CGCX aims to be a global leader in crypto exchange and blockchain solutions, with a focus on the financial benefit and the safety of all stakeholders. The company was incorporated in the year 2017. The Offices of the company are located at Malaysia Singapore Mauritius and UAE.
Below are the highlights of the conversation between Swiftnlift Business Magazine and CGCX. We are glad to share this exclusive conversation with all the readers.
Tell us about your company. Its vision and mission.
Founded in 2017, Calfin Global Crypto Exchange CGCX set out to offer a highly sophisticated cryptocurrency exchange for a seamless & secure crypto trading experience. Unlike most exchanges that offer only cryptocurrency trading, CGCX caters to the larger blockchain community by providing four services under a single platform.
To safeguard the interests of our traders, as a unique security feature, all tokens stored on our exchange wallets are insured against cyber-attacks and hacking. We had a successful token generation event, the proceeds of which are mainly used for the enhancement of our platform with further modules in order to offer additional blockchain solutions. The funds would also be used for the planned expansion into other geographies.
Our vision: To be the global leader in crypto exchange and blockchain solutions, with a focus on financial benefit and safety for all stakeholders.
Our mission: To offer the best quality service with a wide range of products by providing innovative, secure, & cost-effective solutions for customers
What were the constraints you faced while starting with the company?
Tracking down the correct ability with a comparative bent of mind and objective was the essential challenge. The area around then was disorderly with non-standard service providers swamping the market resulting in time and cost invades on the undertaking, particularly during a developmental stage with capital apportioning.
What services do you provide?
CGCX provides a hybrid trading platform with four modules rolled into one, including:
1. Alt Token Voting & Listing- Updated each month, the alt token listing will tell all CGCX users which cryptocurrencies are viable enough to be traded on the platform. Users can then vote on the ones they want to be traded, fully democratizing the exchange. CGCX pays for the purchase of insurance that will protect users’ investments against cyber-attacks and hacks.
2. Smart Contracts- Real-world assets can be quickly and safely traded on the platform by creating and storing the conditions for the trades in a smart contract on the blockchain. The contract then enforces these conditions on its own, taking human bias and error out of the agreement and ensuring all terms are upheld.
3. Secure Wallets- The platform offers its users a digital wallet where they can store CGCX Tokens, Ether, Bitcoin, and other digital money.
4. Merchant Services- CGCX merchant solutions quickly and easily integrate with existing POS and e-commerce systems, allowing business owners to accept cryptocurrency payments
How do you manage to practice in different areas?
We work on the circle of ability theory where we have the initial core competence in the exchange and gradually grow the circle into the connected territories inside the Blockchain space so that there isn’t a lot of deviation at the macro level.
Is the blockchain totally different from traditional banking ledger?
It is similar to any accounting ledger recording both sides of the transaction along with the fees. The main difference is that the blockchain DLT is completely transparent and available for everyone to see, whereas the banking ledger is available for interested parties with restrictions. The blockchain ledger may not have the names and addresses of the UBOs mentioned which is surely recorded in a banking ledger.
What Type of records do you keep in a Blockchain?
We comply with the local regulation on record keeping as a company, but on the blockchain, only the transactions are recorded just like any other standard transaction. The records we keep are completely defined by the smart contract, which will in turn depend on the definitions set by the clients who sign up with us for listing services.
How do you manage the system in a place to model, manage and balance risks and opportunity costs?
The thought is to make a fair climate and not be driven just by financial parameters. Managing risk is the most elevated need and technology has outfitted to the prerequisites dealing with the complex new-age frameworks. We have set up a security architecture that goes through customary tests.
How has your management considered the technology and security concerns for cryptocurrencies?
Security is the highest priority and is at the core of our value system by providing a safe and secure atmosphere for client funds to be safe from hacks and cyber-attacks. Our technology is supplemented by multi-layer security architecture and access matrix with back up to provide a safe and smooth user experience
What are the legal and regulatory guidelines and how do you monitor emerging regulatory considerations?
This is a most interesting area, which is as volatile as the BTC price. Despite the decentralization ecosystem of blockchain, it pays to follow the regulatory considerations of the jurisdiction that we operate in. This is precisely the reason for us to go for licensing mechanisms in the countries we operate. We are flexible to adhere to the country-specific conditions while obtaining the license like data and KYC/AML guidelines.
What are your upcoming projects?
1. Founding Members:
Vin Menon, Co-Founder & Advisor;
Anandh Swami, CEO;
Subramanyeswara Sarma, CFO;
Don K Asok, CTO
*This interview is covered by Swiftnlift Business Magazine