Here’s our 72th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Digital Finance Exchange on May 2, 2021. This guest star,
- Jeetu Kataria — Founding Director and Head of Operations
Introduction
Jeetu Kataria,
I am Fund manager for family offices in middle east and Venture Capitalist since 7 years investing in Startups minly in Fintech and blockchain currently Co-Founder and Head of operations of DIFX (Digital Financial Exchange) working on cross asset platform
Starting with the very basics, can you provide a simple description DIFX for our community? What the motivation for starting build DIFX?Jeetu Kataria,
Difx is a cross asset exchange wherein users can trade traditional assets with cryptocurrencies including exchange native token DIFX, As an asset manager and venture capitalist since 14 years switching between different asset classes was my main concern, DIFX was created keeps all the concerns of traders in mind in a secure manner.
Could you please give a brief intro of DIFX salient features?Jeetu Kataria,
• You can trade in all the asset classes such as Forex, commodities, crypto currencies and stock futures with a swap option to keep your profits in Cryptos or Fiat.
• Trading Discount on DIFX Exchange : By Investing in DIFX Token users will enjoy reduction up to 50% on DIFX Exchange trading fees.
• Margin Token : As DIFX is a multi-asset exchange DIFX token holder will be eligible to trade in any asset class listed on exchange with addition leverage up to 10X of the total DIFX token value.
• Minimum DIFX Value for Fees : For the first year of operation While paying trading fees on DIFX Exchange in native token, the value of DIFX token will either be current market value or $0.24. Which means that 1 DIFX token has a minimum value for fees of $0.24, plus users get an additional trading discounts up to 50% for paying fees in DIFX ecosystem.
How do you assure us of the benefits, safety and transparency of DIFX? How can you be the best solution than any other platform?Jeetu Kataria,
Along with securing the funds of our users through our custodian with insured wallets, We are creating a disruptive, scalable, and sustainable revenue model. Over the next 18 months we will create a hybrid working model of a cross-asset exchange with more than 1800 cross pairs between cryptocurrencies, commodities, forex, stocks and indices between centralized and decentralized exchanges with atomic swaps.
How can you balance between developing a platform and adding value to your product? Can you explain about the tokenomics and use-cases of DIFX token?Jeetu Kataria,
We are creating a disruptive, scalable, and sustainable revenue model. Over the next 18 months we will create a hybrid working model of a cross-asset exchange with more than 1800 cross pairs between cryptocurrencies, commodities, forex, stocks and indices between centralized and decentralized exchanges with atomic swaps.
What are the major milestones DIFX achieved so far & what are in future pipeline?Jeetu Kataria,
After working on the platfrom and liqidity providers for almost 1 year we are live on MT5 platfrom which is on testnet now and going live for public from 2nd week of may with more than 400 Assets traded in futures and CFDs
which includes stocks from US, UK, Europe, Russia and china traded with DIFX token, Bitcoin, Ethereum, USDT and DOT
TWITTER QUESTIONS
From : savermoney100what is your strategy to attract customers and investors to difx.io in the long term and competitive crypto regulations and a large market? What do you offer users / investors to make them feel comfortable and satisfied with difx.io services?
Jeetu Kataria,
DIFX token is Utility and Margin Token — We have seen in last 4 to 5 years that exchange tokens have shown massive growth in terms of their user base which automatically reflected in their token price, DIFX is a multi-asset platform where in users can trade with DIFX token along with Utility. That’s our mail strength for user confidence
Our utility is not only ristricted on Cryptos users can user DIFX token as utility on the whole trading ecosystem
From : HoltBull7sTo be success, you need multiple users using your service. without any platform user like “SAND RIVER” so, what are your plans for global expansion? Have you partnered with other cryptocurrency developers or plans with local cryptocurrency developers to expand use of DIFX?
Jeetu Kataria,
Our main focused areas are Asia, Middle East and Africa and for year one we are only focusing on these areas as collaborations with local crypto exchanges in that region using our unique cross asset products for their liquidity. We have partnered few exchanges in Africa and middle east for using our institutional platform, Announcement will be followed soon ones we go on main net.
From : SenkuMillionAccording to the DIFX whitepaper having integration with Ethereum & the Ethereum Network is one of the biggest in terms of liquidity, but as we see some problems with etherium are huge costs. How do you plan to deal with it? Why didn’t you choose DIFX to integrate with the BSC?
Jeetu Kataria,
Ethereum had the biggest community and more secured and we feel going forward post Ethereum 2.0 these problems will be solved, Our developers are working on private blockchain along with DIFX wallet services and going forward will be integrated on our private blockchain and custody
From : truthintheholdDIFX Multi-currency Wallet, Can you explain how it works? Can you explain, if a consumer pays using a payment card or the DIFX mobile app? Can it only pay with DIFX or with other crypto coins / tokens? Can I pay using a debit card? and make withdrawals via Bank to Bank?
Jeetu Kataria,
Yes through DIFX Multi-currency Wallet users will be allowed to apply for payment card with limit assigned based on their holding in their wallets not ristricted to DIFX Token which will be used for withdrawals via Bank to bank as well.
From : JhonConnoreStaking seem to be popular right now on many platform to encourage investors to hold tokens and make it healthful for ecosystem. Does DIFX support this as well? If yes, what will requirement of a Node and a Validator node be and how does reward base on??
Jeetu Kataria,
As we are a margin and utility token we have a two year staking program starting June 2021 wherein users have an options to stake their tokens for year 1 or year 2 generating 18% to 24% respectively
TELEGRAM QUESTIONS
From : @tamphat0206What is the future trend of DeFi, in your opinion? What is the biggest flaw DeFi is facing today? And is DIFX1 looking to solve the problem?
Jeetu Kataria,
I see 10X growth in Defi marketcap in coming 3 years and going forward its will becom core of Financial services and maximum products going on blockchain through DiFy. DIFX had already invested in a Difi project as a strategic partner which will be a multichain Defi Exchange along with Unique NFT and Research platfrom.
From : @Undertika20During the build of your project, do you take into account any of the community feedbacks or demands to further expand the new ideas for the proyect?
Jeetu Kataria,
Over past 18 months of our development cycle apart from advice from our inhouse experienced team DIFX had seen the drawbacks of our industry and problems faced by the community and all our products and services are made keeping that in mind.
From : @HieuMinh1704I would like to have a long term investment with DIFX1 but at the moment I have doubts, how can you convince and convince me that DIFX1 is very promising?
Jeetu Kataria,
DIFX is a multi-asset exchange with running product with one of the best custodians (Fireblock) in the world handling more than $300 Billions, and DIFX Token is not restricted on only Crypto utility. Every platform take its own time to mature, DIFX will be mature much faster compared to its peers because of its unique products and security of funds.
From : @okgood2405Could you give an overview of DIGITAL FINANCE EXCHANGE Token tokenomics? Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage or burning?
Jeetu Kataria,
Difx is a deflationary token with total 550 Million tokens out of which 50% goes on sale 20% is for Ecosystem Development and 12% is for team which is locked in for 3 years, 10% will go in staking.
Every quarter 20% of the exchange revenue will go for buyback and burn to decrease the supply from the market.
From : @ShoponMamuAre you mainly looking for bigger investors or is your platform friendly also for the smaller investors?
Jeetu Kataria,
We are totally focused on community building right now and going forward and we are equally inclined towards all class of investors and traders.
- Telegram : https://t.me/difx1
- Twitter : https://twitter.com/DIFX_io
- Website : http://difx.io
- Instagram : http://instagram.com/difx.io/
- Whitepaper : https://www.difx.io/pdf/DIFX_WhitePaper.pdf
- Linkedin : http://linkedin.com/company/difx-io/
- Facebook : https://www.facebook.com/difxexchange
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Digital Finance Exchange.
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