Malta’s Kyrrex Ecosystem Receives VFA Class-4 License, Token Presale Ongoing
Kyrrex has secured the VFA Class-4 License, which it says is the highest regulatory license for crypto trading companies under Malta’s Digital Financial Services Act. The Kyrrex (KRRX) token presale has been live since October 25 and the team says KRRX will be listed on exchanges by the end of November 2021.
Kyrrex Recognized by Maltese Financial Regulators
Kyrrex, a crypto-to-fiat ecosystem founded in 2018 by Viktor Kocheov and Mikhail Romanenko, has secured the highest regulatory license in Malta, a Class-4 VFA Service Provider license.
Based in Malta and operating globally, Kyrrex claims to be focused on bridging the gap between the banking sector and the crypto ecosystem by offering innovative products and services relevant to a wide range of users.
With the Class-4 VFA License, Kyrrex has now attained the status of a fully-regulated digital currency service provider in Malta, in full compliance with European Union financial regulations. The firm can now offer its customers full virtual currency trading, custodial services, and much more.
Commenting on the massive milestone, Viktor Kochetov, CEO of Kyrrex said:
“For Kyrrex, the Class 4 VFA License is the result of many years of hard work and sacrifice in the field of digital assets. In the last 5 years the company has worked hard in building its infrastructure, hardware and software. We showed the authority that Kyrrex can handle the highest level of strict requirements and long term commitments requested. Moreover, the license helps us to reach one of the main targets in our road map to success — to allow Investors and traders to be convinced that their funds are under protection and that all transactions are absolutely legal. This is a pivotal moment for our company that will allow Kyrrex to develop its full potential as a leader in this field, thanks to the highest level of license we will be able to expand the range of our services for all types of users. We are building a fully regulated ecosystem that will ensure safety and fairness pricing to all”
What’s more, Kyrrex says the license has laid a foundation for it to roll out more products and services in the coming months, including online banking, tokenization, margin trading, social trading and more.
Kyrrex’s KRRX Token Sale Ongoing
Kyrrex announced the launch of its KRRX token presale on October 25, 2021, at the price of $0.7 per KRRX. The team says KRRX is a utility token that will offer holders a plethora of benefits including trading fee reduction, and more.
Kyrrex says it plans to use the funds raised via its token sale for further development of its ecosystem (45 percent), marketing (35 percent), obtaining regulatory licenses in various jurisdictions (10 percent) and insurance of customers’ funds (10 percent).
20 percent of the KRRX supply will be used to cover the platform’s operational expenses, while 30 percent will be locked for four years.
Kyrrex says a portion of the KRRX tokens received as trading commissions will be burnt every quarter, to boost the value of KRRX.