, we have been pretty comprehensive now. We have spot/future trading, lending & borrowing, CEFI Vault( star product connecting to the DEFI world), Lending & Borrowing, quick bids ( using a couple of dollars to win 100 dollars every day). We aim to become the world first-class exchange in the very near future
2) in terms of the value proposition, a few product lines, you probably can’t find close competitors. We had 20 + stablecoins traded on our platform. All the CEFI vault generates more than 50 %APY. Some have 100% APY with no impermanent loss very low-interest rates on crypto lending and borrowing.
3) Safety piece, we deeply partnered with Ledger. Most of you are familiar with the Ledger Nano devices. We actually used Ledger vault services to have insurance coverage for our crypto assets up to 150 million dollars. Therefore your funds are SAFU!
Q3. Could you please provide details on the newly launched CEFI vault?
Sure. The recently launched CEFI vault product has really brought a lot of attention from the DEFI users or simply users looking for high APY.
We have launched 7 pools now, including BTC, ETH, USDT, USDC, HUSD, BUSD, BNB. All 7 pools have more than 50% APY and have no lock-up term. Users can put their leisure assets at work and earn high APYs by receiving VXT. For all the assets clients put with us, we would optimize allocations to various DEFI pools, and the yields from that are 100% used to repurchase VXT. This is probably why you see the VXT has gone up 150% in less than 15 days after the CEFI vault has been introduced.
We also give full transparency to the communities. We published the mining contracts address + VXT burning addresses. In this way, you will have full confidence about where your asses are and whether VXT has been repurchased and burned.
High APY looks so eye-catching. 🤩
Q4. VirgoX has its own platform token, $VXT. Can you please give us its use cases? How do holders benefit from holding it?
Sure. This is critical for a lot of users who hold VXT
- VXT holder is entitled to have a 50% discount on all trading fees and use VXT to pay for trading fees
- VXT holder is entitled to have discounted borrowing rate
- VXT holder is entitled to have enhanced financial product yields
- VXT holder can use VXT to be staked to earn a number of airdrops for the new and mainstream tokens currently at APY ranging from 60% — 100%
In the future, VXT will also be included in the governance vote so that it will give more voices to the community, including listing + adding new pools + rate adjustment, etc
Q5. Can you share with us some examples of your financial product?
Regarding the financial products, we have
- Flexible savings + term deposits
- Structured products that has minimum returns guaranteed but higher earning potential
- Duel earn product — that provides higher returns when you are in a position to purchase or sell coins like BTC, ETH. The mechanism similar to yields paid to placing your trading orders
Q6. Could you please provide some progress on your roadmap and what results have VirgoX has achieved so far? And any sneak-peek into 2021 plans for VirgoX?
Sure. 2020 has been mostly the year to get our product lines ready for aggressive growth. We have over 300K users globally, and we have made some nice movements on some new product launches. For example, CEFI, within 15 days, we hit almost 8 million dollars TVL and continuously growing on a daily basis. VXT token price is appreciated as more market recognition and at the moment about 400% return.
We are looking to create fundamental values for the users. 2021 will be surrounding two topics:
- becoming the true bridge for the DEFI world
- bringing NFT to CEX and make a much more efficient trading space, i.e., less fragmented
Thanks for that well-detailed introduction about VirgoX. Here below are links for you to get the latest updates about VirgoX.
- Website: https://virgox.com/
- Telegram: https://t.me/VirgoX_official
- Telegram News Channel: https://t.me/virgox_channel
- Twitter: https://mobile.twitter.com/VirgoX_Exchange
- Linkedin: https://www.linkedin.com/company/virgox-sac
- Facebook: https://m.facebook.com/VirgoX-112116547152982
- Instagram: https://www.instagram.com/virgox_global/?hl=en
Second Segment — Twitter Questions
Q1. You call yourself “Stablecoin World Trade Center,” but is it really different from other exchanges in that you have more walls with more amounts of stablecoin? Or simply for supporting the new stablecoins since their inception?
This is from two folds. We not only have more stablecoins than most CEXs or DEXs. We have various fiat-backed, crypto-backed, algorithm stablecoin. We also help incubate early stablecoins by providing funding, marketing, business model improvements, etc. The end goal is to provide constant value to the ecosystem.
Q2. Every project name is inspired by and has history on its name. In that case, what’s the story behind VirgoX? For a much stronger customer relationship, can you tell us more about the members of your Virgox team?
Good questions. I would love to know at the end of the session. How many of you are Virgos? Virgo is a horoscope that, in many eyes, represents seeking perfectionism. We use the Virgo as the brand value is that we want to bring this attitude and spirit of Virgo to empower what we are going to execute in the years ahead!
Q3. Decentralized Finance is, without a doubt, the fastest growing sector in the Cryptocurrency industry at the moment. But how will VirGoX solve the problem and issues inherited from DeFi itself?
DEFI is very efficient in putting the asset at work. However, the early stage of DEFI requiring substantial focus and skills from the people who use DEFI not to have security and investment risks. The value VirgoX CEFI vault is indeed to help users avoid the risks, and we help you filter out the shady ones and make sure the capital is as safe as possible, and the yields are as optimized as possible.
This work requires constant research and analyses, and this is what we do as a professional service to all of our users.
Q4. Something that caught my attention immediately is that they handle my native language, Spanish. Apparently, they have bilingual platforms. Does this mean that these projects are also aimed at the Spanish-speaking community?
We have a fast-growing community in Latin-America. We certainly want to provide better services to the users in those regions as we acknowledged that not a lot of our services are currently covered in these regions. We are looking to add more languages in the future.
Q5. I read that Virgox works with impeccable security, so what steps does it take to ensure security? Why are 98% of assets stored in a cold wallet?
Yes，this is as mentioned earlier. Safety can’t be stressed more than is the top priority of any exchange business. We take it seriously from day one, and that’s why we used Ledger Vault services to ensure all assets stored on a cold wallet are insured up to 150 million dollars.
Thanks! And that’s for our Twitter question segment. I guess the community is excited to know more about VirgoX.
Last segment — Live Q&A
In this last segment, the chat was opened for 60 seconds so that the community could ask Adam some questions directly to know more about VirgoX. Due to the huge amount of questions, Adam had to pick some interesting questions and couldn’t answer all the community members.
As a unique single token mining pool, is #VirgoX Vault supports #BSC and #HECO?
Yes, we do support both BSC and HECO to make users easier to deposit and withdraw as well as integrating HECO and BSC ecosystem into our vault.
VirgoX claims that it is the center in terms of stablecoins, but do you support multiple networks of each Stablecoin?
Yes, we do. For example, on USDT, we support OMINI, ERC20, TRC 20, BEP 20, HRC 20, a total of 5 networks. As long as the project is demanded, we can ensure the network is supported.
How do I get the VirgoX application on a smartphone, and where can I see the $VXT token price? Is it already on Coingecko?
You can go to virgox.com and download APP there. VXT token has been listed on coingecko, and we are working with coinmarketcap to add it as well
I saw that you have a Referral Program to get a revenue share from inviting friends, but can you tell us more about it? How can we exactly join this program, what are the terms and conditions of it? How many friends can we invite?
We have a very comprehensive referral program. It includes trading fee sharing, financial product yield sharing, and CEFI vault yield sharing. All of them are real-time. The essence is that once you invite your friend over. You are now able to earn long-term residual income.
Does the #VirgoX platform use the profits to repurchase and burn $VXT?
Yes, let me use the CEFI vault as an example. We will use 100% of profits generated from DEFI yield to repurchase VXT tokens, and you can see how many VXT has been repurchased and burned in the DEFI vault. The burned address is also published.
Closing comment from Adam:
Thank you everyone for the time. Would love to see you more in our telegram group for discussions and hopefully, VirgoX can bring you value to grow together in this bullish run!