We interviewed Dmitry Machikhin, CEO for Midex about his project and we got the following documented discourse;
Hello Dmitry briefly introduce us to the Midex project?
MIDEX is a financial platform based on blockchain technology. The main goal of Midex is to build infrastructure and help people to operate with cryptocurrency as usual and with fiat money.
Midex is made of the scope of module services. So, in traditional terms, we would be called a ‘financial group’. In the world of future technologies, however, we are a host platform for: our unique totally licensed cryptoexchange; Midex Banking (cards, ATMs, escrow service); Midex Trust (asset management fund, marketplace); Midex Credit (P2P credit; marketplace); Midex Business (blockchain development for private clients).
We received the license to virtual money exchange and to open a wallet for virtual money (license number: FVR000001) according to the new Estonian legislation.
This license allows Midex to exchange crypto-currencies, including fiat money, as well as open electronic wallet for users of the financial platform.
Midex infrastructure is based on the module principle. It’s scalable and highly compatible with various networks. Modules are based on the multi-level decentralized storage model. Cryptography and reliable identification and authorization methods guarantee the security of operations.
Which assets will be traded on the Midex exchange?
The first cryptocurrencies which will be traded on our exchange will be taken from top 10 of Coinmarketcap. In addition our own token- MDX will be also available. It the nearest future we will add new crypto assets and perspective tokens. The most important thing in decision making which crypto to choose is the popularity of it. The second big thing is security and legal issues.
How does Midex set itself apart from competitors?
In the meantime, our safety system, and blockchain we use on our platform are completely outstanding. For example, traders will have their own private keys to access their wallets so there is no way for hackers to get it. Next important thing is that we are completely legal and licensed.
You seem to be running a successful crowdsale so far, can you tell us the strategic moves you have been employing to achieve this?
There is a big difference between us and other companies. First of all, we made a full base for the platform, and just then we realized that we need to conduct a tokensale to fulfill the exchange with liquidity and to be able to develop quickly of the other services that will turn the crypto world.
We believe that exchange, crypto-bank and all other platform functions is a phenomenon of the future and we want to be a part of it. Financial services based on the blockchain are a solution to many problems, which are in many respects the causes of the crisis of financial institutions of our time.
In the light of traditional financial institutions making it difficult for blockchain based enterprises to run company accounts, what is your company’s strategy to bypass such a bottleneck and what are your suggestions to the crypto-community on how to develop a process around this?
Indeed, it is a big problem. Banks are still in doubts in terms of blockchain based companies because of ICO’s. It may also be due to frauds and scams appearing in last half of last year so banks might be making moves against potential risks. Besides most of blockchain companies are operating somehow with bitcoins and other cryptocurrencies which might give banks AML concerns considering the restrictions and possible license revocation. Midex’s general strategy is to improve the system and to let businesses open crypto-accounts with all AML and KYC procedures. We understand that basically it depends on government’s position mostly in all countries. But we will explain to the majority that crypto is not a crime but a progressive and evolving tech and finance space.
Which exchanges will be trading MDX tokens?
We cannot be specific on that issue before our token sale ends. But we know for certain that it wil first be tradable on our own exchange along side some of the current top 30 cryptocurrencies.
Briefly run us through the process of your token sale.
We offer a really unique token- MDX. Purchaser can earn either 20% of daily profit or bonuses inside Midex system. When you use both of these internal tokens ( MDI for profit or MDB for bonuses) your MDX gets burnt. It works with the Bancor protocol and provides liquidity so your MDX price will rise. We released 75 mln tokens and will sell 85% to our contributors. The rest will be distributed for bounty program, team and advisors. All unsold tokens will be burnt automatically.
Thank you for having us Dmitry, we wish you a successful ICO.
Thank you too.
For more details, follow the Midex ICO here.