IMDEX is an up and coming cryptocurrency exchange platform that will be based in Korea but has aspirations to be utilized throughout the world. It claims to be the first decentralized crypto exchange that will return revenue to its investors.
However, IMDEX is also planning to have a centralized exchange that will help to convert cryptocurrencies into local currency. The ICO for IMDEX and its IMDX token recently completed, and by all accounts, was a success.
The Team For IMDEX ICO (IMDX Token)
It’s difficult to ascertain much information about the people behind IMDEX. The company appears to have some connection to a Korean company called Techton Soft that was established in 2016. The Techton Soft website indicates that the company specializes in investment trading solutions, peer-to-peer lending, artificial intelligence, and cryptocurrency exchange. The Techton site states that the company has 10 employees, making it a rather small operation, and lists a man named SangHyun Kim as the CEO.
Back on the IMDEX website, there are four names listed as team members. However, unlike other upcoming companies with an ICO, there is no link a LinkedIn profile or any other professional site included, so any information about those four individuals is limited to what the website itself shares. Here is a brief overview of those four people and what we know about them:
- Caley YOON – In charge of managing both the centralized and decentralized exchanges. Has a background in both finance and trading.
- Riley Kim – Has an academic background in business administration and law and some professional experience in blockchain marketing.
- Aaron Hwang – A professional investor with some experience in blockchain who is managing the development and promotion of the IMDX token.
- Erick Ow – Labeled as the best trader in Korea with experience in both stocks and cryptocurrency.
As mentioned, IMDEX is planning both a decentralized and a centralized exchange. IMDEX will be the name of the decentralized exchange. The exchange is being developed with the goal of being both secure and convenient for users based on flaws that have been spotted on other exchange platforms.
Unfortunately, the IMDEX website doesn’t go into detail about what features may be available and how it will differ from other exchanges. In any event, the IMDEX should be available in Korea, at least in a beta version, in August 2018 with the intention of it becoming available throughout the world during the fourth quarter of 2018.
Meanwhile, IMNEX will be the name of the central exchange. This will help with the conversion of IMDEX tokens, ETH, EOS, and NEO to local currency. This exchange set to launch in September 2018. IMDX tokens will be available for those who use for the IMDEX and IMNEX exchanges. The tokens will also be available on the Global Exchange starting in September 2018.
IMDEX ICO (IMDX Token) Details
The IMDEX ICO ran from July 10 to July 31, 2018. From everything that can be gathered, the ICO was a success. However, only 18% of the 10 billion IMDX tokens were made available during the ICO. Roughly 38% of the tokens will be used for rewards and bounty programs, 19% will be used for marketing, and 20% will be distributed among team members and people within the company. Together, those four areas account for nearly all of the 10 billion tokens.
The IDMX token is designed solely for those who use either the IMDEX or IMNEX exchanges. Thus, anyone who trades on either of the exchanges will be rewarded with IDMX tokens based on the trade ratio. There are also plans to burn some of the IMDX tokens that are used in those two exchanges.
The Verdict On IMDEX ICO
IMDEX will likely be of interest only to those in Korea. While both the centralized and decentralized cryptocurrency exchanges have a chance to be available worldwide, they are unlikely to hold much appeal outside of Korea. While the ICO has closed, IDMX tokens can still be obtained by those who use the exchange. Of course, if this exchange is better than existing ones, and in what ways IMDEX is better remains to be seen.
The people behind IMDEX, as well as the Korean company Techton Soft appear to have limited experience in this arena. That’s not to say they don’t have the tools to make IMDEX the next great cryptocurrency exchange platform. However, the odds are long that it will make much of an impact over the long run.