Revised Launch Timetable and 99% Trading Fee Discount for NTS Holders for the First Month
Nauticus has announced a revised timeline for the launch of Nauticus Exchange.
Nauticus raised $19.4 million in its successful ICO. That’s significantly more than the soft cap of $8 million, but short of the $68 million ICO target required for a full scale launch.
The scale and functionality of the exchange has been reassessed in line with the guidance given in the White Paper.
Founders Bryan Ng and Jonathan Chang are examining the options for a staged ‘Beta’ launch, opening with a limited selection of the most popular cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, XRP, Litecoin etc).
The idea is that new coin pairings would be added regularly as the Exchange builds quickly towards 100 crypto and 7 fiat offerings. A staged launch will focus users and liquidity on key markets and give each subsequent new pairing and market the best possible chance of success.
As an incentive to use Nauticus Exchange, NTS holders will be given a 99% discount on trading fees for the first month. (We wanted to make it free, but charging users a nominal amount was required for technical reasons in order to limit the discount to NTS holders).
Work on the exchange is about 90 percent complete, and the developers report it’s functioning well as a pure crypto exchange. Our customer support team are currently helping test the functionality, while being trained in all aspects of the UI.
The developers are working seven days a week to resolve a few outstanding issues, including with our fiat onramps, and teething problems integrating our two third party KYC providers.
The delay with KYC makes it unlikely the exchange will launch in the next few weeks as we need to allow enough time for a critical mass of users to be verified for launch.
However, the upside of this is not launching in the middle of the current Bitcoin and altcoin bloodbath.
“We are very close — but we won’t launch until we are 100% confident that every single aspect is working flawlessly,” said COO Jonathan Chang. “The feedback from our community and Pilot testing group is that they’d prefer a delay to launching with a product that isn’t perfect.”
“We want to give the exchange the best possible start”.
If you would like to join the Nauticus Pilot testing group, please ask for an invitation from our Telegram admins