New Taiwanese Exchange Rewards Users for Token Mining and Staking From Its Fee Revenue
The company says customer fiat assets are stored safely and securely with a third party bank trust custodian.
MaiCoin, the largest one stop digital asset platform provider in Taiwan, recently launched it’s MAX Exchange. The exchange initially started by offering Taiwan Dollar (TWD) to crypto pairs and it currently lists 16 crypto/TWD pairs. As part of its global aspirations, MAX Exchange has recently launched a total of 51 crypto to crypto pairs which include both USDT and TWDT stablecoin pairs.
While TWD fiat trading is only open to citizens of Taiwan, crypto-to-crypto pairs are now available for the global market, requiring MAX users to register with an email address for Level 1 access. According to the exchange website, this provides them with a $15,000 daily withdrawal limit. For users willing to provide a phone number and a selfie with ID verification, this daily withdrawal limit is increased to $150,000.
“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,” reported the MAX representatives to Cointelegraph. “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”.
In order to develop and support its community ecosystem, MAX Exchange will launch its native token (MAX). 150 million MAX Tokens (30 percent of total supply) will be distributed via a Transaction (TX) Fee Mining model. What differentiates its TX mining model from previous iterations is that MAX incorporates a difficulty feature where mining rewards decrease as more coins are mined to slow down issuance and native tokens are purchased in the open market, the company explains.
The exchange plans to use 80 percent of its trading fees to purchase MAX tokens on the market as rewards for its makers (40 percent of fees), takers (10 percent of fees), and holders/stakers (30 percent of fees) on the platform.
MAX users can stake, or lock up, MAX tokens to increase their staking power by up to five times. “An ageing boost component is applied to staked coins. The longer coins are staked, the more their staking power increases”, added the MAX representative.
History of MaiCoin
The MAX Digital Asset Exchange is an extension of the business’ over the counter OTC platform, MaiCoin, which has been in operation since 2014. Combined, MAX and MaiCoin are the largest and longest running digital asset platforms on the Taiwanese market. In an interview with Bloomberg on Jan 30, Alex Liu, the founder and CEO of MaiCoin, said that he targeted continuing expansion of the business throughout Asia to help fill the void left by regulatory uncertainty in China and Korea.
MAX and MaiCoin say they have been first to the market with almost every digital asset traded in Taiwan including Bitcoin, Ethereum, and Litecoin.
According to the company, in 2014, MaiCoin and MAX were the first platform to facilitate fiat deposits through thousands of 7-11 and Hi-Life convenience store ATMs and Kiosks nationwide.
In 2015, the business moved into the merchant services industry, launching a series of applications to facilitate point of sale (POS) transactions that helped local businesses more seamlessly accept digital asset payments.
In 2016, MaiCoin established AMIS Technologies to build Ethereum based enterprise blockchain solutions for the domestic financial industry. Today AMIS is a founding member of the Ethereum Enterprise Alliance (EEA) and developer of the Istanbul Byzantine fault tolerant consensus protocol which has been employed as the consensus algorithm in JP Morgan’s Quorum platform. The group continues to build up its enterprise blockchain solutions and is working closely with ITRI, Fubon FHC, Taishin Bank among other major financial institutions.
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