HONG KONG, 31 March 2020 - AAX, the next generation crypto exchange that offers over-the-counter, spot, and futures trading, today announced the upcoming launch of its native exchange token, AAB. On a mission to connect crypto to global finance, AAX is introducing a series of innovative financial instruments such as tokenized commodities, indices, Bitcoin dimension products, social trading programs, and security tokens. AAB enables traders to engage these novel instruments and to share in the growth of the exchange.
Compared to other exchange tokens, AAB is more aggressive in terms of the monetary policy that governs it. There will be daily buybacks and coin burns, funded by 100% of AAX’s earned trading fees. This will continue until half of the total supply of 50 million AAB is destroyed.
In terms of utility, AAB can be used to:
- enjoy up to 50% discount on all spot and futures trades;
- unlock exclusive services and facilities, trading bots, trading signals, and other premium offerings;
- maximize returns on lending, saving and staking products, and borrow at a discount;
- gain access to AAX’s unique financial products and programs.
10 million AAB, or 20% of the total supply, will be made available for public sale through a series of discounted flash sales.
AAX is committed to connecting crypto to global finance and tap into multi-trillion dollar traditional markets including forex, commodity, stock, and real estate, by way of its listing strategy and unique instruments.
To start with, AAX will be listing PGX as the first commodity financed token, an innovative token that provides an alternative avenue for investors to gain exposure to the price of gold. Used to fund mining operations, the token is expected to print a yield curve as it moves towards the spot price of gold.
PGX provides a real-world example of how blockchain technology can be leveraged to disrupt a well-established industry. It provides an avenue for both institutional and retail investors to engage an area of investment, otherwise only exclusive to private bankers. Most notably, it paves a way for local communities to directly invest in a resource industry, from which they may otherwise have been excluded.
“The industry finds itself at a pivotal moment right now. Very soon, we have the Bitcoin Halvening coming up, and we see many other opportunities ahead. We see two movements that stand at the point of convergence. On the one hand, institutional investors are increasingly getting involved in the crypto space. On the other hand, digital asset innovation is making traditional asset classes more accessible to the mainstream. AAX is confident that the crypto industry has the potential to grow at least a hundredfold, reaching into the trillions - and find its rightful place in global finance,” said Thor Chan, CEO of AAX.
“The crazy times when a simple whitepaper would generate millions of dollars in mere seconds is over. This was not sustainable. We’re launching AAB at a time when the market is more sensible and critical. We like to think of AAB as digital umami - it adds that extra touch, that next-level flavor, that hard-to-define dimension - the missing piece that makes everything taste slightly better. But more than that, AAB will enable investors to be part of the industry’s growth and it sends a strong signal to the market that AAX is taking the lead in this space,” continued Chan.
Learn more about AAB from http://aab.aax.com/
The public sale of AAB will start on the 14th of April, over the course of 3 consecutive sales rounds. The initial listing price for AAB is set at 1 USDT open for trading on 16th of April.
Launched in November 2019, AAX is the first cryptocurrency exchange to be powered by London Stock Exchange Group’s technology provider LSEG Technology. It Is also the first cryptocurrency exchange that joined London Stock Exchange Group’s Partner Platform, providing institutional clients ease of access to the crypto market.
Offering OTC, Spot, and Futures trading, quoting more than 50 cryptocurrency pairs and listing 5 perpetual futures contracts for Bitcoin, Ether, Litecoin, Ripple, and EOS, which can be traded with up to 100x leverage, AAX provides a secure, deeply liquid, ultra-low latency and fully compliant trading platform. http://www.aax.com