While the cryptocurrency market has encountered some difficult moments amid the Bitcoin Cash hard fork and the regulatory pressure including from the US Securities and Exchange Commission (SEC), we can’t deny the fact that it has become an intrinsic part of the financial world. The blockchain technology endowed cryptocurrency with a long list of benefits, which is why cryptos cannot go unnoticed by institutional investors. VELIC, an exchange focused on digital assets, is not intimidated by the current market correction and is planning a multipurpose ecosystem revolving around: crypto exchange, asset management, vault, and loan services. The VELIC platform will focus on both institutional and retail investors.

What Sets VELIC Apart From Other Exchanges?

VELIC’s main goal is to provide a unified solution that would touch upon different aspects of the digital asset space. Currently, most of the exchanges don’t have a broad vision as they incorporate only one or a few basic functions. VELIC wants to go beyond and give its users exposure to multiple services and crypto-related assets, such as security tokens and stablecoins, with the latter two becoming a megatrend today.

Besides its multiple services, VELIC plans to streamline the integration of different blockchain networks and address the high degree of fragmentation of the crypto space.

VELIC users will be able to access all the services through a single platform account. VELIC asset management is aimed at crypto asset managers and has prudent investors in mind. The service relies on crypto-related indices and advanced methodologies borrowed from the traditional finance world.

The Vault solution will allow holders to ignore any potential hacking attack and focus on their crypto portfolio while the loan services can be used to boost potential returns.

However, VELIC’s first public main product is the crypto exchange, which will be supported by the trans-mining model.

VELIC’s Token Economy

The VELIC platform is fueled by the VELT token, yet two more proprietary tokens are also integrated into the ecosystem with the goal to ensure stability and drive the economy within the network. Thus, VELA tokens, which allow holders to get rebates on trading commissions, can be converted to VELT tokens with a 1:1 ratio. The third token is VELD, which represents a stablecoin and enables users to preserve their value and smooth the volatility noises of the cryptocurrency market. VELD will be backed by fiat currencies and other crypto-based stablecoins.

VELT is used to pay for platform’s solutions and member benefits while VELD acts as a bridge to other crypto ecosystems.

VELIC rewards account holders for using the platform. This is done somewhat similar to how distributed ledger technology ecosystems pay block miners. However, VELIC sticks to a trans-mining model — the more actions VELIC users take, the higher their profits. Unlike Fcoin — which is among the first adopters of trans-mining — VELIC’s daily mining amount is fixed to encourage mining in the longer-term. VELIC will be centered around users by allocating 90% of its tokens for mining.

What Else Will Be Offered on the Exchange Platform?

The VELIC Exchange is meant to ensure the best cryptocurrency trading experience. At the launch, Bitcoin, Ethereum and USDT will act as base cryptocurrencies for trading pairs involving up to Thirteen other coins.

Besides the standard platform, VELIC will provide the OTC trading desk and the IEO platform. The OTC desk is aimed at large trading volumes generated by institutional investors, while the IEO platform revolves around new tokens.

IEO derives from Initial Exchange Offering (IEO), as it will operate with projects seeking to list their tokens for the first time. VELIC’s IEO exchange unit will allow investors to trade newly issued tokens. On the other side, blockchain projects will be able to list their tokens at no fees.

VELIC plans to launch the three platforms — standard crypto exchange, OTC desk, and the IEO platform — in the first quarter of 2019.