SEOUL, South Korea, April 24, 2018 /PRNewswire-USNewswire/ -- Worldwide Integrated Interlinked eXchange (WIIX), a platform that aims to increase the accessibility and decrease the volatility of digital money, announced today the beta test of the WIIX exchange. Starting April 6 and running through April 30, WIIX members can test the exchange for themselves. On May 1, the exchange will open to the public, with services available worldwide, with English, Korean, Japanese and Mandarin Chinese language support.
WIIX was founded to counter the problems limiting the use of cryptocurrencies. Cryptocurrencies regularly fluctuate in price, and few consumers and business use the coins to conduct transactions. WIIX meets these problems with its selection of coordinated solutions, including a cryptocurrency payment app, a prepaid card and a point-of-sale system.
The company plans to create new cryptocurrency: WIIX Pay. WIIX Coin was made available February 1, 2018, with a total supply of 2.1 billion and can now be used on the WIIX exchange. The purpose of the exchange is two-fold:
- To provide a central location for individuals to exchange cryptocurrencies.
- To provide a mechanism to preload a debit card with WIIX Pay tokens for daily use.
The WIIX exchange currently allows the trade of the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), WIIX Coin (WIIX), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), Monero (XMR), Ethereum Classic (ETC), Bitcoin Gold (BTG), ZCash (ZEC) and Iota (IOTA). Users initiate trades using Bitcoin, Ethereum or WIIX Coin (the bases of the trading pairs). In order to trade other altcoins, users must first trade to one of these three currencies, and then from that currency to the desired currency. Additional coins and tokens will be announced and added to the exchange over time.
WIIX Coin and the Future of Cryptocurrencies
WIIX has developed a comprehensive strategy to make cryptocurrency transactions more convenient and stable, which includes the following features:
- Coupled Cryptocurrencies – WIIX Pay has a fixed price, which is pegged to that of the US dollar, the Korean won, the Japanese Yen, the Euro, and a variety of other fiat currencies. It can be exchanged for other cryptocurrencies or used to settle retail transactions. In this way, it hedges both businesses and consumers against the volatility of the cryptocurrency market. Meanwhile, WIIX Coin will be used to purchase WIIX Pay; those who hold WIIX Coin will also receive revenues from the platform's transaction fees.
- POS Systems – WIIX is developing point-of-sale terminals that retailers can use to accept payments in digital currencies. This will rapidly increase the number of businesses that use such payments, thereby giving consumers more incentive to start carrying them.
- Payment Cards – The prepaid WIIX Card can make payments at any store that accepts MasterCard or Visa. This will further increase the number of businesses and consumers that are willing to use cryptocurrencies.
- Other Innovations – WIIX is creating a smartphone app, a cryptocurrency trading website and a variety of other resources to help users buy, sell and manage digital assets.
As WIIX continues to grow, individual exchange branches will be created worldwide to allow the company to address the regulations and currency commonly used in each country. The tethering of WIIX Pay tokens to national currencies is discussed in the whitepaper. The exchange will generate revenue through transaction and withdrawal fees. The fee breakdown will be released at a date closer to the launch of the exchange. For more information, visit wiix.io.