Midex, a cryptocurrency exchange and a complete financial platform that will soon process peer-to-peer (P2P) loans, escrow, payments, asset management, bank license, and issue cards, will provide 20 percent of its commission revenue to token holders that participate in the token sale.
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Rated 4.9 out of 5 by ICO Bench and AA by ICO Bazaar, Midex is highly anticipated ICO of a blockchain platform that aims to evolve into a bank-like application for cryptocurrency users. Beginning as a cryptocurrency exchange, the Midex development team plans to evolve the platform into a banking platform, issuing accounts, loans, asset management system, and insurance.
Over $8 million worth of Midex tokens have been sold to investors participating in the token sale, and the ICO of Midex is expected to last until April 15 or until the hard cap of its ICO is reached.
The concept of Midex is unique in that it seeks to become a complete financial platform targeting cryptocurrency investors and users, which has not been done in the industry due to several issues, including scalability and legal conflicts. Moreover, because operations such as loan issuance and card distribution must be done autonomously on a public blockchain like Ethereum through smart contracts, the process of facilitating traditional financial operations becomes more complex.
In essence, Midex is specifically targeting the following areas: cryptocurrency exchange, escrow, ATM, payment cards, ICO platform, investment marketplace, credit marketplace, and payment processing.
The Midex team explained:
“The major difference between Midex and other financial establishments consists in the absence of manual evaluation of standard operations. Being just an indirect intermediary among the people, Midex entitles decentralized smart contracts operating in Ethereum with the powers to carry out operations. Each contract contains a database and it provides methods for its amendment. Every time when a user calls for a method from the contract, and, respectively, amends the data, this command is replicated and replicated by the entire network.”
The transparent system of Midex allows for a fair auditing process and automated settlement of any financial activity.
For token holders, the incentive for possessing Midex tokens is its plan to distribute its commission revenues to token holders in the future. Unlike the vast majority of blockchain projects that issue tokens without a clear purpose and no incentive for token holders apart from the rise in the value of tokens, similar to stocks, Midex token holders are provided with a stable revenue stream, which can be calculated using the Midex commission payout system.
Currently, the cryptocurrency market lacks a complete financial platform with which users can utilize cryptocurrencies similar to how fiat money is used in the traditional finance sector. Midex will be able to cover the gap between the cryptocurrency market and the finance sector, allowing cryptocurrencies to reach the mainstream.