Cloverdex is a platform that consists three products:
- Modular hybrid decentralised exchange;
- Secure multi-currency wallet; and
- EFTPOS debit card – every day purchases using cryptocurrency seamlessly
We aim to tackle seven challenges facing current cryptocurrency exchanges:
- Usability – current exchanges involve too many steps and are tailored for advance users or assumes that the user has pre-existing knowledge
- Security – cryptocurrency exchanges have been susceptible to hacking and internal fraud because of lack in security focus and funding.
- Liquidity – having not enough people trading on an exchange results in greater difficulty to trade, higher asset costs for investors, and difﬁculty in withdrawing funds in ﬁat.
- Transparency – Hidden trading fees and commission charged results in higher investor cost and lack of trust.
- Compliance – customers are hesitant to enter the cryptocurrency market due to perceived uncertainty in regulations and laws.
- Education – most exchanges cater to advance traders and lack proper education and easy to use tools for beginner investors.
- Accessibility of funds – current solutions to bridge traditional payment infrastructure and blockchain based assets are not seamless and involves high transaction fees either through upfront fees or currency conversion rates, both of which form a disincentive for use.
Incorporating the speed and liquidity of centralised exchanges with the security afforded in a decentralised exchange where the user owns their private keys.
The Cloverdex trading platform will cater to both beginner and advance users through our 3-step ethos. This means that all actions (e.g. registration, trading) can be completed within 3 steps.
In addition, Cloverdex exchange will offer the following:
- Multiple Fiat pairings – up to 10 different fiat pairings initially with more to come.
- Support over 100+ cryptocurrencies and tokens.
- Transparency – no hidden fees.
- Security – 2 Factor Authentication and Multisig implementation. Periodic external security audit by a reputable firm.
- Liquidity – maximise liquidity and best available prices by tapping into external exchange pools.
Full control and ownership of your crypto assets.
- Simplified crypto asset management and transacting.
- Store a multitude of cryptocurrencies/tokens.
- Manage Debit Card settings.
- Private key ownership.
- Strong security focus – 2FA and multisig
Instantaneous and seamless use of cryptocurrency for every-day purchases.
- Usable at millions of EFTPOS terminals around the world.
- Planned future integration with Google Pay and Apple Pay.
- Convert crypto assets to fiat currency at point of purchase.
- Full control of debit card – transaction limits and weekly/monthly spend limits.
Eighty percent of all tokens will be allocated to the community (20% presale and 60% crowdsale). The remaining 20% will be allocated to the core team vested over a 3-year period.
The presale allocation was strategically modelled to ensure fairness for all contributors so that no one single party would hold a significant portion of tokens before the public crowdsale.
- 60% Distributed to Community (crowdsale)
- 20% Distributed to Community (Pre-sale)
- 20% Founders and Team
Funds raised during the ICO will be for the following purposes:
- Exchange platform reserves (40%): these funds will serve as trading reserves to provide
the necessary initial liquidity.
- Development (20%): development of the trading platform, secure multi-currency wallet, and EFTPOS debit card functionality. Funding for security is bundled into the development cost.
- Marketing (20%): Funding will be for advertising, media content creation, community building and engagement, promotions and prizes, and website design.
- Operations (10%): Day to day operations of the platform and corporate expenses.
- Legal (10%): regulatory and legal compliance.
- 40% Exchange platform reserves
Trading reserves to provide the necessary initial liquidity for exchange
- 20% Development
Development of the trading platform, secure multi-currency wallet, and EFTPOS debit card functionality.
- 10% Operations
Day to day operations of the platform and corporate expenses
- 10% Legal
Regulatory and legal compliance.
- 20% Marketing
Advertising, media content creation, community building and engagement, promotions and prizes, and website design.