MITx Listing Announcement
Dear Community,
We previously announced that we will be unlocking the tokens upon listing and this will happen in the first week of May. In this article we are going to tell you which exchange we will be listing MITx on and the rationale behind that. We will finalize additional exchange listings in the near future following the first exchange launch. But, first up, to re-iterate what we have mentioned in the previous article:
Some considerations for listings:
1. Investor and Shareholder Value: we understand some of the community is urgently waiting to start trading. As managers with your best interest in mind, we are making sure the exchange listing process is in line with the health of the business for the long-term health of Morpheus. While this may not make sense to everyone, we ask you to please understand that we have a common interest to increase the company’s valuation at the corporate level (equity) and in the token exchange as there is a direct correlation between both.
2. Timing and Localization: given the diversity of the community, it is important to have an exchange that offers multi-language support and can provide a seamless listing and onboarding.
3. Token Performance: While we can’t speculate on the token’s performance, it is important to notice that many exchanges require certain levels of volume to remain active and avoid manipulation. For this reason, strategically it is in our favor to list on one exchange initially as we drive new marketing and PR activity for the community. Once stable, the possibility to expand on other exchanges makes a lot of sense and is something we are supportive of.
Where we will be listing on:
We will be listing on QRYPTOS. For those who are unfamiliar with who QRYPTOS is, allow us to share some information. QRYPTOS is the sister company of QUOINE. In September 2017, QUOINE Corporation became the first global cryptocurrency exchange to be officially licensed by the Japan FSA. To comply with FSA regulations, QUOINE launched its crypto-crypto trading platform for all coins outside the official regulations of FSA. QRYPTOS also complies with the strictest KYC/AML regulations.
Security
QRYPTOS and QUOINE is the only exchange that uses 100% Cold wallet. This ensures all funds are secured and withdrawal requires multiple signatures. Now, we understand this has implications on the efficiency or speed of withdrawal which the QRYPTOS / QUOINE team is fully aware of. We should understand that there is a trade-off between efficiency and speed versus security and a fine balance has to be taken into consideration.
Language support
We have many Korean contributors and this is one of the key reasons why we want to ensure the exchange that we are listing on support the Korean language. And we are happy to let our Korean supporters know that QRYPTOS is one of them!
Figure 1. QRYPTOS Korean Language Support
Timing
It important to understand that it is impossible to time the market, just like how we did not expect to launch our token event at the peak and trough of the crypto market, which we believe we did well enough with your help. (Thank you once again!) We believe it is not possible to delay the listing to such a time when the crypto market thrives (bull market). What is important to note is that we have received some coverage from influencers like CrushCrypto (if you have not watched it, please view it!), top7ICO and so on. We are still getting some “halo effect” from these and we feel that we should not delay the listing too long.
Other Exchanges
We are still in discussion with a few other exchanges and discussion history can be found here.
Final Notes
We hope the reasons we have laid out above, give our community an insight into what we have done, the effort that has gone into securing a proper exchange for listing. We have dealt with QRYPTOS and we found them to be super professional and a joy to work with. Please give QRYPTOS a chance and here is a shoutout to the team at QRYPTOS, Seth Melamed, Katherine and Swee Rong and the rest of the core team. Amazing people.
Thank you Everyone
Morpheus Labs Team
