Article By ICO Review Team
Interview with Jason Wong, Chief Executive Officer of CHAOEX, a digital currency trading platform
CHAOEX is a digital currency trading platform founded by Unique Network Technology Co. Ltd. (Hong Kong). Recently CHAOEX has opened a legal entity in Estonia, Europe to go through certain procedures, get licensed and become an official and regulated market player. So far, CHAOEX is currently regulated by the Estonian government and relevant EU laws.
CHAOEX trading platform founded and privately controlled by Mr. Jin Jingguo (in the past he has had leading positions at Yuanbao trading platform). CHAOEX has been developing since June 2017 and completed testing in August 2017. The trial version was open to users around the world on September 20, 2017. The 2.0 version launch was successfully held in Hong Kong on June 28, 2018. As of November 1, 2018, CHAOEX has been upgraded to version 3.0. New version is featured with new trading system independently developed with intellectual property rights, new UI/UX and new plan of future development. CHAOEX Team believe that the current version is strong enough to expand globally.
Q: We have heard your technology and development team are very strong and capable of executing high levels of exchange trading and usability features, can you expand on your teams key strengths?
JW: CHAOEX platform has now updated to 3.0 version, with this version, we updated all system structure and code from 2.0 version and hold whole intelligence property rights. We believe that’s our core competitive advantage which makes CHAOEX calmly facing the rapid changes in the market. Self-developed system allows us to be flexible enough to make whatever ideas and new features be implemented smoothly. on contrast, most of the platforms are bought from third-party providers, they have limited flexibility and features implementation ability. Besides that, our team is proud of the new system advanced in-memory matching engine that can provide at least 5000 TPS on single server. And most exciting part that it’s not a limit! We will optimize the concurrency consistency to 25000 TPS on single server. That’s much more than 90% of new exchange we know.
Q: How has CHAOEX been funded recently and what happened back in 2017 regarding the initial funding rounds?
JW: We are glad that CHAOEX is funded by Cherubic Venture in the middle of 2018, before that actually we conducted crowdfunding, but we returned all investments back due to Chinese government crypto ban last year.
In August 2017, CHAOEX started platform token crowd-sale and received 3000 BTC within a week, but we refunded to investors 2700 BTC as we thought it’s not fair to evaluate a start-up company with such a high value. Unfortunately, Chinese government banned all ICO and crypto exchanges on 4th Sept 2017, then we returned rest 300 BTC to investors. That’s a true story even though most people are surprised when they hear it for the first time.
After that we faced many challenges including technical team personnel turmoil, lack of funds (as we decided to not conduct new crowdfunding). Even facing so many challenges we still launched 2.0 version. Then the core tech team was reformed, and 3.0 version finally met our users. We resolved core technical expansion problem and start expand our global operation from now on.
Cherubic Venture offered their biggest investment in China of this year just as they saw CHAOEX team’s persevere attitude has the potential to be one of the leaders among other crypto exchanges, along with professional international operation experience, CHAOEX has the ability to survive during both bear and bull times of crypto market.
Q: So, you have recently launched the CHAOEX Global Launch where users can deposit and earn interest, explain this and the locking of CHEX tokens to earn a higher interest rate?
JW: Actually, on bear market, most people lost their money on all crypto assets, but what we have noticed regarding the most trusted coins – people still believe in them and most of traders will HODL even in bear market. That’s why we released the activity to let user not only lose money but get something valuable just for keeping money on the wallet. Dealing with CHAOEX, users can be rewarded at literally every step starting from the process of registration, passing all the KYC levels, depositing funds and inviting friends. In total one user can get a maximum of 16 USDT which is the biggest reward offered among exchanges so far. Besides that, each user can get annual interest rate for deposited funds (even though rate is annual, the income is to be paid daily). And finally, we always facilitate CHEX holders with higher interest rates (up to 12% annual interest).
Q: What do you view as your main competitive advantages and difference over your competitors including Binance, Huobi, Kucoin etc?
JW: At early 2018, BTC price reached history high point, a bunch of quantitative trading company appeared, but we found those traditional trading platform does not provide professional tools to those company. In traditional l financial market, market making, and quantitative trading are more regulated, but we can’t say that about crypto industry, not mentioning that it’s extremely hard to find a professional platform to provide that services.
Firstly, for CHAOEX, besides the basic trading platform, we designed several functions integrated with our system. We provide 12 decimals clearing System instead of normal 8 decimals to qualified user and institutions, also we will provide account priority matching system besides traditional time and price priority. All these functions were already structured when we rebuild the whole system, and CHAOEX will implement those function step by step. We aim to provide a professional quantitative trading platform to boost traditional financial participators to crypto industry and will open other cryptocurrency derivative services.
Secondly, we are proud of our customer service which takes time to talk to each user and solve problems personally and attentively. That’s what our users always say.
And finally, CHAOEX always facilitate users and loyal supporters. We create new activities and airdrops nearly every week and our customers enjoy it a lot.
Q: Do you have plans to list many coins in the future or to be exclusive? Also, are you planning on being STO compliant or just a utility token exchange?
JW: Yes, we have plan to attract more high-quality projects to give exclusive period listing on CHAOEX. Though our selection process is a bit intense as we are not willing to list **** tokens.
We do not give a specific plan on STO as the regulation rules are diverse in different countries and still under implementation or development. Though, our technical team is able to list any independent blockchain wallets instead of only ERC20 tokens, so we welcome all projects with custom blockchains to get listed on CHAOEX.
Q: Explain the token utility of CHEX coin and how it maintains its value and demand moving forward?
JW: The initial idea of CHEX is to give a transparent self-governance community eco system instead of black box operation. User can be rewarded as their contribution to invite new users, publish CHEX or CHAOEX information, articles, videos on Twitter, Facebook, Medium or YouTube etc. The reward also can be consumed on new token listing vote or trading fee/ withdraw fee deduction on CHAOEX. We also designed CHEX node angels to let more community members get involved in CHAOEX key operations, CHEX whitepaper just finished, more details can be found from Whitepaper. Also, we are thinking of implementing a certain logic of listing fee deduction by paying CHEX, but this plan is still under development.
Q: What is your fee structure for the exchange?
JW: Our trading and withdrawal fees are average on the market and competitive with other exchanges of our size. And we do not apply any fees for deposited assets. Though, within our current marketing campaign we have 50% discount on trading fee, which makes it extremely cheap for user to trade with CHAOEX. In the future we are thinking of implementing just one-way trading fee which means that buying orders will not be subjected to any fees at all.
Q: What type of partners are you looking for and how do you plan to market, differentiate and execute your exchange to build awareness and adoption further?
JW: CHAOEX aimed to be a global trustable regulated fiat-crypto exchange, meanwhile, to be professional quantitative trading platform for eligible users and institutions. From this point, we will provide stable trading platform and enough liquidity to let more users know CHAOEX and trade with it. Through the transparent data of CHEX self-governance on CHEX.FUND, we will let crypto exchange be monitored by all users. To develop the quantitative platform, involve more high frequent trading team to provide smooth trading experience and diverse derivative service. That’s why we are highly interested in professional financial services providers and institutional traders to collaborate with. Besides that, we always appreciate mutual marketing partnerships.
Q: Some of newly registered users express their concern about bugs and network errors of CHAOEX and several of them even doubt that CHAOEX is a scam platform, can you comment on that?
JW: At the very beginning we provided newly registered users with 2 USDT reward just for registration, without applying any additional restrictions. Well, we admit it was our mistake. We found out bunch of fraud users with multiple accounts and a certain amount registered hundreds of fake accounts and eventually manipulated several low trading volume tokens markets to gather all the rewards to one account and withdraw it. When we found out what happens – we blocked users with suspicious trading history immediately. Of course, several accounts were innocent. They contacted us and after double check all of them were unlocked. There were no users who lost their funds from our platform. There were several users found that reward is missed – in that case our team distributed missed rewards manually to each user. To conclude we would like to mention that we know our strengths and for sure we know our weaknesses. We know what should be nailed down and our team is working on it days and nights. We know users might face bugs, but we fix it right away. We know people might come up with questions, but our customer services of 24/7 helping each user to solve problems personally. For the whole history of CHAOEX there is not a single user who lost his funds! We actually appreciate everyone’s complains because it makes us better and stronger day by day. And finally, CHAOEX never forgets loyal supporters and always facilitate those users who contribute CHAOEX development and growth.
Q: The CHAOEX Discount Purchase activity been released, how can the community get involved and what are you offering?
JW: Oh, this is very unique offer that we believe no other platform can offer. There are it total 10 rounds and we successfully conducted first three. Participating in this activity each user can get a chance to buy most famous and mature tokens like TRX, BTC, ETH, LTC, EOS and etc with 90% discount. For example 1 BTC for 350$ or 1000 TRX for just 2$. Some users didn’t even believe that until they actually got it. Though we Kindly ask users do not confuse it with ordinary trading process. It’s not a part of it and will never be. CHAOEX buys tokens at market price and then apply certain rules for users to get it. The main one is that users have to hold at least some CHEX to participate in this activity. But Generally, all our users are really enjoy these generous gifts!
We recently release several campaigns besides Bounty and Interest rate that were mentioned above:
Firstly, we have linked our platform to Epay which means users can finally deposit fiat and withdraw USDT changing it directly to fiat with just couple of clicks.
Secondly, we have many new tokens listed on CHAOEX and have valuable listing offer for high quality blockchain projects (contact us directly for more details).
Thirdly, newly listed tokens’ teams offer generous airdrops for CHAOEX users (see the ANN on the website or medium channel for more details).
Fourthly, we launched new activity where users can get a chance to buy BTC, ETH, TRX and other famous tokens with 90% discount!
Fifthly, our users can still enjoy 16 USDT airdrop for passing simple steps like registration, KYC an etc.
Lastly, almost every week we update the platform adding new functions, new use cases for CHEX, new features and creating new rewards and competitions. And you know what? New Year started so great, we even experienced great growth of activity during the holidays and it’s great feeling to know that CHAOEX is a part of somebody’s holiday mood. Stay tuned!