GAINS Associates
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GAINS Associates

Finxflo — Telegram QUIZ & AMA — February 6

On Saturday, February 6, we had the pleasure to welcome to our Telegram chat:

Matt Page, Project Lead.

We asked them questions about the development of Finxflo.

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

Finxflo is a DeFi aggregator platform and cryptocurrency brokerage firm, that is designed to provide the best prices and rates. Finxflo enables traders and investors to leverage market depth and liquidity by allowing access to aggregated protocols + exchanges.

Finxflo is fully regulated by the Monetary Authority of Singapore (MAS) and has been granted an exemption under the grandfathering provisions of the Payment Services Act 2019 to allow it to provide digital payment token services.

The DeFi and centralized platform facilitate a singular interface, account, and wallet for any investor to optimize their trading and investing strategies. Finxflo strives to build innovative tools to provide industry-leading practices to retail and institutional investors all across the globe.

Introduction

Q — Ayeley from GAINS: What did you do before crypto and did you have any other previous venture in crypto?

A — Matt Page from Finxflo: I’m Head of Institutional Sales at Finxflo. I’ve worked in many countries and regions building businesses up from the commercial side but in more traditional industries, lots in commodities IoT and industry 4.0. I’ve also worked at deploying blockchain solutions across the supply chain. I’ve been very lucky to travel extensively across the world and spent a good amount of time in Africa, the Middle East, India, the US and Asia.

Bit of a shame that COVID has stopped that temporarily. I came to crypto after running deep into Macro Economics and came out with two theses, precious metals (specifically industrial/supply shock) and digital assets/cryptocurrencies. This led me down deep into the crypto forest. After listing my primary role will be onboarding the institutional clients we have been speaking with. PS: I used to be a DJ and still love my vinyl!

Q — Ayeley from GAINS: How did you eventually switch from tracks to Finxflo?

A — Matt Page from Finxflo: After struggling with all the issues we all know about: multiple accounts, screens open, multiple wallets, and moving money around to get the better pricing or pairs, I thought there has to be a better way. Being based in Singapore, I am close friends with several bankers, they knew what I was doing and said I should speak to James. We shared the same vision of resolving the issues in a regulated space. The rest is history.

Product

Q — Ayeley from GAINS: This is a perfect time then to learn more about Finxflo. What is the project about in a few simple sentences?

A — Matt Page from Finxflo: In a nutshell it’s a regulated multi-jurisdictional platform that offers 25+ exchanges and liquidity providers, offering global best price and execution with one wallet, one KYC, and one account.

There is a lot more detail to unpack from the statement, like the proprietary smart ordering algorithm and dark pool.

Q — Ayeley from GAINS: Is there any other crypto company that seeks to do what you are doing? And what sets you apart?

A — Matt Page from Finxflo: To our knowledge, we are unique in what we provide. There isn’t a regulated multi-jurisdictional platform offering CeDefi with institutional-grade tools for all.

As a hybrid liquidity aggregator that directly bridges the worlds of CeFi (centralized exchanges or CEXes) and DeFi (think automated market makers or AMM like Uniswap or Balancer). We are a platform that does this. Other CeDeFi liquidity aggregators, like Orion, are actually protocols. While we totally respect what they’re doing and are excited for them to roll out their services, we’re a little different. In that sense, we’re more like Binance, in that we require you to open an account with us, and not just use a Web3 wallet to interact with our protocol. We like to say “One Account, One Wallet, One KYC”!

PS: Institutional-focused players like Tagomi and SFOX do have institutional-grade tools but not available for all in a one-stop-shop with the access we have.

Q — Ayeley from GAINS: What is the token use case and how will it capture the value of the ecosystem you’re building?

A — Matt Page from Finxflo: FXF token utility -

  1. Reduced trading fees
  2. DeFi/CeFi access
  3. Liquidity Mining
  4. Staking FXF to receive a portion of platform fees
  5. Voting rights

More details on the FXF token can be found here.

Q — Twitter user @alej_pacedo: Finxflo has a protocol called “Dark Pool Trading’’. Why this name? What are the differences between the trading we all know and the trading in the dark pool that Finxflo has created? Do they offer better performance?

A — Matt Page from Finxflo: Many people in crypto probably aren’t aware of Dark Pools and why they were created. It’s an institutional-grade tool. Why do you think your order doesn’t get filled or suddenly the price jumps a few bits before it executes? Dark pools eliminate this. All the orders are held in the pool, the exchanges can’t see them.

Here are some more details:

TWAP and VWAP are our initial smart algorithms and smarter execution. The TWAP works with time for optimization and VWAP is monitoring volume. When a spike in volume occurs we create market “sound” to ensure the best execution and not be predictable in the way the execution algorithm works and operates. We have built everything from the ground up and it’s our own IP.

For larger orders, this reduces slippage. As the smart order also is splitting up all the orders and the exchanges won’t have the visibility of our order book. You face off to us, we face off to them.

Q — Twitter user @EgorCypto: What are your thoughts on adding cross-chain functionality to Finxflo? Is it possible to aggregate other blockchains like Binance Chain or Polkadot?

A — Matt Page from Finxflo: We are all for it hence we will deploy a dual native TRC20 token in Rev 1.5. This opens up previously impossible pairs and offers additional benefits with speed and cost. We want to expand on this and are looking at the hottest project right now and how we can work that in!

Q — Twitter user @YuriyCrypto: Obviously, protocols like Uniswap and Balancer have taken a piece of the CEX market, but they cannot replace them entirely. What ecosystem does Finxflo aggregator aim to create so that CEX and DeFi can interact with each other?

A — Matt Page from Finxflo: That’s why we will be the first hybrid aggregator CeDefi, as we have coined it. We can’t solve all the issues, gas fees are always going to be an issue until ETH2.0, parachains or layer 2 kicks in but we can help optimize and execute with Liquidity Uniswap v3 will have a lot of options and we will integrate. The key things are to offer a regulated one-stop-shop. Regulation is coming in we want to be ahead of the curve

Finance

Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?

A — Matt Page from Finxflo: Yes. A lot of the work over the last 2 years has all been self-funded. That’s important to note, we didn’t go and raise multiple seed rounds with VCs to get us to this stage.

We have a fair sale policy. Everyone who has bought at the private sale round is on 5c. That’s $2.7M. We then have the partner sale which includes the Polkastarter token generation event on the 8th.

There’s a small break down but Polkastarter lottery winners have the same price (pegged to eth) of 5c. Everyone’s the same! Future fundraises may come once we have proved ourselves and only then will we look at equity, why give it away early?

Also, Team tokens are locked for 12 months! With a further 3 year vest so 4 years in total. We believe long-term in what we are building.

Q — Telegram user 💳 Pro Trader: You have a buyback mechanism so will you burn part of them?

A — Matt Page from Finxflo: Under the MAS regs, we are not allowed to burn. Our tokenomics explain a bit more about this but with 150M total supply and the buyback and staking with the vesting period on the treasury should help answer how we plan to limit the supply in the market.

Security

Q — Telegram user HEART: How tight is the security on your platform and what is the audit process for these projects to protect investors — especially Finxflo users?

A — Matt Page from Finxflo: We use MPC, multi Sig, and HSM. All our partners have the same vision and regulatory stance as us. Our new Chief Compliance Officer (who starts in April) will be leading this charge, he’s head of the risk from a very large bank. Rest assured it’s one of the most serious parts of our business.

Q — Telegram user Humberto: FinxFlo associates multiple accounts users as a challenge in DeFi, so it’s a trading platform that allows only 1 registration, 1 KYC, and 1 wallet. How difficult is it to pass your KYC? What are the requirements so you can make sure people will have only one account?

A — Matt Page from Finxflo: KYC isn’t the smartest system at the moment as proof of address and various documents required differ from country to country. Our current service provider is looking at ways of improving this but we have an internal compliance team reviewing applications. The only issue I see is the Time Frame. Having it automated to meet the regulatory approval is obviously the best but the current tech isn’t up to scratch for that hence our compliance team, Global watch lists, and KYC also feature. The short answer is this will evolve to be better but KYC is a bit of a pain.

Business Development

Q — Ayeley from GAINS: What stage is your project at? What next is on your roadmap after the sale on Polkastarter?

A — Matt Page from Finxflo: Token is released into the wild after the Polkstarter TGE on the 8th. Time is TBC but expects it to be later in the evening SG time

The platform will live at the end of March/April. I will be honest, we will most likely be in April with the current workload but unlike many projects, it’s not a white paper and a money raise. You can see our demo platform already with live aggregation in testnet.

Four pairs on one screen, think of the possibilities when we go live. The same trading pairs in different time frames on one screen. The customization will be amazing when it’s finalised. Sign up for the demo account.

PS: We are ahead of our schedule in other parts. EU CYSEC license and SEC license applications are underway, Cyprus and NYC offices open.

Q — Telegram user S P Λ C Ξ: Marketing is the central element of every project. What is Finxflo’s strategy to attract new users and investors and retain them for the long term?

A — Matt Page from Finxflo: Yes it is, we have been very under the radar before this launch, but come out with a bang that’s why we have been busy building the platform and not raising the money to start.

Community is super important to us and we know the value it can bring. A lot more work will be visible on this throughout the ramp-up to April’s platform launch. We will have 10k active traders from day 1. All the Polkastarter applicants received a discount code for up to 60 days of free trading as part of their journey. I hope you all applied!

It was a pleasure having you join our community today Matt. We wish you the best in your upcoming IDO and Uniswap listing. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley from GAINS

Thanks for letting me be part of your community. I had a great time. Thanks for all the questions. Don’t forget to like, share and interact with us on Telegram Channel, Telegram Group, Twitter, Facebook, Instagram and YouTube. — Matt Page from Finxflo

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