Hong Kong-registered payment systems platform Minexcoin, a part of MinexSystems, has announced several market behavior updates which reflect changes in its monetary policy and the next stage of its development. These will affect its flagship products, the Minexcoin cryptocurrency (MNX) and MinexBank, an autonomous algorithm for influencing coin volatility.
Minexcoin CEO Boris Shulyaev opened the communication by saying that the Minexcoin project had thus far met all its scheduled objectives in its development milestones and that its “parking” feature has been successful. Parking is a feature that will give interest to MNX holders – currently this is equal to a 70% annual interest rate at the coin’s value.
Having recently marked six months since MNX first appeared on the open market, the CEO remarked that it was the perfect time to evaluate work achieved and set new goals. He noted that MinexBank’s mechanism had operated well against “planned parameters and crypto-society” and demonstrated Minexcoin interest through several achievements, including over 14,000 MNX wallet downloads, over 10,300 MinexBank registered users, over 16,000 active parkings valued at a total of over 1 million MNX with over 400,000 MNX parking payments, and a high of 127,500 monthly parking payments.
The announcement also noted successful completion of all goals set out in its first Memorandum, achieving several macroeconomic indicators such as a $20 USD/MNX average exchange rate (via a 10-crypto basket), setting an MNX/USD growth rate at 42.7% per annum, corresponding to the average annual market cap growth of the top 10 cryptos from the period 2016 to mid-2017.
A new phase of development
Noting that parked volume now approached 30% of total MNX in circulation, it set out the need to adapt interest rates. The metrics also showed supply that exceeded demand, leading to the disproportionate rise, putting pressure on further Minexcoin growth.
MinexBank, thus, will adjust its interest rate 16 days after the announcement, to the base rate of 70% per annum as outlined in the MinexBank Memorandum. The full interest structure will be as follows:
Half yearly 35%
The reduction of parking payments and interest adaptation to base rates will be aligned with the goals of the Second Memorandum, to satisfy investor expectations and to mitigate the negative effects on MNX exchange rates due to monthly volume increases in monetary base. This is in line with the sustainable growth of MNX price planned in the Second Memorandum of 84.88% per annum.
The announcement acknowledged that the new rates would likely have short-term negative consequences on market trends, but also assured supported that upcoming mechanisms, including access to new exchanges, would aid in mitigating these.
Further details were promised in later updates, in accordance with the company’s open policy of transparent engagement and dialogue. Supporters are welcome to interact with the company on all official channels at any time.
Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom
Telegram Alerts from BitcoinNews.com at https://t.me/bconews