Majed Mohsen on Aurix Exchange and DeFi cashback with Visa

0:01i'm ashton addison from event chain for investmentpitch media and the cryptocoin show and today on blockchain interviews we have majed mohsen the ceo and founder of oryx exchange my dad welcome to the show and thanks for taking the time to be here today hi thank you very much very happy to be with you as will ashton and very excited started definitely i'm

0:23excited to talk about oryx exchange uh your team really has some interesting things uh in the cryptocurrency exchange space and i'm excited to dive into the details and i would love if you could kick it off with just a high level overview and the focus of oryx exchange sure we are trying to provide an a different point of view of exchange that already

0:46exists of course there is a good and big exchange on the market but we still there is so many we can call them gaps and still the market are not covered by 100 percent or most of the people so this is where we think that we came towards our background as programming we are isis company where we start and we create our ex exchange almost from some times ago like we started the

1:16company from 2016. and there are three points that we are covering that exchange where people do crypto fiat crypto crypto fiat crypto and to provide the insane time banking service where we give them an eban account where they use banking account where they use uh credit card to spending over fiat as a normal banking or over crypto as a big change

1:45very cool and i think it's a great uh mixture to have those there's a credit card aspect in there and i want to dive into that in a little bit of detail afterwards i'm curious in terms of the trading part and the main part of the exchange in the platform are you primarily focused on you mentioned fiat to crypto and crypto to crypto but in the crypto to crypto

2:05is there spot uh margin futures or other derivative trading or what are the main trading pairs and trading that's going on on rx well as a startup company we are going for adding futures and mergers as well but we're starting now as a simple the main futures we are providing to the market is the cash back we are the first exchange ever that's providing cash back on trading

2:33so whenever you any users of for us that doing btc ethereum are getting cash back uh from our token and in our exchange very interesting and that's what i was reading about the d5 cashback model and so as you're trading you're able to get cash back and i'm guessing you've partnered with the credit card companies to allow the traders to spend easily or how

2:57exactly does that cash back and the spending work well the cashback is divided by two parts one cashback of them is on the exchange itself and one cashback is when spending using the card visa or mastercard that we provide so it's a little bit different story but both of them are uh in the exchange we provide the customers with cash back during

3:24uh during exchange itself and it's covered right now by us because we're on decentralized exchange right now and we are going by the end of the year to run over it and we will reach that point where we will start our chain itself and the dc cashback right now is for the trending over card so where we are partner with some very big ash war banks that give us the ability

3:49to provide people with base our mastercard where they get a cash back in our token whenever they are spending like when they pay in mcdonald's in restaurants any payment they do where visa or mastercard is accessible it will be they get a cash back in defeat system without without our company in the future we are we are looking to move all our system

4:15all our ecosystem to a blockchain itself that's great to know majed and in terms of that you mentioned people can spend cash back wherever visa and mastercard are available i'm curious in terms of actually using the platform for the exchange to be eligible for the cashback is your team focused on certain jurisdictions where people are trading and are there any

4:37restrictions on who can use rx to trade will anyone can use over extra trade any users can use ours to create and those people we are talking about on the cash back uh it's made by our customers level we start from 0 to be ip6 and sorry and for our customers to gain one of this level

5:03we are looking about how much they are stacking so to stack 800 hours they gain a level where they get a cashback from spending and on trading as great and that was my next question about the oryx token in terms of the reward system other functionalities within the oryx exchange if you're trading and you're stacking oryx then the rewards are higher is that

5:28right and what are all of the other functionalities of the oryx token inside of the oryx exchange well it's exactly as you as you call it when they get stacks more of our hobbies they get to gain more cash back in our ex itself in our stock units and we create this system right now in its centralized at a stake so we are looking by the end of the year of the year to

5:57reach our uh outlook chain where we will swap the current outlets one to one with the new chain where the cashback will be over the market itself with uh more and more options that we are going to talk about them in a few minutes that's great and with this cashback it definitely seems convenient for people that already have their funds on the exchange is this something that

6:23you see as the competitive advantage for rx exchange in the cryptocurrency exchange industry or are there also other competitive advantages that you see in why traders are choosing to trade on rx instead of others uh it's a very good question there is two targets in my point of view there is two kind of people the people that's already using other exchange

6:49and the totally new people that we we are trying to bring them to the crypto space where there is still i believe a lot of people are not still away from the crypto and they didn't use it and this is where we came with the cards where we can bring more people that they are away from the crypto they didn't choose the crypto before and they can join it

7:12easily with the card they spending they get cash back and we are high cash back on the market currently we are giving and same time we are focusing on the fees for those that are existing to the other exchange and my point of view on the future that you don't have to pay a fees when you do exchange you you're gonna gain a fee when you do exchange so the

7:36future exchange i'm looking for is user gain fees when they do exchange not the exchanges that's a that's a great incentive to be trading on rx when that is implemented so that's really interesting now one of the concerns that traders have when they're looking at exchanges is the the safety of their information of the funds um and of the exchange servers as well how

8:06much has your team focused on security ensuring the integrity of trader's personal information isn't compromised their funds are secure and you know the login the credentials and the servers of rx are not prone to any hacks or vulnerabilities will the security as an assist company myself i'm computer engineering and security is always the first point i

8:30am looking in any project i did before and this is where we really focus because security i believe right now in 2021 the crypto security is in a good way in a good position i'm not talking about our only like but i think this recommendation that exists to keep our security in highest level

8:59possible we use so many uh server security that gain the standard security for our customers that's good to know and how are you increasing the amount of customers are you incentivizing traders to move to oryx are you seeing organic growth well we believe in organic growth because point of view of the economy we are

9:27using it's totally different from what is existing we are using a totally new ecosystem to the market where we are targeting the new consumer that they are using banking at all like again they don't know about crypto they don't know anything that they hear like there are so many examples on our lives and in people around me where we do you know yes it's a bitcoin because

9:51they hear it from the news what is bitcoin they will stop they don't know anything more did you use it before they don't use it before so the ability to bring bridging between the normal consumer when they use it as a money as investment as transferring to bring those people to use the service as exchanges where we are trying to to be as providing the banking servers

10:17and gain cashback to bring them to the crypto space that's great and the platform is running live right now i know you have a lot of traders on there are there any specific development updates you can hint at or roadmap milestones that traders can look forward to that you're working on in the next six months or throughout the rest of 2021 sure there is a lot of things that we

10:42need to do we working on this platform like almost three years ago 2015 started the company and really it takes three years of working to bring we still have so many that is not showing still under the table where we are going to launch our uh product very close to our application where people will use our mobile application

11:08that very friendly mobile application for new consumers and for traditional uh traders and the crypto exchanger we gonna launch also in like a one month month and half we will start cheap our card i have an example with me that i cannot show it to you how it will be looking this is our card yeah and this is how we gonna shoot it and send it as well and

11:37uh we are going we are delaying it a little bit now because we need our application to be on fantastic way we are running over quality to it and to be ready for our consumers this is on on a very short run like this in maxim one month one month and a half we're gonna regain that the second step is where i am focusing really is our exchange where it will change all

12:01our ecosystem to be on the uh on the network it's uh on the blockchain itself where there is a lot of my mind that and a lot of progress we already did that is changing the view of crypto um one of them if you if you if you would like to start with this question about uh the hour exchange i can start with the first

12:26things i am thinking of is the market cap with our exchange the market cap is right now you know every company starts they are it's market coin market cap max market cap and it's on the hand of the company they are a big name they are good i'm not commenting here but i believe it is the time for blockchain itself to handle this market gap

12:53like when there will be a pawn for the coin or the token it will be handled by mass by the blockchain itself this is what we are trying to bring to the people plus the cashback system uh the point to be very in a simple way right now currently people are mining bitcoin ethereum and so many other commuting machines so they are using proof of work to do

13:19that there are another sorry there is another coin where they stack into this proof of strength and we are looking to use a proof of transaction with something that's totally new to the crypto the game is once you use our uh network you are mining our token so this is the point like the cashback is the mining you all reward our user with

13:45once they use the they send the crypto to crypto from wallet wallets not on our exchange and in our exchange as well and after our blockchain is ready and hopefully it will be like on the last quarter of this year will be on testnet uh we will start running our decentralized exchange where people will start gain uh the real benefit from crypto to crypto uh exchanging and

14:13i believe decentralized exchange in the future but right now we can't run all the options from car to banking using decentralized exchange because of legal and government definitely all great points majette and i could see how building that protocol out having the proof of conviction building a decentralized exchange which i do believe is the future as well it's just a matter

14:36of having that user experience and you know the low fees and obviously that's going to help with with the protocol so i'm really excited to see how oryx grows out by the end of this year for the viewers that are looking to follow along with those updates and to get involved with the exchange right now and start trading and taking advantage of the cashback what's

14:56the best way for them to learn more about the community and to to get involved and start trading well we are we they can join us on our social media in all our social media from facebook to twitter instagram media we are trying to push articles in day after day we are trying also to build our youtube channel to bring the most and the last things to educate the people how to use it

15:24and we are trying the first mine target for the customers right now we are where we are focusing is that we are bringing the people that they don't know anything about crypto and that means we have we need to push a lot of material to allow them to understand how to use the product what is the crypto and start one of course this will help also uh the crypto cost customers that they

15:48know crypto to know a little bit how to do but indication is very important here in this point and we are trying to focus i completely agree majed education is very important i will leave all those links to the community the youtube channel and the website in exchange in the description box below as well all the best with oryx exchange moving forward and let's follow up in the near

16:12future thank you very much and sorry thank you very much and really i hope that all our customers will get a gain a really good experience using our application using our exchange and we are looking forward to launch more and more product and bring and more we gain customers to the crypto space as well

16:41sorry amazing thank you majed that was that was great uh i appreciate you taking the time i will um get our editing team to work on this and have it come out in the coming days and i'll send you an email with all the links to the financial networks and the youtube channel that it's going to go out to and yeah anytime you have new updates just send me an email and i can see if i

17:06can help with the press and we can do videos in the future as well thank you very much really happy to be with you today and uh very really happy to and nice to meet you as well and i am such a character to your channel i'm enjoying watching you all the time thanks majed i appreciate that have a great night and i'll speak to you in the coming days thank you you too

17:30have a nice day bye bye