Partnership proposal from CEX.IO is accepted
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Partnership proposal from CEX.IO is accepted

This Monday, November 30 the partnership proposal made by the CEX.IO Group, an ecosystem that connects users with an open financial system, was accepted by a majority vote. Let’s take a closer look in this post on who the new partner is and on what such cooperation promises. On y va!

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Publication author

offline 3 weeks

Katerina

105
Comments: 1Publics: 141Registration: 22-09-2020

So, the pdf file with the text of the proposal, which can be found here, includes a dozen pages of detailed description of the partner’s activities, the proposed conditions, terms and stages of integration. The structure is quite logical: the document begins with a description of the proposing party. Here’s what you can learn from it:

CEX.IO Group is a product ecosystem that, since 2013, has served as a bridge between users and an open financial system. It became the first company to offer cloud mining to customers and developed its own bitcoin mining algorithms. Today, users are offered a choice of 10 different cryptocurrencies for staking, and for a number of protocols the group has its own nodes. CEX.IO has over 3 million users from 198 countries, it is located on 12 crypto platforms with ratings on CryptoCompare from A and above. The monthly number of downloads of the CEX.IO mobile app is a five-digit number (wow!).

It is noteworthy that CEX.IO has been actively involved in the examination and implementation of the TON blockchain since the second half of 2019. One of the group companies has been running the Free TON validator node since May 2020. Now CEX.IO proposes to deepen the integration in 2 areas: deepening interaction and expanding the field of activity.

The first one implies a deeper interaction with the Free TON blockchain protocol, namely the integration of the project to the products of the CEX.IO ecosystem:

  • CEX.IO Wallet, representing the central part of the ecosystem through which interactions between all products and services take place
  • and CEX.IO Earn, a portfolio of products that allows users to earn using different aspects of the entire blockchain industry. One of these products is CEX.IO Staking, a service that provides people with the opportunity to increase their crypto assets through staking. Free TON is planned to be integrated into this service at a fairly deep level.

The second area of ​​cooperation is the further expansion of activities, which implies strengthening the influence of the blockchain by simplifying the process of entering new users. To do this, it is necessary to disseminate information about the project, make it more accessible to everyone. CEX.IO has considerable experience in this area, and the group offers to implement a number of parallel solutions here: conducting news campaigns on social networks (Twitter, Facebook, Reddit, Youtube, etc.), creating welcome bonuses, developing a system of discounts and referral bonuses, as well as setting goals in terms of management and staking.

The implementation of all of the above mentioned will take several months, but no more than a year. The initial token request is 970,000 TON Crystal, their distribution is divided into several stages:

  1. First stage: Integration of Free TON into CEX.IO Wallet and CEX.IO Staking plus development of governance participation concept for CEX.IO nodes. This will require 210,000 tokens in advance and 60,000 tokens to be paid later, based on results.
  2.  The second stage is described as more laborious and time consuming. It implies support of the connections created during the first stage of integration and their improvement, as well as the front-end tasks and the development and implementation of the above-described marketing campaigns. At the beginning of this stage, a payment of 700,000 TON Crystal tokens will be required, and other possible (or even necessary) expenses are implied.

Most of the community accepted this proposal with enthusiasm, noting how well it’s thought out and how significant benefits are for Free TON. Of course, there was some objection: some users thought that the requested amount of tokens was too large for such an offer. However, we already know the voting results, so we know who won.

The partnership came into force only 4 days ago and it is not yet entirely clear when the first results are to be expected. Therefore, we need to get some patience, some popcorn and just wait 🙂

The full version of the proposal and comments from the Free TON community can be found here.

 

1

Publication author

offline 3 weeks

Katerina

105
Comments: 1Publics: 141Registration: 22-09-2020

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