Follow up on Questions From AMA with DAEX COO, Lois Shen

When our COO, Lois Shen, live-streamed a Facebook video AMA (Ask Me Anything) on Friday at 1 PM GMT, September 7, there were several questions asked by the community that Lois did not have the chance to answer.

As promised, we have listed the questions with answers below for our community to follow up on:

1. What markets are you currently targeting?

We have already entered the following markets:

Thailand — We completed a strategic investment in SEADAX, a cryptocurrency exchange, in July this year. SEADAX will help us expand in Thailand, whilst receiving both technical and financial support from us. They will also be the first partnered exchange to use the DAEX Wallet (which will be this month).

Indonesia — INDODAX, a cryptocurrency exchange based in Bali, also received a strategic investment in July. We listed our DAX tokens on their exchange, and they will be one of the first exchanges that will use the DAEX Wallet for clearing.

Australia — Last month, we made a strategic investment in XBrick, a global exchange headquartered in Australia. XBrick will also receive DAEX Wallet deployment this year and help us expand in Australia.

Russia — We made a strategic investment in HyperQuant, a fintech platform for automated crypto trading.

China — Last month we made a strategic investment in BUGX, a blockchain security group. BUGX will help the DAEX project by providing assistance with security services.

Tokenomy — Based in Singapore, Tokenomy is a crypto exchange, and a tokenization platform to allow projects to launch new blockchain tokens. We made a strategic investment in Tokenomy to help expand our user base in Singapore. Tokenomy will also receive deployment of the DAEX Wallet and become a clearing node for us.

The Korean government recently announced that they are recognizing cryptocurrency exchanges as regulated financial institutions. Therefore, Korea is also a huge market for us, and we are currently in negotiations with several Korean exchanges. More news on this will be released later.

Newly established small/medium sized exchanges who are seeking regulation or licenses can benefit from DAEX’s clearing services. This is not limited to specific regions or countries, and we are planning to provide a global solution.

2. How big is your team?

The DAEX team consists of both blockchain and fintech experts. Our global headcount is 50+, which includes around 30 engineers and developers.

3. How do you have such a global presence with such a small team?

We are recognized globally due to our network of partners and relationships we have established around the world.

4. When was your company founded?

The Global DAEX Foundation was founded in January 2018.

5. Will other exchanges who need the clearing service of DAEX be charged for its service?

We will not directly charge exchanges, although traders who take part in the clearing services will be charged with DAX token fees. We will also charge a custody fee for institutions who use the DAEX Wallet.

6. Using the DAEX clearing service on other exchanges, won’t it limit the services of other centralized exchanges?

In fact, exchanges that use the DAEX clearing service will not need to do clearing of trades themselves, it is essentially outsourced. This will remove burden and workload from exchanges, allowing them to focus on their core competencies to scale their business.

7. Does it mean users can now control their own funds in a centralized exchange that uses DAEX clearing service?

Correct, traders will be able to experience several benefits of centralized exchanges such as liquidity, fiat to crypto trading, user friendly UIs etc. whilst having full ownership of their assets.

8. What exchanges are you targeting?

Current exchanges we are coopearting with are SEADEX, LBank, XBrick, INDODAX and Tokenomy. We will announce more in the near future.

The questions and answers that Lois answered on the stream can be viewed on our original post at https://medium.com/daex/recent-facebook-ama-with-daex-coo-lois-shen-a044c949dd8f

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