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Cryptoindex is making waves creating an even or better platform than the standard indices currently available for conventional financial assets. We asked VJ Angelo, CEO of the company, to have a clear vision of their vision and what they are trying to achieve by reaching that vision.
D: Cryptoindex seems to be on a mission to create an index similar to S & P100, Dow Jones, NASDAQ Composite and more, but in the cryptocurrency sector. How will it benefit the market and how do you compare it with traditional market indices?
A: It is very important for any product that wants to be part of a financial services solution to provide familiar tools that can be used to evaluate the market. IIndices are a key factor in that toolbox.
We are not necessarily trying to replicate those indices. However, we are trying to provide a similar service relevant to our market sector. It is important that Crypto is independent of the old world and uses the lessons learned there.
D: In addition to Cryptoindex, other players are also trying to create their versions of crypto-market indices. Are you really in need of this?
A: Yes. The market must become more professional and more easily understood. Indexes are an invaluable source of reference information for people wishing to trade or enter the Crypto market in any form. Information and analysis on more coins are expensive and long and Index drastically reduces both.
In the event that there is some form of product created to operate that refers to the index, it further reduces the cost of both trading and analysis, also reducing the risk by diversifying it for the participant.
D: How is Cryptoindex different from other similar products?
A: We have a number of differences including the number of coins. By creating an index of 100 coins, we have both diversified the risk and added an opportunity for more profits.
Crypto has changed dramatically from an investment in a blockchain-based project for a cryptocurrency and much more into a Fintech crowdfunding opportunity. With so many different projects available, it is important to include as many as possible that could suddenly become both successful and profitable.
D: You are not new to the financial system. Can you tell us more about yourself and your work in the past?
A: I spent 34 years in the financial markets, usually working on new and innovative ideas and products. 6 years ago I left the platform to start a regulated stock exchange, starting index-based futures in a new format. This project led to the partnership with Deutsche Boerse Eurex, Société Générale and a number of other important financial institutions.
Now I have applied the knowledge and lessons learned through that project on Cryptoindex.
D: What made you create Cryptoindex and where do you think the global financial system is heading and where?
A: The global financial system is showing all the signals to get into very difficult times, perhaps challenging the turbulence of the financial crisis. While Crypto is going through a difficult period right now, a major shock to the financial system that puts major financial institutions in trouble again could see Crypto as a good finance repository for people.
If a major payment provider adopts the ability to pay for goods and services through a card or a number of cards, the attraction will become greater.
The reasons for creating Cryptoindex were the same as described in the previous questions
D: Tell us more about the Zorax Algorithm that should be the brain of the Cryptoindex system.
A: Zorax is a very sophisticated algorithm able to analyze and process large amounts of data continuously and learn how to interpret information. Given the parameters he is working on, he can then make well-informed decisions, which in the past only a human would have been able to do. The decisions will eventually become the complete process of the index criteria. In the early days when he learns there will be some oversight.
D: Who else is working with you on this project?
A: We have a large team of professionals in each of our fields. Everyone has a lot of experience in their chosen professions. We have traders from financial markets, programmers and mathematicians with experience in creating trading programs for FX, Quants and former fixed income markets traders and people with knowledge and experience in creating and implementing financial market indices.
D: The company has initiated a token sales process with CIX 100 as a nesting currency. What will be the role of CIX 100 in all this?
A: The CIX 100 is a utility token and our tool to help ICO participants to transit in the more regulated world that is coming fast. The utility of the token is its use for the purchase of data and services from our platform, some of which are very valuable for observers and participants in the crypto market.
We are adding three key factors to the token that are part of the transition. First of all, when the ICO participant buys services from the platform, we will evaluate the token at the current price of the market index. Secondly, the token will be free to operate on a series of exchanges with which we are currently discussing. We encourage the token to be relevant to the price of the Index. Finally, we are associated with a fund that, in the context of its strategy, will again offer a token purchase function at the price of the current index.
So while the CIX100 is still a utility token, we spent a lot of time and money to get the right approach, and the legal opinions on this topic also remain a useful tool for tracking the price of the index.
D: How much do you intend to increase with the sale of tokens and for which funds will they be used?
A: We have a soft cap of $ 3 million USD and a maximum limit of $ 37 million USD. The funds will be used for operational expenses, however, since the platform has already been built and almost ready for launch, most will be used in reserves to support the value of the token to the index through the fund.
D: A project of this scale needs some partners. Have you ever entered a partnership so far and what are its benefits?
A: We are discussing with a certain number of partners and we will announce soon, one of the first partners is London Derivatives Exchange Limited (LDX).
D: Can you give us a peek at what's going on behind the scenes, in terms of technical and commercial development and future roadmap?
A: We are exploring a number of aspects including additional indices and the addition of derivatives based on the various indices. We will continue to develop the various aspects of the business.
D: Anything else you want our readers to know?
A: This project is unique in its approach to developing ICO / Crypto markets. It will play a vital role in the ever-changing landscape of how encryption is used and developed in the coming months and years. As the market is introduced in the style of regulation and negotiation of more traditional financial services, tools such as this will be a key element in helping broader adoption of cryptocurrencies as a daily form of both retail and professional finance.
