PriorityEx PYX ICO: Safe Profit Sharing Cryptocurrency Exchange?
PriorityEx is developing a cryptocurrency exchange, brokerage, and wallet service, and is currently holding an ICO for its own cryptocurrency that will entitle owners to dividends and discounted transactions. The company states that it would like for its platform to serve as a one-stop solution for all of users' cryptocurrency investment needs.
What Is PriorityEx?
PriorityEx is based in Thailand, and has almost exclusively focused its marketing efforts on southeast Asia. However, they will eventually offer service in over 15 languages, allowing the majority of the world's population to access the platform.
The company's website identifies its six co-founders and their four advisors, but does not provide biographies about them. It also mentions that a team of over 20 individuals are currently employed, and that they intend to hire many more, particularly for a multilingual customer support team.
PriorityEx gained a significant following on social media, with over 30,000 “likes” on Facebook and almost 2,500 on Twitter. However, it has still received little coverage from English-language publications devoted to cryptocurrencies.
PriorityEx PYX Product
PriorityEx's main product is its cryptocurrency exchange and brokerage. It aims to address many of the problems that it identifies in its competitors: it offers fast know your customer verification, aims to support the widest possible variety of fiat and cryptocurrencies, promises 24/7 customer service in over fifteen languages, and guarantees strong security through two-factor authentication and offline cold wallets. It will offer both peer-to-peer exchanges and a central brokerage service, and have a built-in multi-currency wallet for users not running their own. The platform will be available both as a website and through iOS and Android applications.
At time of writing (February 2018), the platform is not yet live; the company is using its ICO to raise funds to finish its development. The roadmap in the company's whitepaper states that the first version of the platform will launch in April 2018, with the peer-to-peer exchange feature arriving in June, and the wallet debuting by the end of the year.
The company is also working to develop a debit card that can connect to users' multi-currency wallets and be used in brick-and-mortar establishments. This technology is ambitious, but will be a significant innovation if successful.
An ICO for the company's own currency, the PYX, is currently underway; it began on February 1st, 2018, and will end on March 31st. Only 24 million PYX coins are available, and investments are limited to a total of five Bitcoins. Four million PYX were sold during the pre-ICO in January, and the remaining 20 million will be sold during the ICO. Every single transaction on the platform benefits PYX token owners; each month, 25% of transaction revenue is paid to owners, and 20% of transaction revenue is used to buy tokens at market value so that they can be burned, thus reducing the supply and raising their value. The company is prohibiting citizens of the U.S., China, Great Britain, Singapore, and New Zealand from participating in the ICO due to these countries’ strict regulations; it’s not clear if they’ll be allowed to use the platform upon its release.
PriorityEx Safe Profit Sharing Cryptocurrency Exchange Opportunity
PriorityEx could become a very popular exchange service if it meets its own goals. Its focus on embracing a wide variety of languages and fiat currencies should help it appeal to many audiences not yet introduced to cryptocurrencies.
The PYX offers investors considerably more stability than other cryptocurrencies not integrated into a platform, since its value is directly influenced by the popularity of the service rather than fluctuating solely from speculation. It could also be a valuable source of passive income if the service becomes very popular.
PriorityEx is positioned to become a significant cryptocurrency exchange that could win the favor of both serious and casual investors. The company's rigorous security, commitment to multilingual customer service, and aim to accept the widest possible variety of fiat currencies will likely attract many users disillusioned with other exchanges, and its debit card system could be a major innovation that helps cryptocurrencies gain widespread acceptance. However, the company is still young, and the platform has not yet launched, so it must prove itself before winning investors' full trust. Investors curious about the PYX should make sure that the company meets its ambitious goals.