Thanks a lot for actively participating in the AAX Crypto Exchange AMA held on 31st March 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with AAX
We have with us
Thor Chan (CEO)
Hi everyone, I’m Thor Chan, CEO of AAX. It is a pleasure to be here. A brief introduction about my experience - I am 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.
Give everyone a brief intro about AAX as well. 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.
Offering 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.
And today we are very excited to announce that
AAX is launching the platform token AAB, we are hosting our flash sales with 50% discount, and chances to get AAB for free. People can visit aab.aax.com for more details.
Q1. Which types of services are provided by AAX Exchange to Traders like Why Traders move on AAX Exchange rather than other Exchanges? Also, does AAX Exchange supports API Trading Function where we can Trade our coins directly from API ?
Thank you for your question
Our exchange can handle large volume orders, the likes of which have not been encountered in crypto yet. This is due to our world-class matching engine, which is the same matching engine powering London Stock Exchange. It’s also due to how we’ve deployed the matching engine in a cloud environment - this maximizes uptime and offers commercial flexibility that gives us an edge of data centre based exchanges.
You might ask why it matters to users. Two weeks ago, when the markets were super volatile - the system issues triggered liquidity crisis and millions of positions got liquidated as BTC price drive down below $3.5K - that's surely a nightmare
So a stable and robust system is key to a market success. And this is the only way to make crypto market accepted by mainstream investors and institutions.
It’s also our forward looking approach to crypto currency. We believe the digital assets economy will only grow bigger and as crypto becomes more integrated with global financial markets and traditional asset classes, only the strongest exchanges that take market integrity, security and performance seriously will be able to survive such an uptake.
Currently, AAX supports API - Websocket and REST connectivity. For those professional traders who require stable and faster connectivity, they can connect to AAX' matching engine directly through FIX and Native Gateway.
Q2. With recent economic downtrend, will $AAB be able to survive and gain new investors with so many projects available at a bargain? Will AAX Exchange be able to capitalize upon the increased interest in digital currency?
Economy is experiencing a downtrend, however I believe Cryptocurrency is expecting its uptrend. The previous BTC market plunge is mostly due to the liquidity issue. Amid market turmoil, people were dumping all kinds of assets, including Bitcoin, to a point that caused a massive amount of liquidations that liquidated low leverage positions escalating the downward spiral. Even worse, Bitmex broke down. This is significant, because BitMex is used by many exchanges, market makers and trading firms to hedge their positions.
We have already witnessed the BTC price picking up after that.
For AAB, as an exchange platform token has different fundamentals compared to BTC and other altcoins - it depends on the popularity of the platform. At the same time, we designed the deflation mechanism, using 100% of our futures revenue to buy back AAB and burn them on a daily basis.
AAX as an exchange, is harvesting from bear and bull market, that is also why BNB, OKB, HT and other platform tokens are performing relatively better than the rest of the altcoins during 2018/2019 slow market.
Q3. What role does $AAB token play in the #AAX ecosystem? What are the benefits to long-term $AAB token holders?
If you believe that connecting crypto to global finance is the pathway to growth, then AAB is for you, because this token is your vehicle on that pathway.
Over the coming months, we will be rolling out new products around Bitcoin dimensions derivatives, indices, options, tokenized commodities, social trading, and more. AAB will enable investors to trade with us at a discount, optimize their trading experience, and gain access to some of the most innovative products on the market.
To list a few of AAB’s utilities:
enjoy up to 50% discount on all spot and futures trades;
unlock exclusive services and facilities, trading bots, trading signals, and other premium offerings;
maximize returns on lending, saving and staking products, and borrow at a discount;
gain access to AAX’s unique financial products and programs.
For more details, you can find it on the AAB website aab.aax.com
Q4. Lately many market crash.. price got dump, because of Corona Virus trigger minor financial crisis, is this gonna bring impact to your bussiness?
If there is, how will $AAX team face this problem?
I think it's impacting all markets and all businesses except those which sell masks. For us, what we can only do is to stay calm, control cost and continue to serve our users. Even thought it's impacting all industries, I actually see it's causing less trouble to crypto because by nature bitcoin is safe haven asset - I believe it's gonna regain its status soon when the liquidity crisis passes.
Q5. As I see, AAX Exchange is the WORLD's First Digital Asset Exchange powered by LSEG TECHNOLOGY ! But, Can you explain in Details about LSEG Technology? What main role LSEG Technology plays in AAX Exchange?
LSEG Technology is the technology provider within London Stock Exchange Group. They are offering us their Core Matching Engine Technologies.
Q6. One of the competitive advantages of AAX is the Dev team who assures speedy developments of different functionalities on AAX ecosystem. I’d like to know more about your team. Were there any significant challenges that your team encountered in the past?
You are right. Technology is the core competitiveness of exchange business. After all, all our operations are on the tech platform. It's been hgihly challenging to compete in the crypto industry. Our team members coming from a mix of tech and financial industry background, have been always trying to solve new problems every day. We don't always have reference cases to look at.
Q7. Can you share information about AAX cooperation here? Which market does AAX focus on? What do you think of the Indian market anyway?
We are focusing a lot in Asian markets. India is a huge market with a lot of experts in finance and technology. We believe that the adoption of digital assets in India will become even faster in 2020.
Q8. How do you plan to spread cryptocurrency in Indian Community? Do you plan to develop a project in this direction & in what terms?
We are trying to work with the local communities to grow the markets. Happy to discuss with anyone who has got ideas to grow AAX together 🙂
Q9. "An Asian BAKKT "
AAX Exchange is well known as Asian BAKKT on Google & other Crypto Articles!!
So, Can you tell us What's your Opinion on This? Also, Is AAX is more advanced & useful platform than any other platforms? If so, Which technology makes you Unique than other?
We are very glad to be described as Asian BAKKT because of our high value in Integrity, Security and Performance. LSEG Technology makes us one of the most competitive crypto platform in the world in terms of exchange technologies.
1 . Recently you announced the listing of PhiGold, because they contribute to your mission, but Why them and not Sudan Gold Coin? These guys looks very professional and a lot of banked resources
2. I am interested in the trading Bots, How these AI works? How Many trust the users can have of them?
1. PhiGold! There are a lot of gold projects on blockchain we've looked at indeed. PhiGold is surely one of the most innovative projects. Many gold projects aim to peg with physical gold but ignore the fact that why people buy the token instead of gold ETF or gold bars. So I think Phigold is solving this problem well - Buy Gold at Discount.
2. We are working on it ; )
Q11. Are there plans for a lending product? How AAX priorities top-level traders? What big step will AAX take in the near future?
Yes, lending products are playing a very crucial role in financial industry. We believe that this market will grow fast too. We are working on some products are about. Stay tuned!
Q12. Which market are you targeting for 2020? How do you assess the Vietnamese market? Do you plan to have thrive growing in Vietnamese market?
VN market is definitely one of our key markets to focus on because the economy is growing super fast and people there are very willing to adopt new technologies! Happy to discuss with more VN users on growing AAX there!
Q13. How important it is to launch the native token of #AAX ($AAB) during the development of #AAX? What are the benefits for user of this launched token? How does $AAB role in #AAX ecosystem?
We believe that AAB will play a very important role of AAX ecosystem. We promise to use 100% revenue generated from our contract trading to buy back AAB from the market and burn them EVERY DAY! This way, we are supporting the AAB price and wanna share the value with AAX community!
Q14. Which system security standards is built by #AAX ? How safe is it? Is it strong enough to compete with competitors in the same field?
CCSS - this is one of the highest crypto security standard. AAX is super safe. We have even been working with security experts who worked at FBI, MI6 and Interpol !
Q15. Is there any plan to adding BTC options like Deribit?
We are looking into Options now, but not coming in the next quarter.
Q16. CryptoCompare recently featured AAX as one of the top 20 exchanges in the world, so can you tell me the core values that you think have created success for AAX today?
Yes, we are very happy to achieve this result. Getting into TOP 20 is surely a proof that the market recognises our platform and users start adopting it! We have been working very hard on our CORE VALUES: INTEGRITY, SECURITY and PERFORMANCE.
Q17. Behind Crypto Trading, exchange user/trader also interested in earning passive income like staking program, PoS Mining etc. What features does AAX can offer? How secure my digital assets with AAX?
We are working on Staking for AAB and for other digital assets too. We think this is a great incentive to encourage people to hold the assets.
We are very safe! We put most of our digital assets in cold wallets and have built a high sophisticated monitoring system to track all activities within our networks.
1. The initial value of AAB is 1USDT, that is a high price for a token in its first steps! Bitcoin was way cheaper back ehen it started, what is the plan to incentive the market to buy AAB, in order to be able to keep/increase its price?
2. Listing a considerable amount of coins, and having enough volume to make the exchange factible increases massively the regidtrations, is that a principal objective for AAX? What coins would be added soon? Is volume a problem for AAX?
Good spot. We intentionally set it as $1 instead of $0.00000001 indeed, because we don't wanna play the pump and dump game to fool people in to buy by offering 100000x PnL within days. What we want to do is to get users to hold AAB and use it on AAX. We will use 100% revenue to buy back AAB from the market EVERY DAY and burn them EVREY DAY. We wanna position AAB as blue chips.
Q19. As we know, implementation of so many feature's may cause many bugs how you'll fix bugs how many developers currently working on aax ecosystem?
True. Particularly, it's for a high performance financial systems so SOP and communication is very important. We have around 50 engineers now.
Q20. The Indian Supreme Court has lifted the Reserve Bank of India's banking ban on cryptocurrencies. What impact does this have on the development of Aax in India?
Less concern for us and the crypto industry to enter the market. It's good news for India. ; )