Ouinex, a crypto exchange under development led by the FX industry veteran Ilies Larbi, has announced a strategic partnership with GDA International, a Web3 investing and capital markets advisory firm supporting early-stage digital asset projects. The partnership came ahead of Ouinex's initial coin offering (ICO ).
GDA to Help Ouinex's ICO Launch
The official press release details that Ouinex will help launch the crypto exchange's utility token, $OUIX.
"GDA has been an invaluable partner in helping bring the $OUIX token to life," Larbi told Finance Magnates. "Coming from the tradFi space, we needed the invaluable expertise of web3 experts, notably on go-to-market strategies for ICO launches. From creating the fundamentals behind the token to investor relations and growth, GDA has helped build our brand, create new partnerships, and drive traction to the $OUIX token and Ouinex exchange."
The primary purpose of the utility token would be to provide discounts on trading fees. Further, the exchange will allocate a portion of the tokens to a protection fund to be used as safety for clients' assets. The token holders can also stake their holdings and will have a voice in decisions relating to products and trading functionalities.
Though the exchange initially planned to launch its ICO in the first quarter of 2023, it is now delayed.
"The reality is we are not in a rush, and timing is key for this initiative," Larbi added. "As we speak, a private pre-sale round for the $OUIX utility token is live, exclusively opened for privileged partners that have been supporting Ouinex from the start."
He further revealed that more than 1,000 active traders had completed their KYC requirements for the token sale, and that is in less than 72 hours from opening the strategic round. So far the average investment is EUR 2,083 per person.
However, the development of the crypto exchange is still ongoing. The team is finalizing the "last stretch of… technology behind the exchange, as well as fine-tuning the front-end GUI" and is estimating to launch services in Q1 2024.
A Strange Time for an ICO
The exchange decided to go for the token launch when the ICO market was almost nonexistent. Also, a series of fiascos in the crypto industry forced venture capitalists to look away.
"The level of disruption blockchain possesses can only be slowed, not stopped. So while I think regulatory crackdowns may be a short-term hindrance to growth, long term, this industry will produce trillions of dollars of economic value and enormous impact globally," said GDA International's CEO, Michael Gord.
"VCs and institutional investors will want to see how the dust settles amidst all these regulatory concerns in the short term, but long term, they will absolutely want to be invested into the disruptive economic potential that blockchain technology and Web3 offers."
The French Base
Ouinex, co-founded by seven former forex and securities industry executives, chose France as its base. It was a strategic decision as the team has experience in France and Europe's capital markets sector.
However, France and Europe are not the only markets Ouinex will target. Moreover, the crypto exchange platform will be available in Africa and globally.
"We chose Ouinex because their team is refreshingly traditional, with deep exposure in Europe, which has no clear exchange winner, and in Africa, which is currently a wide open market," Gord said.
"I think the Web3 space is lacking a lot of these founders and executives with a track record in traditional industries. So we were really impressed with Ouinex's leadership, track record, and their mindset of approaching crypto with a more traditional lens. I think because they embrace regulation, this exchange has the leadership and product excellence to become a global onramp for digital assets."
