Crypto Apex's application for NEM community funding

Project Proposals
#1

Voting for this project has started.

YES - NAL332-F3WCCI-O6NHXS-G3BULU-HZR4OU-OFWJGO-HHQF please write “I support this project”

NO - NAT62Q-S4IT65-6MJ2U7-2NZZSC-NRBH3R-T2YN3T-5U4O please write “I do not support this project”

Project/company name.

Crypto Apex Inc. (Incorporated in the BVI).

The project.

We are building an exchange, or more specifically an exchange service with escrow to trade your XEM to FIAT currencies and vice versa. But our exchange wouldn’t be just one more ordinary cryptocurrency exchange. We are planning to introduce NEM assets on our exchange to enable cheap, reliable and easy transactions of the assets. In addition, we will also integrate our services with a bank to enable real time FIAT transactions with our customers. On top of that, the integration with a bank enables a lot of new possibilities, for example, we won’t be holding our customers’ FIAT nor cryptos, as the FIAT and cryptos will be in our customers’ own wallets for most of the time. Trading your cryptocurrency has never been made this easy, as it will be a part of the all familiar NCC.

We, the founders of Crypto Apex Inc., believe that having a dedicated exchange service is absolutely vital for NEM’s survival. We realize that by not having a gateway to easily convert your FIAT to XEM is hurting NEM in the long term. Right now, you need to first buy BTC from the market to be able to buy XEM, which is actually more beneficial for BTC than to XEM. This is what we want to change with our project. We want to offer an easy solution to trade your FIAT to XEM, without the need to buy any BTC from some other place. We believe that this will be extremely beneficial to NEM in the long term. Of course, we will also enable some other trading pairs, BTC/XEM and FIAT/BTC, for example.

And we are only scratching the surface of Crypto Apex with our FIAT/XEM exchange solution. We believe that our project can be so much more than just an exchange. For example, we will be enabling the trading of NEM assets on our platform, which can evolve into many more services in the future.

We are seeking community funding, as starting our project hasn’t been and isn’t going to be cheap. We are estimating that the costs of our project will be much higher than the possible money received from this fund. Nevertheless, we are willing to pay the shortfall from our own pockets, as we sincerely believe in this project. We are here for the long term, and for the benefit of NEM. This is why we hope for your support for our project.

Active members

Niko Mäenpää (me)
Nembit86
Makoto 1337
Rockethead
Panther03
renolteng.li

Amount requested.

50 Million XEM.

Milestones.

Design Development: Done
Programming: 70% done, 100% by End September
Beta Test: October and November
Launch: December

#2

I am very excited to see this announced publicly.  It is a great example of the work going on behind the scenes!

#3

what is BVI?

#4

what is BVI?



British Virgin Islands.  :)
#5

it would be great to have XEM>Fiat exchange  :smiley:

#6

it would be great to have XEM>Fiat exchange  :D



Voting starts in 5 days time :)
#7

Good. Some questions:
1- Which bank?
2- Timeframe and deadlines.
3- "Active members" mean? Founders/Shareholders of Crypto Apex Inc.?
4- "We won

#8

This is something I will most definitely be interested in supporting.

and XEM to Fiat Exchange is exactly what the New Economic Movements Needs to set it self apart from BITCOIN and the altcoin world!

#9

I'm happy to get behind this.

#10

This is great news … how exactly is the funding going to work? 


Is the 50 million XEM from the community or from funds set aside since launch?

#11

forwarded from Telegram



Microove, [09.08.15 08:44]
Glad to see this coming into Action. If this could be implemented into an app or Into the NEM app, then that would definitly increase the level of adopting XEM as payment. I think it was Lon who said something about Qr codes. You can use the Qr code on invoices as it would lead to this app/website. I would definitely give my customers the choice to use that as a payment option?


Per Microove's question, how do you see customers being able to access this service?  Via desktop, or mobile, or something else?

#12

Well, this was in the original list, wasn't it?

#13

Good. Some questions:
1- Which bank?
2- Timeframe and deadlines.
3- "Active members" mean? Founders/Shareholders of Crypto Apex Inc.?
4- "We won
#14
Per Microove's question, how do you see customers being able to access this service?  Via desktop, or mobile, or something else?



Via desktop, through NCC initially, but we will scale to mobile devices eventually.
#15

This is great news ... how exactly is the funding going to work? 


Is the 50 million XEM from the community or from funds set aside since launch?

https://docs.google.com/document/d/1TKTIakxUEotmTN4Et80EI7d-8XifgFZ4aBUGAukgLfY/mobilebasic?pli=1


a sustainability fund was set up some time ago. This project comes under the Community Fund. Designed to help projects that could further the development of NEM.

#16

This sounds like everything Node Coin was trying to do, except better in just about every way.

#17

This an interesting proposal, but so light on details i am quite disappointed. This a text i could have written, but if your project is well thought out, i would expect you to bring much more details. As this is the first funding request, it is going to set the standard, and i would expect it to be much higher.

One big omission is for example, in which area of the world will people be covered by the service, and at what cost, and in which timeframe? Does fiat to xem require an international wire transfer? Or will there be a  presence in multiple areas like us, eu (sepa), etc

You also do not talk about regulation. Which authorizations do you need, and how far are in the process getting them?

I am supportive of the idea, but i would have expected the funding request to answer such basic questions, and am hence disappointed by the quality of it, which contrasts with the general high quality of Nem products. It is not because high profile nem actors are involved that the funding request may be of lesser quality, to the contrary, it should be an example of complete and exhaustive communication.

I am for such a service, but with the info communicated i cannot decide if i would support this request. I personally would prefer a more detailed request to be published.

Wishing you success in any case!

1 Like
#18

Questions:

1. If you are working with 1 bank does it mean that if I have another bank I will have to transfer my money to the other bank first (this costs money/fee to transfer oversees money) to be able to buy xem?

2. What if new regulations come to restrict bank-crypto transfer? Shouldn't you better build a decentralized exchange?

3. Also there will be no anonymity if a bank is involved and the taxman might come after you.

4. Is this project that got vc funding?

5. It seems the developers are involved in this. Didn't they get a very large stake already compared to the rest of the stakeholders? (been following xem for some time for the last couple of)

6. If 70% is already done, what is 50 million xem is going to be used for? How much did they spend already from their own pocket and how much do they still need? You need a breakdown of the money, costs - worked hours and deadline etc.

7.  50 million xem is quite a lot. Do you need this project at this stage (since xem is not worth that much) and what GUARANTEE will it give xem - how big is the chance that the price will increase and by how much when this exchange is in place?

8. people need to be able to spend xem online for shopping like amazon, ebay, groceries and other household bills, and in stores - that would bring xem to a much higher level.

9. I read that xem wanted to compete with visa. Where is this project now Makoto?

10. selling off 50 million xem to fund the project will crash the price and kill xem.

11 . Did the developers put on the funding guidelines with a maximum of 50 million xem (https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit) with this intention to scoop up the 50 million in one go for this project?

12. Your request does not comply with the guidelines set out in this document https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit
e.g milestones and identity etc etc. We don't even know how you guys look like (especially makoto)

#19

forwarded from Telegram


{generalbloat} What about funding in increments? First 10 mil, then 20, 10 and another 10 after some features have launched combined with an open transparent log of all expenditures.

#20

Questions:

1. If you are working with 1 bank does it mean that if I have another bank I will have to transfer my money to the other bank first (this costs money/fee to transfer oversees money) to be able to buy xem?

You'd have to transfer funds to your account at the partner bank.

2. What if new regulations come to restrict bank-crypto transfer? Shouldn't you better build a decentralized exchange?


Decentralized won't work when touching fiat, unfortunately.

3. Also there will be no anonymity if a bank is involved and the taxman might come after you.


You still have to follow laws even in crypto land  :)

4. Is this project that got vc funding?


Nope

5. It seems the developers are involved in this. Didn't they get a very large stake already compared to the rest of the stakeholders? (been following xem for some time for the last couple of)


I don't think the core devs should have to pay for all the companies in the NEM ecosystem.

6. If 70% is already done, what is 50 million xem is going to be used for? How much did they spend already from their own pocket and how much do they still need? You need a breakdown of the money, costs - worked hours and deadline etc.


VCs won't even ask for all the information even when giving you millions of dollars.

7.  50 million xem is quite a lot. Do you need this project at this stage (since xem is not worth that much) and what GUARANTEE will it give xem - how big is the chance that the price will increase and by how much when this exchange is in place?


A fiat link to XEM should be very important.

8. people need to be able to spend xem online for shopping like amazon, ebay, groceries and other household bills, and in stores - that would bring xem to a much higher level.

9. I read that xem wanted to compete with visa. Where is this project now Makoto?


Unrelated to CryptoApex. It takes more than 2-3 weeks to set up a company and build a product :)

10. selling off 50 million xem to fund the project will crash the price and kill xem.


Any selling should be done slowly.

11 . Did the developers put on the funding guidelines with a maximum of 50 million xem ([url=https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit]https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit) with this intention to scoop up the 50 million in one go for this project?


Nope. It was a number decided on with the community. Also other projects like PhotoMead gave some input on the amount needed.

12. Your request does not comply with the guidelines set out in this document [url=https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit]https://docs.google.com/document/d/1v12DKjHLShbacq4nGyQBm183ADoVgSEQNqbwUYWQBTM/edit
e.g milestones and identity etc etc. We don't even know how you guys look like (especially makoto)


The guidelines only require specific details to be shown to the internal decision making team and not to the community as a whole. Unfortunately, for many projects, you don't want to reveal all the details to the public or the project will be compromised.


See: "[font=Roboto]Information provided will only be privy to those in the decision making team who will also reveal their identities and not to any other persons outside of the team. Only names (or pseudonyms) of shareholders and directors will be revealed to the community."[/font]