The way an initial exchange offering (IEO) differs from an Initial Coin Offering (ICO) is that:
With NuMoney Exchange's IEO, the differences go further:
We are launching an IEO to kickstart liquidity on our exchange.
With a token sale exclusively hosted on NuMoney exchange, we hope that
For NuMoney's IEO, we will be releasing
NMX tokens for sale.
Like the Binance's
BNB token, the NMX token will be used as an alternative payment method for fees (with a discount) at NuMoney Exchange.
The NMX token sale will be capped low and will exist as a one-time only sale.
For details on fee discounts, and other information about NMX tokens, click here.
The NMX token sale will be launched soon with a total sale period of 30 days. The token sale will take place on the ETH-NMX market.
Prior to the token sale, we will be launching NuMoney Exchange first with an Ethereum-SGD pair, so users can trade SGD and Ethers in preparation for the token sale.
We will be minting a total of 1,000,000,000
NMX tokens, with each token priced at USD$0.01. This puts the token sale at a soft cap of US$10,000,000.
NuMoney Exchange will be launched before the IEO, so potential buyers can deposit their Ethers into the exchange in preparation for the IEO.
On launch date of the token sale, the ETH-NMX market will be opened. The first 3 days of the token sale will be opened only to whitelisted members.
To buy NMX tokens, you have to make a buy order on the
ETH-NMX market with your ethers.
After the first 3 days of token sales, the ETH-NMX market will be open to the public, for which limited tokens will be released every hour every day, 11am to 6pm, for 8 hours a day.
On the first hour, the token will be released at an approximate equivalent of USD$0.01 (priced in ETH). If it is sold out in the first minute, the price in the next hour will be increased by 10%. Conversely, if it is not sold out before the next hour comes on, the price in the next hour will be decreased by 20%. The lowest price the token will be sold at is US$0.007.
Unsold tokens will be burnt.
In the first 3 days of the token sale, the sale is only open exclusively to whitelisted users. Whitelisted users are the top 300 users with the largest amount of Ether deposited into NuMoney Exchange before the IEO. We will release a leaderboard when the exchange launches.
On the first day, the top 100 users will be able to access the token sale, with the price starting at 20% discount ($0.008)
On the second day, the top 200 users will be able to access the token sale, with the price starting at 15% discount ($0.0085)
On the third day, the top 300 users will be able to access the token sale, with the price starting at 10% discount ($0.009)
On the fourth day, the dutch auction resets, and the token sale will be available to the public.
80% of the tokens available for sale will be sold in the first three days. The rest will be sold in the remainder of the sale period.
Tokens are tradeable and available for withdrawals after the IEO.
5% of the total tokens minted will be given as bounties to new users of the exchange. That means to say, simply by being an early user, you will be rewarded with some tokens. This is how tokens will be distributed via the bounty programme.
|Objective||Tokens added to account|
|Deposit any amount of fiat or cryptocurrency||500|
|Make any successful trade||500|
Note: `NMX` tokens given as bounties will be locked up until your account is verified.
NuMoney Exchange's IEO of NMX token is structured in every way not to cross the boundaries of being a form of securities.
For example, even though NMX token was inspired by BNB (Binance's) token, we deliberately left out the concept of burning tokens which might lead to an accelerated scarcity of BNB tokens.
A great analogy of NMX token is to think of it as a 70% discount coupon, for which is sold to early users to kickstart sales. This coupon can be used to redeem any future purchases, or could be resold to anyone who might have a large purchase that stands to gain more from the coupon than you do.
We have engaged Coleman Street Chambers LLC in ensuring that the NMX token sale deviates as far as possible from the concept of being a form of securities.