Finxflo’s James Gillingham’s AMA (Ask Me Anything) Interview With BestSwap
On November 17th, Finxflo’s CEO, James Gillingham took to BestSwap telegram chat channel to answer common community questions in the AMA (ask me anything) session. For all those who were unable to attend, we bring you the transcript to catch up on many interesting subjects James and host Andrew Kang discussed.
Everyone Ready for the AMA?
Alright, before we start let’s see if James is ready!
Thank you for joining us today! Very excited to hear what you can tell us!
It is my utmost pleasure.
Can you tell us more about Finxflo and about the c-level team that created Finxflo?
Finxflo is the world’s first DeFi/CeFi regulated hybrid liquidity aggregator. Our platform enables users to access the best rates and prices from participating protocols. Our crypto platform is designed to help traders access the best prices with an unparalleled level of efficiency. By aggregating offers from the world’s leading exchanges, FXF helps to eliminate market distortions and achieve the optimum buy or sell price for all orders. Users can take full advantage of the access to multiple exchanges with just one account, one wallet and one KYC process, coupled with an easy-to-use interface.
The Finxflo core team consists of world-leading professionals in their respective niches. With more than 80 years of combined experience in the traditional markets and prolonged experience with cryptocurrencies, they have the ability and skills to drive Finxflo into a world leading crypto brokerage.
Hope the above gives everyone a better idea of Finxflo and the team!
Hybrid liquidity Aggregator! interesting!
What makes Finxflo platform different from other platforms?
Our proprietary smart order routing algorithm distributes the user’s orders across multiple exchanges simultaneously to achieve the optimum buy or sell price, while reducing the slippage from large orders.
The introduction of dark pool trading on FXF helps to minimise the impact from broader market sentiment by partnering Fireblocks, a third-party custodian; Clients’ funds are never placed directly on underlying exchanges — only the margin is placed.
Also, there is zero withdrawal fees and highly competitive trading fees!
More security for users!
In addition, DAO voting — changes on the platform; DAO stands for “Decentralized Autonomous Organization”. In simple terms, DAOs are organizations that exist entirely on a blockchain and are governed by its protocols. It presents a new type of automated proposal and voting system that works completely decentralized and simultaneously and removes manipulation or fraud dilemmas.
Provides the best price in the market globally. With just a single wallet registration, users are able to access to 50 plus exchanges and liquidity pools at ease.
Last but not least, Finxflo platform is fully compliant with its procedures and is globally regulated in Asia and Europe, of which we will expand to USA soon!
Above are some features of how different we are!
Not only convenience but security and competitive fees!
Next question, what was the drive behind creating Finxflo?
We wanted to create an industry-leading trading platform that provides both retail and institutional traders with access to the most popular CeFi and DeFi protocols. Our platform enables these traders to optimize their investment performance with professional-grade tools through Finxflo’s user-centric interface. Users can access the best prices and rates via one account, one KYC, one wallet.
That is so convenient; one KYC one wallet!
I guess that’s what traders are looking for right now to save their trouble of registering different wallets. We also believe in a cryptocurrency market built on the values of legitimacy and trust, fully accepted by, and accessible to, the mainstream population. We envisage a level playing field for all participants with the best prices available to traders irrespective of their portfolio size and location. with market distortions and unfair trading practices eliminated.
That’s what we need! Best prices!
What stage is Finxflo currently at right now? When is the IEO expected to launch?
We are about to complete a successful private sale and are in the process of launching our IEO in one of the top exchanges. During the private round, investors will have 8% of the total token supply available at $0.05 (locked) and $0.07 (unlocked). In the public token sale, following the private rounds, investors will be able to acquire 2% of the total supply of FXF at $0.10.
The IEO is expected to launch mid-December!
Not much time left!
Can you elaborate on why the FXF token is a great HODL?
Allow me to summarise it in point forms:
- Reduced trading fees for the FXF liquidity and ecosystem/platform
- Traders can take advantage of the more than 75 million US Dollars available each and every day in global arbitrage opportunities.
- 0 Withdrawal Fees
- Access to all of the DeFi products and services in the entire DeFi ecosystem, including Yield Farming and Providing Liquidity on multiple platforms.
- Liquidity Farming — Clients will give liquidity to FXF for underlying exchanges to be used as margin. Alt coins BTC/ETH etc. They will be paid out rewards in FXF tokens for adding liquidity.
- FXF will be buying back tokens and reducing the supply from the market — reducing supply — (increasing token demand)
- Clients are then able to stake tokens ‘Staking’ for rewards, 1 year, 2 year, 3 year staking with higher rewards available for longer term and bigger holders.
- The tokens that FXF buys back from the market, will be paid to stake holders. We will be using 33% of trading fees to buy back our tokens.
So many great reasons!
Can you share more about the benefits of trading on Finxflo’s platform?
- Access to multiple exchanges through one portal at best prices and rates
- Regulated and CompliantCeFi/DeFi platform
- Ability to trade prominent cryptocurrencies
- Advanced cryptocurrency security protocols
- Competitive trading fees of 0.1%
- A user-friendly trading interfaces
How are you able to combine KYC/AML (which are centralized) with Defi elements and protocols?
We believe we are adding a lot of value which is currently sorely missed in the crypto space thus far. We have integrated with KYC and AML provider; we give clients accessibility to a number of Defi pairs who have passed our KYC and AML. We do not allow accessibility to defi or our non DEX LPs without passing all checks. All funds will remain within Fireblocks, whilst accessing pairs. When yield farming, we have a partner who generates 10% APY guaranteed, and funds will sit within Bitgo custody which is insured. This is only if customers want to access Yield farming. If not, to access Defi, funds will always sit in our custody, and we place margin on each underlying protocol.
What is your attitude towards the future of cryptocurrency? Can you briefly paint how our world will be like with the adoption of cryptocurrency in the near future?
Cryptocurrency is a thriving ecosystem, quietly encroaching on conventional finance’s territory, redefining the future of finance. Over the last five years, Bitcoin users and transactions have averaged a growth rate of nearly 60% per year. Similarly, private and public investors have deepened their commitment to cryptocurrencies including Ethereum, Ripple (XRP), and Stellar — and a number of others across the industry.
Today’s infographic unpacks a cross-section of cryptocurrencies, stakeholders, and core applications across a sector that’s continuing to grow in importance.
In the near future: As crypto continues to gain momentum, its longer-term implications will come into focus. Crucially, its cryptographic foundation sets the stage for future advances in finance.
What are your views towards the regulation of cryptocurrency around the world? How do you think it can be better improved?
Cryptocurrency regulation around the world varies significantly. In some countries, cryptocurrency is completely banned, in others it may be recognised as money but not accepted as a currency. Some countries even have laws on how cryptocurrency should be taxed and defined.
Many countries warn against their use but leave to people to decide. They point out how risky it is to trade or even own cryptocurrencies. This may largely be down to them being aware only of the bad news surrounding cryptocurrency and are yet to see the full potential it has to offer.
Usually government regulation is slow to react to changes. It may take years for it to catch up with what cryptocurrency is capable of.
Different countries refer to cryptocurrency using different wording and they may also have a policy in place for different types of cryptocurrency. Much of the cryptocurrency regulation in place already is designed around Bitcoin and not cryptocurrency in general. Some criticise government intervention into cryptocurrency, saying that it will halt its growth too early.
In my opinion, cryptocurrency regulation should be loose to let the industry grow, but tight enough to catch “bad actors”. In any case, cryptocurrency regulation is always seen as a good measure because it means that you are more protected if things go wrong, theoretically.
Decentralized finance is the new buzzword. Can you share with us your opinions on DeFi?
Decentralized finance — often called DeFi — refers to the shift from traditional, centralized financial systems to peer-to-peer finance enabled by decentralized technologies built on the Ethereum blockchain. From lending and borrowing platforms to stablecoins and tokenized BTC, the DeFi ecosystem has launched an expansive network of integrated protocols and financial instruments. Now with over $13 billion worth of value locked in Ethereum smart contracts, decentralized finance has emerged as the most active sector in the blockchain space, with a wide range of use cases for individuals, developers, and institutions.
In my opinion, decentralized finance leverages key principles of the Ethereum blockchain to increase financial security and transparency, unlock liquidity and growth opportunities, and support an integrated and standardized economic system.
The key principles would be:
- Programmability. Highly programmable smart contracts automate execution and enable the creation of new financial instruments and digital assets.
- Immutability. Tamper-proof data coordination across a blockchain’s decentralized architecture increases security and auditability.
- Interoperability. Ethereum’s composable software stack ensures that DeFi protocols and applications are built to integrate and complement one another
- Transparency. On the public Ethereum blockchain, every transaction is broadcast to and verified by other users on the network (note: Ethereum addresses are encrypted keys that are pseudo-anonymous). This level of transparency around transaction data not only allows for rich data analysis but also ensures that network activity is available to any user.
- Permissionless. Unlike traditional finance, DeFi is defined by its open, permissionless access: anyone with a crypto wallet and an Internet connection, regardless of their geography and often without any minimum amount of funds required, can access DeFi applications built on Ethereum.
- Self-Custody. By using Web3 wallets like MetaMask to interact with permissionless financial applications and protocols, DeFi market participants always keep custody of their assets and control of their personal data.
Where do you see Finxflo in 5 years’ time?
I see Finxflo as the leading cryptocurrency exchange aggregator in the industry, a platform that traders from around the world would first think of when it comes to searching for the best rates of the different tokens in the market!
Thanx for the answer!
Let’s move on to our last question~
What have you learned this year in midst of the pandemic, Covid-19?
I learned that a crisis is also a turning point. The Covid-19 pandemic is an inflection point for the digitalisation and transformation of many sectors, in particular blockchain. Covid-19 has brought along, or perhaps accelerated, some fundamental changes to the world. Protectionism and regionalism, economic stress and geopolitical shifts are testing the resilience of the current global trade and supply chain system, forcing companies to rethink and transform their current operations as they navigate and seize new business opportunities in this new norm.
Thank you James for all the information!
You are most welcome Andrew!
Please visit our website: www.finxflo.com for more information (and articles on the token and our ecosystem).