Blockchain companies can evolve quite rapidly; for those startups in the emerging industry that break out of the ICO rat-race, the next task of delivering on the whitepaper and roadmap goals is of paramount importance, it’s also very telling for the future success of a company.
When a startup breaks away from the pack and steams ahead, they can begin to demonstrate keen diligence for the project and reaffirm the quality of the product or service they are providing or launching. They do this often by tackling their stated goals. These goals can be milestones, i.e., the value of their associated cryptocurrency, number of wallets downloaded, or even the amount of time they have been in operation.
Minexcoin, a payment system platform that is part of MinexSystems has reportedly entered a new phase of development for the MNX token and market situation. Recently, the CEO of MinexSystems Boris Shulyaev made a note of the fact that the MNX project had met all of its milestones, and now the adaptation of parking rates to meet the required interest rates begins.
Minexcoin has been on the markets for just over six months now, giving the team at Minex plenty of data to help evaluate the outcomes of the project so far and set new goals, here are some notable achievements and new goals that have grown from those successes.
At present, over 14,000 MNX wallets have been downloaded, and the number of registered MinexBank users has exceeded 10,000, and with this, the number of active parkings has reached 16,023.
The volume of parked MNX coins is 1,030,620, and parking payments for the entirety of the MinexBank activity have gone past 400,000 MNX with monthly parking payments now reaching 127,500 MNX per month.
Whilst this indicates the Minex services are chiming with the crypto-community, it does mean that the total volume of parked MNC tokens is nearing 30% of the total MNX tokens in the market, which means big things for the Minex team and the supporting community.
The MNX team is changing interest rates to a base annual rate, due to the excess of supply over demand. This puts disproportionate pressure on the course of MNX and stifles growth. Because of these facts, MinexBank is adjusting the interest rate policy and will be reducing parking rates to the base rate of 70% per annum, as envisaged by the MinexBank Memorandum.
Minexcoin has been rather public with this news, despite the fact that they know the increasing volume of parking payments is negatively affecting the exchange rate of MNX which falls short of investors’ expectations.
It’s rather bold of Minex to reveal this and actively make changes, reducing parking payments and adaptation of interest to a base rate are designed to aid the project in achieving the goals as outlined in the second memorandum.
While there may be some short-term negative trends after the new rates are introduced, Minexcoin is seeking to neutralize such an impact by accessing new exchanges and having an open discussion with every participant with the project.
Exiting the ICO rat-race by no means indicates success. Blockchain startups endlessly come up against unforeseen project blockades and issues, however, the Minex team is demonstrating a modus operandi that reflects greater integrity within the project and a keen sense for keeping customers and investors happy.
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