Crypto-fiat ecosystem Kyrrex is nudging the crypto community of the ongoing public sale of its native token, KRRX, on HitBTC. The token was listed on Nov. 30, with HitBTC being the very first exchange the token is available on.
Launched in 2018 by founders Viktor Kochetov & Mykhail Romanenko, Kyrrex has developed into a global platform that boasts a wide variety of financial products and services. The project provides crypto and fiat investment and payment services, in addition to crypto exchange services on its main product – Kyrrex Crypto Exchange.
Kyrrex operates with confidence in investor fund security, having secured the highest (Class 4) Virtual Finance Asset (VFA) license from the Malta Financial Services Authority (MFSA). With the license, Kyrrex can provide its users with a trading program, deposit program, crypto payment services, and crypto-to-fiat/fiat-to-crypto exchange.
To interact with these offerings, users need to purchase the KRRX token, which powers the whole Kyrrex ecosystem. Trading accounts on Kyrrex will be assigned various categories depending on their trading volumes. The classifications are General, Beginner, Pro Trader, Insider, Institutional, and Market Maker. Users with higher trading volumes will enjoy lower trading commissions, and all trading fees will be discounted, per the Kyrrex White Paper. In the future, Kyrrex plans to list the token on other major exchanges to reach a wider population.
As for tokenomics, 20% of the supply will cover operational needs governed by the Kyrrex team. 30% of the total will remain locked for 4 years after it will be released every 6 months for users to purchase. Raised funds will be allocated for the development of ecosystem products, marketing, legal support to assist in license acquisition, and insurance funds. These activities will be allocated 45%, 35%, and 10% respectively.
Kyrrex consists of four primary features, namely: social trading, multi-account management, a referral program, and online banking. Social trading enables traders to follow other traders’ movements at a fixed fee payable in cryptocurrency, fiat, or the KRRX token. Multi-account management enables users to obtain the trading services of a manager or trader with a portion of their profits as a fee. Referring to 3 or more people makes the user eligible for bonuses. Finally, online banking, whose debut is in Q4, 2022, will offer 20% cashback and 3% on card transactions. Users who successfully go through the client verification process will be awarded 20 KRRX tokens.