What is Cryptonex?
The Cryptonex platform allows the instant exchange of different world currencies for any cryptocurrency and token, instantly. Cryptocurrency can be spent using the platform’s debit cards and mobile applications, without the need to contact a third party intermediary for payment. By developing a peer-to-peer (P2P) system of fiat-to-crypto exchange, commission fees normally associated with such transactions can be significantly minimized and transaction speeds significantly increased.
History of Cryptonex
Cryptonex was founded in 2017 by Pavel Kalinin, who now serves at the project’s Managing Director. Its development was backed by a financial software development company called Investment Financial Group, who also designed much of the platform’s core functionalities. After conducting a successful ICO and extensive airdrop campaign, Cryptonex was listed on the exchanges in October 2017. In January of the following year, it briefly surpassed the $400 million market capitalization mark, and enjoys a tremendous degree of popularity, with an ever-growing online community. The Cryptonex team still conducts regular bounties in order to increase awareness about its services.
How Cryptonex Works
As a platform, Cryptonex helps connect coin and fiat traders, supporting a large amount of both cryptocurrencies and fiat currencies. Users register with the system and post bids for buys and sales which are then matched by other users. Exchanges are largely automated, and no coins or fiat is ever kept on Cryptonex servers, with Cryptonex simply acting as “guarantor” for the trade. Its exchange service features guarantees that block the sale until the recipient receive their funds from the buyer and does not place limits on user transaction numbers or amounts. As a coin, CNX uses a Proof of Stake (PoS) hashing algorithm to maintain its security, meaning users are rewarded with CNX coins for staking coins in their wallet and leaving them online (12% per year).
As both currency and platform, CNX offers the following advantages over bitcoin and many other cryptocurrencies:
Fast transaction times. With a block time of approximately 1 minute, CNX transactions can be confirmed roughly 10x faster than bitcoin.
Cheap transactions. Transaction fees for CNX range between 0 (free) and 0.001 CNX, making them significantly cheaper than most coins.
Large support team. Cryptonex is committed to satisfying the inquiries of their customers, offering 24/7 support and quick response times. They also have a large user community on both Facebook and Twitter.
Buy crypto online. Through the Cryptonex website, users can purchase Bitcoin, Ethereum and Cryptonex all with a credit card.
Peer-to-peer fiat/crypto exchanges. Supports an extremely large pairing of fiat/crypto trades, more than any other similar platform currently available.