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Hello, Satoshi clubbers! Another AMA\ntook place in Satoshi Club and we would like to introduce to you the AMA\nsession with our friends from VirgoX and our guest was @adamtor CEO of VirgoX. The\nAMA took place on 10 April.<\/p>\n\n\n\n
The AMA session was divided into 3\nparts with a total crypto reward pool of 500$ <\/p>\n\n\n\n
In this AMA Recap we will try to\nsummarise the most interesting points for you.<\/p>\n\n\n\n
Gold\nRocket | Satoshi Club:<\/strong> Greetings,\nSatoshi Club! 🚀<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> hello\nall! another AMA in Satoshi club! 🥳<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> We\nare pleased to announce AMA with VirgoX<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> today\nour guest – @adamtor CEO of VirgoX !<\/p>\n\n\n\n how\nare you doing? 😊<\/p>\n\n\n\n adam:<\/strong> Hello everyone, sorry for a little\nbit wait here due to the technical issue<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Hello\nand welcome to Satoshi Club, @adamtor!🙌<\/p>\n\n\n\n adam:\n<\/strong>Very\nexcited to be here to chat with the passionate folks in Satoshi Club<\/p>\n\n\n\n D.\n| Satoshi Club: <\/strong>haha\nno problem! welcome! 🥳<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> We\nare very glad to conducting AMA with VirgoX!<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> nice!\n👍\nso let’s begin with a small intro? please introduce yourself and your\nproject! 😊<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> How\ndid you get to be involved in crypto & VirgoX?<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> another\ngood question👀<\/p>\n\n\n\n adam:<\/strong> Sure. let me begin with my self , my\nname is Adam cai. Previous life have been pretty much focused on the\ntraditional financial industry for about 8 years . I was involved in crypto\nstarting from 2016. Have seen various cycles of bullish and bearish markets.\nOne thing I would say is that blockchain &crypto world certainly is\nfascinating and revolutionary and this is what keeps me truly interested! Began\nmy own venture since 2018 during the worst period of time when bitcoin was only\naround 3000 dollar. Built VirgoX from scratch and happy to be persistent all\nthe way through<\/p>\n\n\n\n VirgoX\nis known for being the world Stablecoin trading center. Whether they are\nfiat-backed, crypto-backed, algorithm-backed or asset-backed, we have worked\nactively towards integrating them into our ecosystem. <\/p>\n\n\n\n We\u2019ve\nintroduced Stablecoin financial products using our platform token as collateral\nearlier this year with positive reception. This year we have developed the\nfirst in class synthetic Foreign Exchange markets. Increasing the use cases\nfrom just spot trading and hedging and more coming soon.<\/p>\n\n\n\n In\naddition to this, we have been helping our users take advantage of the Defi\necosystem through our VirgoX Vault(https:\/\/www.virgox.com\/vault). When our\nusers deposit funds into the Vault, we allow them to earn the best possible\nyields by aggregating yields from only the best performing protocols. Effectively,\nwe have saved our users time, and helped them earn more than if they were to\nyield farm themselves with one of the most competitive APY in the industry. <\/p>\n\n\n\n VirgoX\nhas taken a step into innovating how centralized exchanges services clients by\nproviding them with a taste of the entire crypto-ecosystem in one location \u2013\nand we will continue doing so.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> beautiful\nbackground👍<\/p>\n\n\n\n adam:<\/strong> Thanks for the first question!<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Thanks\na lot for the great intro! Ready for community questions ??😉<\/p>\n\n\n\n adam:<\/strong> Yeah!<\/p>\n\n\n\n definitely<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> let’s\ndo this! 🚀<\/p>\n\n\n\n Q1\nfrom Telegram user @KeymerS <\/em><\/strong><\/p>\n\n\n\n \u201cStablecoin\nWorld Trade Center\u201d is what you call yourselves, but is it really different\nfrom other exchanges in the sense that they have more amounts of stablecoin on\ntheir platform? Or is it simply because your platform has been supporting\nstablecoins since its inception?<\/strong><\/p>\n\n\n\n adam:<\/strong> Very good questions. Allow me a few\nmins to type it out<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> sure!<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Take\nyour time<\/p>\n\n\n\n adam:<\/strong> Stablecoins have been seeing a\ntremendous growth of market cap. The variation within this specific sector has\nalso enlarged significantly. When we talk about stablecoin trading center, it\nis a pretty broad definition. Certainly not limited to spot trading itself.<\/p>\n\n\n\n What\nwe want to build is an entire eco-system for stablecoins , it starts with spot\ntrading where we would have as much high quality stablecoins as possible. We\nhave successfully done that by having now more than 20 stablecoins available\nwith us for trading. The second step is\nthat what you can do with stablecoins . We have various yield farming\nopportunities for stablecoins including all major stablecoins such as USDT,\nUSDC, BUSD, HUSD etc. we are adding more stablecoins as we go through VIROGX\nvault + financial products section<\/p>\n\n\n\n In\naddition , we also have a crypto lending & borrowing section where you can\nlend or borrow stablecoins leveraging our industry competitive rates! Last but\nnot least, we also have synthetic FX markets built on various currency based\nstablecoins to allow hedging\/ speculations<\/p>\n\n\n\n I\nwould safely say that in terms of the over ecosystem of stablecoins. we\nprobably are one of the leading ones in the industry<\/p>\n\n\n\n thanks<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> and\nthat’s great!<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> thank\nyou for the great answer! may i ask, what about KYC on your platform? do users\nneed to pass any to be able to trade?<\/p>\n\n\n\n adam:<\/strong> We have various tiers of KYC system\nin place. To start trade with 20K USD worth of withdraw limit, you would only\nneed to register an Email at the moment. However, as you increase the volume ,\nthe enhanced KYC is is going to be required.<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> nice!\ngot it, thank you! 😊 ready for the next question?<\/p>\n\n\n\n adam:<\/strong> Yeap<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Thanks\nfor your answer🚀<\/p>\n\n\n\n Q2\nfrom Telegram user @lukacy<\/em><\/strong><\/p>\n\n\n\n Some\nof your Products includes Earnwell, forex contract, Quick bids, and the newly\nlaunched Virgox vault. Can you explain these products briefly and what we can\ndo with them?<\/strong><\/p>\n\n\n\n adam:<\/strong> Sure. Earnwell is a structured\nfianancial product which enables you to earn minimun return with principle\nprotected and also a potential higher earning power depending on the market\ncondition. It is pretty interesting product for people who have a view on the\nfuture direction of the market and want to ensure they are principle is 100%\nsafe.<\/p>\n\n\n\n FX\nmarket is the synthetix FX market built on stablecoins. Currently we have\nUSD,CAD, EUR, AUD, GBP , NZD, CHF for you to speculate and hedge your FX risks\nup to 100 times leverage.<\/p>\n\n\n\n Quick\nbids is the place where you can potentially use a few cents or 1 dollar to win\nover 100 USD worth of price . It is very similar to the penny auction in the traditional sense.<\/p>\n\n\n\n VirgoX\nvault , I would like to stress more and this is so far the most popular product\nwe have launched!<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Speaking\nof safety, by the way. did you conduct an audit? if not, do you have this in\nyour plans?<\/p>\n\n\n\n adam:<\/strong> The recently launched CeFi vault\nproduct has really brought a lot of attention from the DEFI users or simply\nusers looking for high APY. <\/p>\n\n\n\n In\nfact, we have launched 8 pools now, where users can stake assets including BTC,\nETH, USDT, USDC, HUSD, BUSD, BNB, DOT. 8 pools average more than 50% APY and\nhave no lock-up terms and no impermanent losses. <\/p>\n\n\n\n Users\ncan put their idle assets at work and earn high APYs by receiving VXT. All the\nfunds that are staked are then routed internally to various Defi protocols. The\nall the yields that we receive on our end are then used to repurchase VXT.<\/p>\n\n\n\n This\nis probably why you see the VXT has gone up from 2 cents to 10 cents in less\nthan 30 days after the VirgoX vault has been introduced.<\/p>\n\n\n\n Of\ncourse, we also give full transparency to our users. We published the mining\ncontracts address + VXT burning addresses. In this way, you will have full\nconfidence about where your asses are and whether VXT has been repurchased and\nburned. (You can check our our contracts\non the Vault page – https:\/\/www.virgox.com\/vault)<\/p>\n\n\n\n within\n30 days of launch, we have already given out 500K USD to the “miners”\nof VirgoX vault<\/p>\n\n\n\n We\nare a CEX therefore it is a bit different than DEX but yes we are looking to\nconduct a spot audit in the very near future to confirm the reserve<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Whoa!\nNot bad at all👍<\/p>\n\n\n\n adam:\n<\/strong>That’s\nfor this question<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> how\nyour pools don’t have no ‘impermanent losses’? it’s quite interesting to me 🤔<\/p>\n\n\n\n adam:<\/strong>Good question!<\/p>\n\n\n\n When\nyou go to DEFI yield farming, a lot of times people actually do LP token mining\nwhere they have to provide liquidity by giving 2 tokens in pair. This is where\nimpermanent losses happen. For small market movements it is minor however with\nlarge movements it is very possible you will losses funds even with the high\nAPY you got<\/p>\n\n\n\n but\nfor our Vault, every pool is single LP , where you don’t need to worry about IL\n. your principle is 100% gauraented and just need to reap the VXT benefits\neveryday as your return and you can also put VXT in the VXT staking pool to\nearn more return. Thinking of this compounding factor with no IL?<\/p>\n\n\n\n Thanks<\/p>\n\n\n\n Gold\nRocket | Satoshi Club: <\/strong>Thank\nyou very much for your answers! Ready for the next question from community?<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> thank\nyou for the answer! would be interesting to try your pools 😇<\/p>\n\n\n\n adam:<\/strong> Yes, please<\/p>\n\n\n\n Q3\nfrom Telegram user @dudeiebitch <\/em><\/strong><\/p>\n\n\n\n Good\nday, I tried downloading your app on my IOS device and it lead me to a kind of\nguide which is not really explainable but most especially i was told to\ndownload a Testflight version of IOS. I know that your app is not on testnet\nagain then why do i need to download the TestFlight and why can\u2019t I find the\napp directly on Appstore<\/strong>.<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> mobile\nusers are worried 😄<\/p>\n\n\n\n adam:\n<\/strong>Currently\nwe are on testflight. The reason is simple. we are in a rapid growth stage\nwhere we literally update our APP almost every week or every other week. We\nwant to only promote app to app store when the APP development is slowing down.\nThis certainly shows how many new features we are bringing to the market every\nweek.<\/p>\n\n\n\n Please\nbear with us for the time being to use testflight and thanks for the\ncooperation<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Share\nwith us the main features that you plan to implement in the application<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> will\nyou be support both android and ios users?<\/p>\n\n\n\n adam:<\/strong> Yes, currently both supported.<\/p>\n\n\n\n Sure.\nThis is the question for the future. Let me give you a little foresight without\nspelling out the secret yet:)<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> [\n😉\nSticker ]<\/p>\n\n\n\n adam:<\/strong> we will have two exciting new\nfeatures happening this month!<\/p>\n\n\n\n VIRGOX\nmining – with a few hundred dollars now\nyou can enjoy the convenience of participating the quick growth of crypto\nmining industry and have steady cash flows. No worries about the operations of\nthe mining and just relax and earn.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> We\nare ready to wait. and you will not forget to share with Satoshi Clubbers😉<\/p>\n\n\n\n adam:<\/strong> VIRGOX NFT Auction \u2013 what we are\nbuilding is going to revolutionize how currently NFT is traded and obtained and\nalso it is also adding a nice touch of gamification to the whole design. You\nwon\u2019t be disappointed by this.<\/p>\n\n\n\n Some\nfans here that are interested about crypto punks \/ hash masks \/ super rares \/\ncrypto kitties?<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> you\nbet! 😃<\/p>\n\n\n\n adam:<\/strong> Now it will be the time for you to\nlook at our NFT aunction which will give you surprise and potentially with\nlittle funds earning a large value of NFT piece<\/p>\n\n\n\n Thanks<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> awesome\nnews! both of these are very interesting! espesically NFT 😉 but mining is also sounds very cool<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Surprise\nus more! 🚀🚀🚀<\/p>\n\n\n\n D.\n| Satoshi Club:<\/strong> thank\nyou for the answer! ready for the next question?<\/p>\n\n\n\n 😎<\/p>\n\n\n\n adam:<\/strong> Yes please<\/p>\n\n\n\n Q4\nfrom Telegram user @Andrey_Seleznov <\/em><\/strong><\/p>\n\n\n\n I\nread that VirgoX will be constantly evaluating new coins\/tokens to be\nsupported. Could you please share what criteria should the token meet to be\nlisted on VirgoX? How do you make sure scam projects are not getting listed and\nnot tarnish your reputation?<\/strong><\/p>\n\n\n\n