Recap of the Mandala Exchange AMA with Blockchain Space
On Thursday, March 25th, we had the pleasure to welcome to our Telegram chat:
Joe Reiben, The CEO of Mandala Exchange.
We asked him questions about the development of Mandala Exchange.
Q~ Briefly introduce yourself and Mandala Exchange to the community?
A~ Sure! Hi, I’m Joe Reiben, CEO of Mandala. I’ve been working in the blockchain and cryptoverse as a compliance, regulatory and business lawyer for 6 years on a global scale, as well as in advisory roles and/or board positions with blockchain and crypto companies during that time. Over the last three years I have worked with Mandala, first as outside legal counsel, then, when we re-formed Mandala Acquisition, LLC, as CEO.
Mandala Exchange is the first privately held cryptocurrency exchange platform powered by Binance Cloud. Mandala was designed to level the playing field for traders of all levels, whether retail or institutional. The exchange allows users of all sizes and skill levels to trade with confidence on a world-class matching engine with the largest liquidity pool on the planet, along with offering industry leading trading book depth, fast transaction speeds, and security. Mandala also provides all of the security and stability of Binance, with cheaper trading fee discounts and our own unique features and listings. Our easy to use interface and helpful community and support staff will ensure the user feels like they are not trading on an island.
Q~ What are the utilities and usecase of the $MDX token and how does it capture the value of the ecosystem you’re building?
A~ As of today, Mandala’s native token, MDX, is a utility based token used primarily for securing trading fee discounts by tiers on our platform , Mandala Exchange. There are also other use cases planned for our token, including access to trading competitions, api bot integration and access, social aspects of our community, and a planned access of Mandala University, our educational arm slated for release later this year.
Q~ Can tell us your plans to integrate Margin and CCXT integration on Mandala Exchange platform?
A~ Yes! Mandala plans to integrate margin and futures trading, both with up to 125x positions, on our exchange over the coming months. We will also be integrating CCXT, so that users can access their full array of trading features from their extensive catalogue of options.
QUESTIONS FROM BITCOINTALK
Q~ I’m already invested with a few exchanges like Binance, Kucoin etc, and I don’t see the need to add more to my list, since they offer almost everything I need, including safety of my funds, so tell me why do you think moving my funds to trade on Mandala Exchange will be a smart move for me, what exciting Features do you offer that can’t be found on any other exchanges?
We know that Mandala is situated in a very competitive Centralized Exchange (CEX) market with many big name players. What separates Mandala are the community — centric features offered to all users, including trading fee rebates and referral programs, as described below:
Furthermore, we have a very interactive and helpful community and support staff on hand that can be reached via our discord channel.
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These features, coupled with the planned futures, margin and staking integration, along with a social platform, Mandala University, dedicated to educating users about all things blockchain and crypto, slated for launch later this year, are what sets Mandala apart and really provides the user with an all-encompassing one stop shop for their trading needs.
Q~ In your Q1 of the roadmap I found something interesting Hummingbot integration. I also noticed that you were saying that trading bots can be accessed by the community along with Mandala Exchange, as long as they have MDX tokens. Can you tell us more about these bots and the advantages they have, as well as what benefits will the users who have MDX tokens in your application have?
A~ Sure! The integration of Hummingbot
slated for the next few weeks, will provide algorithmic, high volume and high frequency API traders a home to trade through their open source trading bots, allowing users to participate in market making, arbitrage and other high level or advanced trading strategies. Hummingbot also allows all Mandala users to learn to run bots and earn with their current crypto holdings.
Users who hold MDX tokens in our application will be able to access all the features discussed in the previous question as well as the bot/API features described above, creating even more use cases for our native MDX token.
QUESTIONS FROM TWITTER
Q~ For a new exchange with over 250 coins/token listings and counting and with over 900 asset pairs to choose from, what do you take into consideration before listing a project, Do you just choose coins listed on Binance since you share liquidity with them, how does the listing process work?
A~ Great question! While we do list all the pairs and share order books with Binance.com, giving us unmatched liquidity, order book depth, and token pair listings, we also do list tokens not currently trading on Binance.com.
Our listing process was initially developed during my time as outside counsel to the first iteration of Mandala, and features an extensive review of the project by myself and the rest of our legal team in order to ensure it meets jurisdictional regulatory requirements. Stage one of the application can be accessed below.
In general, projects wanting to list on Mandala Exchange must have the following documentation and provisions in place ready to go prior to having a listing discussion:
- An opinion letter from legal counsel discussing the tokenomics and classification of the coin or token
- A blockchain contract audit performed by a company such as Certek or similar
- A market maker in place to provide order book liquidity and depth
- Funds for listing fees and development work that goes into listing trading pairs
Q~ I have tried to access the Mandala platform but it is currently not available for my country, I have seen on your website that there is a long list of banned countries, what is the reason why you do not allow all nations to use Mandala ? doesn’t this affect negatively to your exchange? In my opinion, the more users who are interested, the better, isn’t it?
Xiaolin : I guess the country in question is Venezuela
A~ As a US based company running an international exchange, we are beholden to US Regulatory laws, including banning or geofencing out those countries that are not in compliance for a multitude of reasons with the current regulatory landscape. A full list of banned countries can be found here:
Can my country use the Mandala platform?
Here is a list of countries that currently cannot participate in trading on our platform: Algeria Bangladesh Bolivia…
We are also working on development of a US based exchange, which requires state by state compliance as well as federal compliance. That undertaking is a huge project in and of itself, and will be subject to the ever changing legal and regulatory advisories handed down by agencies such as the SEC and CFTC.
Mandala, of course, wants to welcome all users that are allowed to trade on our exchange, and hopes to open to even more jurisdictions as the regulatory landscape shifts to a more pro-crypto world.
We do anticipate opening up to more jurisdictions, as mentioned, so I hope we can open to Venezuela in the near future.
Q~ One of the features of Mandala exchange is “Exotic Order types”. Can you tell us how this is different from normal order book that exist on the market today and what’s its advantages?
A~ Sure! Mandala will be integrating advanced order types (probably a better denotation than exotic order types) such as Stop Limit / Take Profit Limit. Stop Loss / Take Profit and others, which more advanced traders can take advantage of outside of the typical market and limit orders everyone is familiar with. We will also be coupling this with true exotic order types such as futures and margin trading, discussed above, to deliver an all encompassing experience to each user based on their trading needs and wants.
QUESTIONS FROM TELEGRAM
Q~ Community support is one of the biggest aspects of a project’s success. Most projects have programs that interact with their users. Does you have any special plans to attract and expand the community and improve the user’s experience?
A~ This is a wonderful question! We have a multi-lingual community that has different channels set up in our discord for different languages to help navigate lingual barriers to entry. We also have a strong community and team in place that is available around the clock and loves to be engaged with community members to answer questions. In fact, you will find me most days spending at least a little bit of time on discord and telegram interacting with community members and answering questions, along with my COO Rich and CTO Zach.
Q~ Mandala is a concept of concept that represents the fractal or repetitive composition of the universe and nature, what does this concept have to do with your project? What motivated you to use this design for your platform as official representation?
A~ This is a really cool question! The Mandala symbol does represent all of the above, and I think that it shaped our journey in development as a team for a platform that attracts users of all sizes and skillsets , really embodying the feeling of “oneness” and “community” as the basis for our mission statement.
Q~ What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year? What are your plans for this year 2021? Can you share it with us?
A~ Absolutely! As of now, we are working on futures, margin and staking integration into our platform, as well as establishing Mandala University as an educational arm of our exchange, to connect our community even moreso than our current discord and telegram communities are.
Q~ Now that technology is changing every second, are you afraid that in the future #Mandala will lag behind new projects with newer technologies? Do you have a plan for this?
A~ This is something that our development team, in conjunction with Binance Cloud developers, keep a keen eye on and, as the first privately held exchange operating on Binance Cloud , allows us to integrate any technological advances set for deployment by Binance. This keeps us at the forefront of the industry and ahead of competitors in the CEX market.
Q~ Mandala aims to be the most trusted digital asset exchange in the market. In what ways do you plan to achieve this? What security measures have you implemented to have our funds much more secure than other CEXs?
A~ We have implemented all the security measures in conjunction with Binance , meaning funds are SAFU and kyc/aml requirements are in lockstep with Binance’s requirements. This allows us to instill trust in our users that their funds will always be safe while trading on our exchange.
I think this gives a good overview of how our exchange, community and team functions together to provide all users with a easy, engaging and rewarding experience with Mandala!
It’s really nice having the Mandala Exchange project in here!!!
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