We were joined with Thor Chan,CEO of AAX Exchange .
About the Guest :
My name is Thor Chan. I am the CEO at AAX.
I was previously licensed in Hong Kong to manage equities and derivatives brokerage and trading operations.
My experience also includes Deputy COO at FDT Group, and product management roles at App Annie, Microsoft, Publicis, and HSBC.
About AAX Exchange :
Launched in November 2019, AAX is the first cryptocurrency exchange to be powered by London Stock Exchange Group’s technology provider LSEG Technology.
It Is also the first cryptocurrency exchange that joined London Stock Exchange Group’s Partner Platform, providing institutional clients ease of access to the crypto market.
We offer OTC, Spot, and Futures trading, quoting more than 50 cryptocurrency pairs and listing 5 perpetual futures contracts for Bitcoin, Ether, Litecoin, Ripple, and EOS, which can be traded with up to 100x leverage.
Our mission is to connect crypto to global finance and we believe this can turn this billion dollar industry into a trillion dollar one.
Twitter Questions :
Q. What are the real world utility of $AAB token in AAX exchange? What are the benefits of the users of holding $AAB token in long term?
So, on the one hand, we need to look at utility for buyers and spenders; and then the incentives for holding.
As to utility – we like to think of AAB as digital umami. It makes the whole experience better.Users can use it to trade with a discount (up to 50%).They can use it to unlock special services and tools and gain access to innovative financial instruments
But for the HODLers, AAB will be of interest because of the daily buybacks and coinburns. We will be using ALL of the revenue we earn on the futures markets to fund daily buybacks and coin burns until 50% of the total supply is destroyed.Ultimately, it’s about the exchange itself though – AAB’s success depends on our success as an exchange.
Q. What major achievements has AAXexchange achieved so far? What Difficulties and Risks did you encounter during the implementation of the project, and What Factors Prompted you to overcome them?
So far, the journey has been amazing.
We had a succesful launch held at London Stock Exchange and we quickly amassed more than 80,000 registrations;
We were also ranked in the top 20 globally by CryptoCompare
And we joined London Stock Exchange Group’s Partner Platform
Now it’s just about keeping our goal in mind and continuing our growth
We’ve especially seen some great uptake in Russia and Vietnam
The challenge is to constantly raise the standards across security, performance and integrity, and make sure that we really excell in those areas
Q. Most of Exchanges facing the major problem is Trading Liquidity ! SO Does AAX exchange have solution to provide great liquidity to the users ?
Liquidity is complex. On the one hand, the exchange will attract more users when there is enough liquidity, but market makers prefer to provide liquidity on exchanges that have a big userbase .We are working to drive both.We are already working with some great market makers, and in conversation with more high profile high volume market maker and at the same time, as we launch new products and organize special cmapaigns, we’re seeing our user base grow as well. It just requires continued effort, until we’re over the hill.
Community Questions :
Q. PGX is one of the one of the unique innovation of AAX exchange ! What is intresting feature of PGX ? Can I Trade through PGX?
Thanks for the question. PhiGold (PGX) is an awesome token. We’re all familiar with gold-pegged currencies, but this is different. Purchasing PGX actually funds the work in a gold mine, and after about 2 years, the tokens can be redeemed for actual gold (at the global spot price) – or the equivalent value in crypto/fiat.
It’s unique because previously only investment banks and the elite could invest in this space. Basically, PGX allows you to purchase gold about 40% below the current market price. Especially in these uncertain times (when gold is exceptionally expensive) this is of interest.
Q. What is your opinion When comparing Centralized Exchange with Decentralized Exchange? Based on that,
Why was AAX created According to the type of centralized exchange?
Any decentralized exchange plan from AAX in the future?
Thanks. DEXs are incredibly important to the ecosystem and as an expression of the principle of decentralization that underlies crypto. However, centralized exchanges are better able to handle large order volumes, work closely together with regulators, attract institutional investors, and build solid partnerships. This must be the focus for now.
However, once the industry is more mature, sophisticated and resilient – I believe DEXs will continue to remain important, and perhaps in the future we may move in this direction.
Q. Tomorrow will be the first Flash Sale of AAB. Congrats!🥳 about the first two rounds, it has been announced that 50% of the participants will receive the money back and get the tokens for free. What will be the process to select that? Is all random or does it depend in factors like the amount of AAB that the person purchases, or if they have or not kyc?
First, those interested need to subscribe to the flash round. Then they need to register an account with AAX, pass KYC, and deposit 500 USDT in their account.
Oonly 500 people per round will be able to purchase AAB at a discount.
Those that are randomly selected will get their 500 AAB, and then half of all buyers will get their USDT back as well. This is based on a random selection. The amount put in to the exchange is the same for everyone.
Q. AAX is going to burn 50% of its token supply, but for how long and for how many days? What is your burning plan?
Every day, we take everything we’ve earned on the futures market, and then 2 days later those funds will be used to buyback and burn AAB.
This will happen every single day until 50% of the total supply is destroyed.
There is no telling how long this will take: it depends on the price of AAB and what we earn on the futures markets.
Q.What are your expectations for tomorrow IEO? How much adoption do you want to reach?
Why is thereca minimal amount of USDT to purchase AAB in the first two days?
More than 5,000 people have subscribed already. So at the moment, there is a 10% chance that you would even be able to buy AAB at a discount and a 5% chance that you will get it for free.
We’ve chosen to set the amount at $500 dollars to make sure that selling power is evenly distributed – we prefer that many holders hold a little, rather than a few a lot. This protects the market in the long run.
Q. Being a crypto inventor, I have invested in many projects early stage. Some of my investments are performing really good and gave amazing ROI. Tell me some reasons why should I choose AAB tokens over others?
Good that’s a challenging question. The answer is simple though: there are many tokens indeed, but this is not about a single token. Exchanges fare well when other tokens do well – exchanges prosper when people trade – even in a bear market.
The point with AAB is that it is linked to our overall mission which is to connect crypto to global finance and if this succeeds, you’ll see that the numbers we’re seeing now in terms of trade volume, or crypto’s total market cap, is small. Once this market starts tapping into much larger asset classes, such as gold, real estate, stocks, then we will see much more capital flow into the crypto markets and much more volume generated on exchanges. This could be very significant in terms of AAB’s performance.
Q. As we know AAX is working with LSE, How will it help AAX to gain More access to banks & financial instituions?
Thanks. London Stock Exchange is the first formalised/regulated stock exchange, ever. It’s quite special for us, as a crypto exchange, to collaborate with that institution. But not just for the crypto industry. This is also of interest to institutional investors who are familiar with LSEG technology, they trust it. Now that we are also the first ever exchange to join LSE’s Partner Platform which has more than 800 institutional members it becomes even easier for institutional players to join our exchange. The Platform provides direct market access and other exclusive benefits.
Q.As a user, I like exchanges that have good support this makes me feel more secure when using it so how long does it take to receive a response from the support team?
Our customer service team is availablke 24/7 and they respond very fast. Whenever there is an issue, everyone that needs to know about it, will know about it, including me, and priority is given to fix any issue that may arise.
The best way to contact the CS is via Live Chat or in our dedicated telegram group.
Q. What makes AAX so unique (i.e, an advantage over competitors)? Compared with other exchanges, “what are the benefits of traders using AAX trading”?
What does the AAX name mean?
From low transaction fees and withdrawal fees to very smooth apps,
AAX Exchange will be a good communication platform.
My question is
“What are your qualifications for getting a coin listed?”
Thanks. AAX is unique because of its vision and connections. In terms of vision, we’ve raised the bar for security, performance, and intrigity. We’re without a doubt the fastest crypto exchange out there. We have robust security systems in place, developed with Kroll which has previously worked with intelligence agencies, banks and governments. And then in terms of integrity, we have surveillance in place, we take KYC serious, monitor capital flows in and out of the exchange — we’re doing everything to provide a safe and level playing field.
And in terms of coin listings:
We have a strict vetting system in place
We have formed a committee that really delves deep into the governing tokenomics and the team, but we also work together with the regulator to make sure that we agree on the nature of the token (utility token, security token, e-money etc.)
It’s not always easy – but we self-regulate in a disciplined manner and we do that to make sure we offer the best long term experience.
Q. Is KYC is necessary for using AAX Exchange & services like Deposit/withdrawal of crypto assets / Trading/ Leverage trading, etc?
Also, Tell us What are the benefits of Doing KYC on AAX Exchange which are not for Non-KYC Users?
Thanks. Basically, once you’ve verified your email address or mobile number you can deposit, trade and withdraw (up to 1 BTC per day).
However, certain tokens such as PGX cannot be bough unless youve passed KYC; you cannot purchase and sell crypto for fiat on our OTC; and you cannot take part in certain campaigns (and that’s a loss, because we give out a lot of prizes, all the time).
KYC is important – it’s important to keep our markets free from bad actors; it’s also important to satisfy the regulator — if we don’t, there is always the risk of running into operational difficulties.
So while we want to make it easy for everyone to sign up and begin trading, we do urge our users to pass KYC so we can serve them better.
Q. Any Advantage for $AAB being DEFLATIONARY TOKEN?
and Why not DO a MONTHLY, QUARTERLY or ANNUAL token BURN just like Okex and BINANCE?
I think its serves the same purpose, or maybe not.
A lot of cryptocurrencies are deflationary. Especially nowadays when we can expect to see inflation take hold of a lot of fiat currencies — especially weaker currencies — this is powerful.
AAB chose daily coin burns instead of monthly to promote price action. Don’t underestimate what’s happening here — we’re using 100% of our earnings on the futures markets to burn AAB.
Alright, so I think I have answered 11 questions. I think it’s great to see so much interest.
Right now, I’m very excited about tomorrow. Only a few hours left now to subscribe and stand a chance to get AAB at a 50% discount. Do make sure you guys check out aab.aax.com to learn more.
Quiz Round :
Q1. What’s the name of the exchange that today’s speaker is from?
AAX – @tv100029
Q2. AAX is using which traditional financial exchange’s technology?
London Stock Exchange – @Vlad_silver
Q3. What’s the discount for AAB’s flash sale?
50% – @ieo_alert
Q4. What’s the date of AAB’s public flash sale?
14th April – @HellomissLuffy
Q5. What’s the percentage of AAB’s total coin burn rate?
50% – @redrose2
Quiz Winners :
Twitter handle of winners for twitter questions :
Telegram user id of winners of Live AMA :
All the Winners are requested to sign up on https://www.aax.com/ and send their UID to @proplene after passing KYC on the exchange to claim their reward.