Through the Damex app, users can access the Damex utility token that they can stake to earn rewards

WATERPORT PLACE, GIB., Feb. 21, 2023 – Digital Asset Management Limited (“Damex” or “Damex.io”)), a Distributed Ledger Technology provider in Gibraltar, recently launched its utility token, the Damex Token ($DAMEX), which can be used within the Damex App along with other non-fungible tokens (NFTs), to earn rewards for adopting a healthier and more active lifestyle.

The Damex group announced its token launch in the UK, EU, and Gibraltar on February 22, 2023. Its utility went live and was tested during the Q1 of 2023, with future developments for both the Damex Token and the Damex App slated throughout the year. The total supply is 370 million Damex Tokens. 

The development of both the Damex App and the Damex Token was inspired by the COVID-19 lockdowns, which affected millions around the globe not only physically but also mentally. Damex seeks to leverage modern technology and enter the growing global fitness industry, which is estimated to be worth over USD 87 billion, through the Damex digital asset finance  application. 

The App’s beta version was launched on February 17, 2023 and is available to a limited number of test users. Meanwhile, the Damex Token is scheduled to have its initial exchange offering on April 19, 2023. 

The Damex App: Key Features

The Damex App operates on a move-to-earn gamification model. There are steps or challenges that users need to accomplish in order to earn rewards, such as cash back incentives, refer-a-friend bonuses, NFTs, and discounts on trade fees. 

For example, if a user completes the Marathon challenge, which requires 60,000 steps and is equivalent to the London Marathon, they can earn standard rewards, such as 0.10% cash back, 5 GBP for referring a friend, and a 10% discount on their exchange fees. Rewards will vary depending on the membership tier. 

For instance, if a Premium Member completes 60,000 steps, they can earn approximately 0.15% cash back. Meanwhile, a VIP Premium member can earn 0.2% cash back, plus free NFT Airdrops (applicable only to the Top 10 users on the leaderboard), 7.50 GBP for referring a friend, and zero exchange fees while using the Damex platform. Note that challenges will change every three months, the NFT rewards will vary monthly and are subject to the Damex App’s terms and conditions. 

Damex.io commissioned the platform’s first series of NFTs to be designed by Beatrice Garcia, a Gibraltar-born fine artist and illustrator who is now based in Amsterdam. Some of Garcia’s works have been featured in international exhibits in Gibraltar, Madrid, and London. 

Below are some of the App’s beta features:

• Access to fiat and crypto wallets
• Gives users a Damex.io Visa card
• Allows users to exchange fiat and cryptocurrencies
• Gamification (Step Challenges and NFTs)

Damex’s partnership with Modulr Finance allows users to receive the Damex Debit card, which links to their fiat currency wallets in the Damex App. With the Damex debit card, users can also pay for their shopping and fund their accounts by wiring funds to their segregated IBAN accounts. 

Damex’s key application partners and tech counterparties include: 

• Fireblocks
• Modulr Finance 
• Hassans
• Chainalysis
• B2C2
• Kenshō Marketing
• Sumsub

Given that the App is still in its beta phase, Damex has several future features lined up for the App, including:

• Access to different insurance features, such a life/health insurance
• Loan/credit line features with lower interest rates that can be accessed once the user completes step challenges
• Stock and traditional assets trading
• NFT trading

While the App isn't yet available for everyone, the waiting list is growing every day. 

Damex Token

The Damex Token is the app’s native utility token. It’s created on Ethereum. The token will then be bridged to other blockchain protocols, including Solana and BSC.

It’s used to incentivize and reward users by giving them access to benefits such as voting on key features like token listing and app features, among other components. 

The total supply of tokens is 370 million Damex Tokens, which users can stake to earn rewards. For example, staking 5,000 Damex Tokens will give users access to a VIP Premium membership and zero exchange fees on the Damex platform. 

The Damex Token’s in-app utility will vary depending on the user’s membership tier. Premium Subscription members are eligible to stake tokens to unlock top-tier exercise challenges, receive a premium member card, enjoy cash back incentives on all tiers, and get early access to new Damex features. 

Damex also has a Buy Back & Burn Programme, where 20% of the profits will be used to purchase native tokens and take them off the market. The tokens will then be either burned or used as incentives for Damex users. 

Several Damex oken investors include:

• CSPDAO
• Cetacean Capital
• Odin Capital
• Funfair Ventures
• Coin IX
• Alpha Praetorian Capital
• Kebblar Capital
• Belobaba
• Catenam Capital

For official information on the Damex Token please visit www.damex.io for the white paper, terms and conditions and important notices. The Damex Token is issued by Damex Limited, a Gibraltar company registered with the Gibraltar Financial Services Commission as a token issuer.

Note: This post was published on behalf of clients. Publish0x does not vouch for the accuracy of the statements made in this post. The post should not be considered as an Publish0x endorsement of the products, services, or people mentioned.