Taiwan’s MAX Exchange Rewards Token Mining Clients With Fee Revenue
Taiwan’s largest digital asset platform MaiCoin has recently launched cryptocurrency exchange, christened as MAX Exchange. The exchange presently lists Taiwan Dollar (TWD) paired with 16 cryptos. Additionally, to gain global reputation, MAX Exchange has recently listed 51 crypto to crypto pairs, which include both TWDT and USDT stable coin pairs.
Although TWD fiat trading is open only to Taiwan’s citizens, crypto-to-crypto pairs are now available for the international market, requiring Max users to register with an e-mail address. This will give Level 1 access to users. The exchange website provides a $ 15,000 daily withdrawal limit. This daily withdrawal limit is increased to $ 150,000 for users who are willing to provide a phone number and selfie with Id verification.
On the subject of uniqueness of the exchange, MAX representatives said “What sets MAX Exchange apart from the competition is that customer fiat assets are stored safely and securely with a third party bank trust custodian. We are also partnering with mobile phone providers on a solution to allow MAX Exchange users to store their private keys at the semiconductor level on their smartphone so that they are always in control of their own assets”.
MAX Exchange will launch its native token (MAX) to develop and support its Community ecosystem. 150 million MAX tokens (30% of total supply) will be distributed through a transaction (TX) Mining rate model. What distinguishes its TX mining model from earlier iterations is that Max embraces a difficulty function where mining perks lessen as more and more coins are mined to slow down the issuance and native tokens are bought in the open market.
The exchange intends to use 80% of its trading fees to buy MAX tokens on the market as rewards for its creators (40% of fees), holders/stakers (30% of fees) and takers (10% of fees) on the platform.
MAX users can either stake or freeze MAX tokens to multiply their staking capability by up to five times. Max representative further explained “An ageing boost component is applied to staked coins. The longer coins are staked, the more their staking power increases.”
The Max Digital Asset Exchange is a business extension over the OTC counter platform, Maicoin, which has been operational since 2014. Together, Max and Maicoin are the largest and oldest crypto asset platforms available on the Taiwanese market. While speaking to Bloomberg on Jan 30, Alex liu, the founder and CEO of Maicoin, said that he was focusing on continued business expansion throughout Asia to help fill the gap created due to regulatory uncertainty in Korea and China.
MAX and MaiCoin have claimed that they are the first to offer almost every crypto asset traded in Taiwan including Bitcoin, Ethereum, and Litecoin.
Back in 2014, according to the firm, MaiCoin and MAX were the first ever platform to facilitate fiat payments through tens of hundreds of 7-11 and Hi-Life convenience store ATMs and Kiosks nationwide.
Three years back, the firm entered into the merchant services industry, unveiling a series of apps to enable point of sale (POS) transactions that assist local businesses accept digital asset payments without any hurdles.
In 2016, MaiCoin founded AMIS Technologies to develop Ethereum based enterprise blockchain solutions for the local financial institutions. Today AMIS stands as a founding member of the Ethereum Enterprise Alliance (EEA) and creator of the Istanbul Byzantine fault tolerant consensus alogo which has been deployed as the consensus protocol in JP Morgan’s Quorum platform. The group continues working on several enterprise blockchain solutions and is collaborating with major financial institutions such as ITRI, Taishin Bank, and Fubon FHC.