Singapore, 2nd March 2020 – The decentralized finance platform FinNexus has today announced plans to launch a new exchange model and platform token (FNX) on leading cryptocurrency exchange Bitrue. Users will be able to convert FNX to the first tokenized product in the FinNexus ecosystem, UM1S, at their discretion.
The introduction of this new projects is a massive innovation for cryptocurrency users and investors, as it allows for users to choose a level of risk that they are most comfortable with and provides increased options after their purchase. A 3-month conversion period will be available to maximize the suitability of the investment for different risk-return profiles. Holding FNX allows for active involvement in FinNexus ecosystem development, while holding UM1S provides a fixed return of around 10% APR.
“This new model will be a game-changer. Giving unique conversion rights to token holders is a vast improvement over the recently popular token distribution models.” said Boris Yang, a Wanchain co-founder and now CEO of FinNexus.
FinNexus will make its debut on Bitrue - a leading cryptocurrency exchange with a strong user base in Europe and South-East Asia. Despite launching less than 2 years ago they have already established themselves as a significant player in the market through the rapid development of user-focused features.
“Innovation has always been at the heart of Bitrue, from the introduction of our Power Piggy product that gives ordinary investors a chance to earn while they sleep, to our adoption of XRP as a base currency, we’re always on the lookout for new ways to bring value to our users. This conversion model is the next big step forward for us in this regard,” said Curis Wang, CEO of Bitrue.
The conversion model presents four main innovations:
- FNX investors get a “second choice” after they receive their tokens. Should the digital assets market face uncertainty during the conversion period, one may choose to exercise a conversion right to have their entire principal and additional interest safely returned upon maturity of the UM1S token.
- FNX holders can tailor their holdings for the risk level that makes them comfortable. Risk tolerant token holders can choose to convert fewer FNX.
- The conversion mechanism balances the issuance of FNX in circulation. Converted FNX will be burnt, decreasing the total supply of FNX and allowing market forces to determine the FNX supply on the market.
- Lastly, the model combines the process of fundraising, listing and launch of the first FinNexus tokenized product, UM1S. Committing to this token distribution model demonstrates, from the start, the FinNexus philosophy of building protocols for real applicable products and down-to-earth use cases.
Although the FNX token will be minted as a WRC20 token on the Wanchain (WAN) blockchain, the 2020 roadmap for FinNexus emphasizes that FinNexus is a multichain protocol which will at first focus on the XRP and WAN ecosystems before expanding to include others. Connecting to XRP Ledger will strengthen the bond of FinNexus tokenized products to fiat currencies, enabling better user adoption of real-world asset tokenization. Wanchain’s existing cross-chain protocols will enhance the decentralized operations of FinNexus. The resulting digital assets that FinNexus protocols bring to life will enrich DeFi application ecosystems.
About FinNexus
FinNexus was founded by Wanchain, a leading global public blockchain, and Superatom, an Indonesia-based fintech enterprise with high profile investors. FinNexus is currently focused on building a suite of innovative layer 3 protocol clusters intended to link the emerging world of blockchain solutions with the dizzying array of legacy systems that manage the global financial services industry today. FinNexus protocols will enable the creation of a diverse array of innovative digital assets based on both real world enterprises as well as decentralized ecosystems by removing the barriers to entry for the creation, listing, and discovery of such assets.
Find out more at https://finnexus.io/.
About Bitrue
Bitrue is a growing cryptocurrency exchange and digital asset management service that is disrupting the industry by adapting traditional financial services to the newly emerging crypto markets. Launched in July 2018, Bitrue offers worldwide services to cryptocurrency investors with offices across the globe. Bitrue has a close relationship with Ripple, with whom they share a vision regarding the potential of crypto assets, and has become one of the top exchanges within the XRP community. They now support over 80 XRP pairs and have become one of the top 5 exchanges globally ranked by XRP volume, owing to significant market share in English speaking markets and SEA. Bitrue is backed by strong communities and is quickly becoming the one-stop platform for crypto traders around the world with its latest addition of fiat purchases.
More information can be found at https://www.bitrue.com.