Kyrrex is a crypto-fiat ecosystem with a native token (KRRX) based in Malta that aims to bridge the gap between the banking sector and cryptocurrency markets The platform is offering products and services relevant to a broad range of individuals and entities.
Importantly, the Kyrrex team recently announced it has obtained a Class 4 VFA (Virtual Financial Asset) Service Provider license from the Malta Financial Services Authority (MFSA), establishing itself as a reliable partner in cryptocurrency services.
Launched in 2018 by Viktor Kochetov and Mykhail Romanenko, Kyrrex’s primary product is its crypto exchange, the ecosystem also includes an OTC desk and liquidity protocol.
Under the VFA Class 4 license, parent company Real Exchange (REX) LTD will deliver services to users in full compliance with current EU regulations. This license offers the most autonomy enabling Kyrexx to provide exchange management, custody, and control of client assets.
“For Kyrrex, the Class 4 VFA license is the result of many years of work in the field of digital assets. It took the company three long years to meet all requirements. Many of them were not only strict but also long-term. We showed the authority that Kyrrex can handle the highest level. Moreover, the license helps us to reach one of the main goals — to allow Investors and traders to be convinced that their funds are under protection and all transactions are absolutely legal. In the future, the license will open up opportunities such as online banking, tokenization platform, margin trading, trading ideas, and social trading.”
– Viktor Kochetov, CEO and Founder of Kyrrex
With Kyrrex now able to compliantly accept EU residents on its platform, this highest type of license permits Kyrrex to offer a large range of crypto-related products, including trading, different deposit methods, crypto-fiat exchange, and cryptocurrency payment services.
Also recently, on October 25th of this year, Kyrrex opened a public presale round for its native KRRX token, which will include broad use-cases across platform services and other exclusive benefits to the holders.
KRRX Token Benefits and Features
Specifically, the platform will assign each account into General, Beginner, Pro Trader, Insider, Institutional, and Market Maker categories. Further, Kyrrex will be offering discounts on all trading fees:
For the public market, Kyrrex issued 50 percent of KRRX on the market in three separate rounds.
- The platform has completed its private sale round.
- All three rounds were completed by the end of November 2021.
20 percent of the supply will serve as working capital for covering operational needs with the preemptive purchasing right held by the team.
Lock & Release:
The platform will lock the remaining 30.0 percent of the tokens for 4 years with subsequent releases every 6 months and availability on the platform. Kyrrex will not release more than 20.0 percent of the original amount in each respective interval.
Use of Funds:
Kyrrex will allocate the raised funds for the development of ecosystem products, marketing, legal support for obtaining licenses in the new regions, as well as insurance funds. The mentioned categories will account for 45 percent, 35 percent, 10 percent, and another 10 percent, respectively. Further, the platform will burn part of the tokens received as commissions every quarter. Specifically, the disposal will concern at least 50.0 percent of the issued tokens.
Kyrrex & KRRX Features
This feature will enable users to follow other traders at a fixed fee. The payment methods available are fiat currencies, cryptocurrencies, or KRRX tokens. The traders collect on fees paid by their subscribers.
Will include the trading services of a manager or a trader in exchange for the share of the profit made. The traders will gain the ability to receive bonuses upon the acceptance of the KRRX tokens.
Offers bonuses after a user attracts 3 or more of their peers. The implementation of the three latter features will occur in the first quarter of 2022.
Expected to be launched in the fourth quarter of 2022, the banking feature will offer 20 percent cashback for purchases within the app, and 3 percent on card transactions. Such a feature will also include discounts, increased cashback, and payment widgets.
Worth noting, users who pass verification on the exchange will also receive a bonus of 20 KRRX tokens.
For more information and to follow the latest from Kyrexx click here.