The world of cryptocurrency is growing by the day. If there is one product that is essential in this new flourishing ecosystem it is exchanges. An exchange is a marketplace or exchange of crypto-currencies into themselves or against fiat money.
Fairdesk is a derivative trading platform. Here, it is a question of being a trader to use this product because you are called upon to bet on the rising or falling cost of the crypto-currencies listed on the derivatives exchange with leverage effects ranging from x1 to x125 . Good prediction + good leverage equals a lot of gains. The flip side of the coin also exists. That is, bad prediction plus big leverage (e.g. X125 ) equals big loss.
The company’s name is catchy. The CEO (Jacky ) was quick to give its meaning. For the team, Fair means to keep the balance between buyer and seller, desk is like a trading desk in traditional finance world. we pick this name to to tell everybody that we are providing fair service for the public, and we won’t manipulate anything to harm anyone. The team’s vision is clear from this explanation.
Through an AMA, hosted by the Solana FR community, the CEO of Fairdesk answered several questions related to his company. Discover the company through these lines.
Q — Hi « Jacky », thank you for taking the time to come and answer our questions.
A — Thanks for hosting this event @Prezed
Q : How did you come up with the idea of creating an exchange?
A- The founder team are a group of people with technical background. To build an exchange is not only a technical challenge for us, we also believe that the clients deserve a easier, simpler and fairer exchange.
Q : A lot of people use FTX and Binance. How are you going to tell the difference? They are already so well established.
A- There are over quite a few derivative exchanges already, however it is very difficult to make a profit from it mostly because the commission is too high and it is too easy to get liquidation.
Q: It looks like 6 former Binance employees are on your team as well Morgan Stanley alumni. How did you meet and how did you decide to create this new exchange together?
A- It all began with a proposal from a weekend party by a few colleagues from binance and former Morgan Stanley. We discussed how Binance quickly start up it’s spot and future business and how to handle the business flow in Morgan Stanley. Then one friend suggested why we don’t created a new one.
Q : How many employees does Fairdesk have?
A — We have 40+ employees right now and we are looking to expand quickly to better serve the clients.
Q : At present, only the future market is in place. When do you expect a spot market?
A- Spot market is quite different from the future market. And there are lots of competitors from the spot trading world, especially after the rising of defi. We will cover spot trading once we have seen grasp considerable share in future market.
Q : What is your roadmap?
A — In the near term two major things to do:
1. List more pairs, including top traded pairs and tokens of emerging projects, we will create an launch pad for perpetual trading.
2. Support of customized trading strategies social trading.
In the middle term, we are going to
1. Add coin-based future and cross margin model.
2. Cooperate with promising new projects
we will always put out clients first and listen to them.
Q : A token will be set up, what will be its utility ? what will be the advantages for holders or steakers? Can you tell us more?
A — A lot of people asked this question. We haven’t issue a token yet. However in our plan, the token holder could enjoy less commission and get dividend as Fairdesk make a profit.
Q : Are you planning an public ICO? if so, when will it take place and how?
A — It is not decided yet.
Q : Can you share tokenomics ?
A — Not decided yet.
Q : Have you raised funds from investors? if so, can we know which ones are supporting you?
A — Yes, we have raised about 3 millions of dollars from a private fund.
Q : Do you aim to be much better than FTX or Binance one day?
A — Yes, Fairdesk aims to provide better service — more reliable, simpler to trade, easier to make a profit and more.
Q : You have launched a recruitment campaign with referrals. How did this recruitment go?
A-Yep, we have screened more than 30 applicants, trying to making arrangements with a few of them.
Q : Are you planning to do IEOs? like the others do?
A — No plan right now;
Q : Binance and FTX have stopped x100 levrage. You are proposing an x125 levrage, how do you position yourself on this subject?
A — For most users there is no big difference. It is quite useful for experienced traders only and maximize the profit.
Q : In which part of the world is Fairedesk made its home?
A — Singapore, the lion city.
Q : Currently, there is no KYC and withdrawals take 24 hours. Will this change later? What is the maximum withdrawal amount without KYC?
A — Yes, we will add KYC later. Currently the maxing withdrawal in 24 hours is 10,000 USDT
Q : You talk about including commodities and stock material. When would it be expected to implement this ?
A — Once we have implemented cross margin support, we will allow users to use any crypto currency as margin to trade traditional financial products.
Q : Have u been fired by CZ? Or did u quit? And does SBF support you. We all know he is linked to binance too
A — Wow, Interesting. I just quit Binance; we have no linkage with SBF right now, but we are open for such a connections
Q : Do you have any criteria before adding a trading pair on your exchanger? if so which are they?
A — Good question, right now we brand ourself as a derivative exchange, to add a new trading symbol, it has to be popular and well traded in the spot market. otherwise, it will be very hard to get the index price /mark price work and may lead to market manipulations.
You can register on Fairdesk here
Twitter Fairdesk : https://twitter.com/FairdeskGlobal
Telegram group : https://t.me/fairdesk_official
Ressource: AMA on Solana French Community
