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- Aurox is in early negotiations to go public this year, however, it is not clear if this would be through a SPAC, reverse merger, or other vehicles for legal reasons.
- While other firms have dealt with this issue through vesting periods or other means, Aurox’s strategy is simple: keep the token focused on platform users.
Aside from Coinbase, practically all publicly listed cryptocurrency enterprises in the United States are focused on Bitcoin mining.
Aurox, a cryptocurrency trading platform that aims to make decentralized finance transactions as simple as stock buying on Robinhood, is ready to join them. According to a press release issued today, the firm is in early negotiations to go public this year, however, it is not clear if this would be through a SPAC, reverse merger, or other vehicles for legal reasons.
Aurox is a cryptocurrency exchange
Aurox is not a trading platform. It’s a web and mobile software that links to over 60 exchanges and 10,000 trading pairs, utilizing analytics tools like the Aurox Indicator and the Fear and Greed Index to help day traders—many of whom are new to the crypto space—through their transactions. The idea is to enable users to make “profitable deals” by providing better data.
However, Aurox, which has been entirely self-funded to date, is not financially profitable. In order to increase its user base, the corporation has temporarily provided free access to its platform.
This has resulted in an increase in user numbers from approximately 500 at the start of last year to just around 60,000 now, according to CEO Giogi Khazaradze in an interview with Decrypt. “A lot of that has come through word of mouth,” he explained.
The firm now needs money to complete its purpose. Despite the fact that Aurox has its own utility token, URUS, through its linked DeFi lending protocol, Khazaradze stated the team has ruled out a private token sale to raise funds. He went on to say, “We’ve always been very upfront with our users who aren’t engaged in our token, and we don’t want them to be involved in our token.”
Aurox’s strategy
A blog post announcing the announcement offers a negative picture of the company’s view on private investment:
“Cryptocurrency companies are privately selling tokens to generate the capital they need to develop. The private investors then dump the tokens to secure their investment. In the process, the community is decimated.”
While other firms have dealt with this issue through vesting periods or other means, Aurox’s strategy is simple: keep the token focused on platform users.
It’s a community that values assistance in a crypto ecosystem that might be confusing to newbies. The Coinbase app has introduced beginners to cryptocurrency trading by abstracting away many of the more technical components; newcomers only need to “buy” or “sell”—though they can upgrade to Coinbase Pro for more complex functionality.
However, due to a more sophisticated user experience and frightening interfaces, decentralized finance, the sector of blockchain-based technologies that allow individuals to exchange, borrow, or accumulate income without going via an intermediary, remains a mystery.
Aurox, according to Khazaradze, is prepared for the task of delivering DeFi and decentralized technologies to the public, however, it will not be simple.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
