ICO Spotlight: Interview with Nicholas Prays CEO of STeX Exchange
This post is part of the ICO Spotlight, a series of posts with the teams behind the different projects covered by Coinschedule.
Hello Nick, congratulations on a successful pre-ico, let’s talk about your project: what is STeX Exchange?
Thanks for having me, it’s great to speak with you. STeX is a 100% publicly owned cryptocurrency exchange aggregator which pulls markets from other popular exchanges into one platform.
Our project’s main goal is to solve the liquidity problem currently faced by all active crypto-traders and investors. By utilizing our unique HFT and market making algorithms, the STeX platform will be able to make it quick and easy for its users to manage trading activity and turn a profit, providing higher liquidity and offering narrower bid/ask spreads.
Funds raised during the ICO will also be used to create the project’s own liquidity pool. With these funds STeX will become a key player on the cryptocurrency exchange market – the greatest amount of cryptocurrency will be available for trade as bid and ask offers on the STeX Exchange from the start, with fast execution for thousands of cross-coin rates.
You mention the ability to pull in various markets, what coins will be supported by STeX?
The initial launch of STeX in Q1 2018 will see us offering the top 100 coins (depending on trading volume at that time). We also remain steadfast in our promise to provide access to 10,000 trading pairs/ cross rates at initial launch as well, thereby enabling our users to manage their entire trading activities from one platform, without having to shop around for the best rates or waste time and money in fees when hopping between exchanges.
Over time, we will most definitely consider adding more tokens in line with the community’s feedback and STE-weighted vote.
Can you explain the functionality of the STeX (STE) token?
Each STE token represents a share of STeX’s profits from exchange’s commissions. For example – owning 10% of the STE entitles you to 10% of generated commissions, minus operating costs.
What do ICO participants get by joining your ICO?
Potential price increase aside, investors can look to gain a steady income just by holding STE tokens. By joining the ICO, investors will be able to cash in on their share of commission distribution as monthly dividends, in ETH.
In addition, we are reserving 20% of generated commissions to distribute as bonus dividends to be paid to STE token holders that have never sold their tokens. This bonus is something that will never be issued again, and thus will only ever grow in size.
You can make your own projections about the future cryptocurrency market and see projected monthly commissions at our STE Token Calculator here:
Can you tell us a bit about your team?
Our team is comprised of industry professionals with many years experience in relevant fields. We also are fortunate to have the endorsement and ongoing support of Professor Serguei Popov, founder of the WINGS and IOTA projects, whose technical analysis of the project can be found here:
Ivan, our CFO, has spent time developing stock trading instruments for private companies including back-testers and statistical analysis.
Maksim, CPO, is an accomplished project leader and co-founder of the successful KeyCAPTCHA service along with myself.
I myself, Nick Prays, am technical officer and concentrate on the back-end development and community outreach.
Incorporated in St. Vincent and the Grenadines, the names of our team members, consisting of around 15 developers and many more supporting roles are mostly undisclosed for security reasons.
Tell us about the future plans for STeX Exchange?
After the ICO Stage 1 ends in December, we will continue to prepare the Alpha release of the platform. The system core with all algorithms should be ready by the end of the year and tested under load. Also in December we will start to create a focus groups to test the trading terminal interface and functionality.
In Q1 2018 we are going to release the Alpha version of the platform, so selected users can start trading on the STeX Exchange. During February 2018, we will focus our efforts on front-end production.
We are aiming for Beta release in Q2 2018 and Q3 2018 is when we hope to bring in additional trading and investment services.
The STE tokens become tradable on the STeX Exchange in Ether as STE/ETH right after the end of the ICO. We need to sell at least 30% of the tokens to burn the unsold amount and issue the founder’s part of the STE.
You can view the official roadmap by following this link to our project page: https://stex.exchange/project
Nick, thank you so much for your time, and good luck with the ICO.
Thanks for having me, it has been a pleasure.