A company is developing a platform with enhanced tools and learning resources, aiming to become one of the first fully compliant exchanges.
Announced in late 2017, the Mandala Platform aims to design and develop an easy-to-use trading platform for novice traders and inexperienced investors, all the while seeking full compliance as a digital asset exchange and engaging with the US Securities and Exchange Commission (SEC). A major feature of the platform is a hardware wallet, a special electronic device for Mandala users that is aimed to keep and secure keys, passwords and coins offline.
Basic resources for beginners
Mandala introduces a functional token, MDX, which can be used to unlock and enhance platform features. According to team representatives, while the Mandala platform has a fairly standard trading fee of 0.20 percent, MDX token holders will also be able to reduce this up to 80 percent, paying a nominal 0.04 percent.
The company plans to launch new tools and resources for MDX token holders, such as portfolio analytics, risk management tools, automatic and semi-automatic trade tools and signaling systems, Mandala’s white paper reports.
MDX holders will also be able to fully experience the Mandala social network and marketplace. “I think having user rated experts can be really helpful to most novices and even seasoned traders. People need a place to connect, working with their peers and discovering new strategies, or even examining the basics of methodology. It can be a major positive” Nate Flanders, Co-Founder and CEO of Mandala, told Cointelegraph.
The Mandala interface delivers basic tools and resources for beginners. According to the white paper, Mandala’s step by step resources and tutorials are intended to equip individuals with the tools and knowledge that can shift reactive strategies into proactive trading and investment decision making.
For instance, the Mandala team plans to develop detailed materials to help inexperienced users recognize common mistakes such as ‘panic selling’. Along with the tutorial, the team plans to design a ‘digital advisor’ to help users utilize strict profit and risk management strategies.
“Customer experience is front of mind, in everything we do – make it safe, fair, fast – That’s what inspired us to start Mandala,” Anant Handa, Co-Founder and CSO, said in the company’s recent press release.
3FA security and an exclusive hardware wallet
Mandala plans to develop and manufacture a hardware wallet for users to store various cryptocurrencies safely and securely, offline and in cold storage. According to team representatives, the device is being actively planned and developed.
“We have also road mapped a feature that will marry the Mandala Hardware Wallet directly to the exchange. This will allow users to seamlessly login to the exchange utilizing high quality fingerprint sensor technology”, states the white paper.
By means of the hardware wallet, users will be able to sign trades and execute orders through the advanced 3-factor-authentication device. The team believes that a simple tool like this has a potential to become a game changer, considering its options of controlling private keys and executing trades.
Regulation and full compliance with the SEC
The Mandala team plans to start the public MDX token sale on June 1. The project will issue 260 mln MDX tokens, with 1 MDX equal to $0.07. Mandala aims to reach a softcap of $3 mln and a hardcap of $18 mln. A 10 percent and 5 percent bonus will be available during the first and second week of the public sale, respectively.
As the project’s white paper states, the initial investment round will be available for international contributors only – namely non US – with a Reg S exemption. “We plan to file for a Reg A+ Tier 1 public offering exemption in order to allow for unrestricted trading of the tokens that are distributed during our crowdsale, once the exchange launches. This will allow all US contributors, including non-accredited investors, to legally purchase and utilize our MDX tokens” notes the paper.
Beyond securities licensing, Mandala intends to acquire a Broker Dealer license and will register as an Alternative Trading Service with the SEC.
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