Numoney Initial Exchange Offering (IEO)
Numoney is a retail store located near Buangkok MRT station. They offer over the counter (OTC) services for purchase of cryptocurrency and now they are looking to start their own online exchange (a hybrid of Gemini & Binance). They are looking to raise funds for the exchange's liquidity through Initial Exchange Offering. Numoney is started by a group of Singaporeans who saw the problems in the cryptocurrency scene in Singapore and South East Asia. Started in November 2017, in a span of four months, the turnover of the company crossed S$2.5million, highlighting the demand for cryptocurrency in the South East Asia market. This significant turnover has resulted in the flagging of their bank account (mainly due to the high volume of deposits and withdrawals). In the long run, OTC services became unsustainable in the developers' view. This problem that Numoney faces is not unique to them alone. Banks all over South East Asia and Singapore have not been very appreciative of ...