In our latest publication we talked about the exchange listing process and progress. Including our listing application on Binance.
So far we’ve applied to 10 exchanges through the regular channels; top tier exchanges to be more precise. The estimated time needed to assess (if they choose to assess your project) and reply — according to the individual exchanges — varies. Some keep to 6 weeks, others to 90 days. Realistically we prepare ourselves for at least 3 months of processing.
Additionally we’ve had direct contact (including calls) with 6 exchanges; including contacts with management functions. Adding up to 16 exchanges contacted.
The past two weeks 7 out of these 16 major exchanges (won’t mention the names of the exchanges as we don’t want to risk breaking the non-disclosure agreements) replied to us. Auxilium passed the preliminary review of these exchanges with flying colours. This means the exchanges were impressed by the business, technological and legal fundamentals of our cryptocurrency and would like to list us on their exchange. Which is very positive!
The next step however is integrating AUX on the exchange which unfortunately in every case costs money. We tried to negotiate alternative listing deals, but without success. The listing fees we’re looking at are between 8 BTC and 1 million USD. All out of reach for Auxilium Global as a result of not conducting an ICO or similar.
There are positive and negative sides to this story. Having a proper network — like Auxilium Global — gives a lot of insight in the market and necessary steps to undertake. Plus we’ve had a lot of positive comments. At the same time the experience is that the majority of exchanges expect a listing fee up-front, or fees for market making, marketing or other services.
The need for an up-front payment continues to be an extra challenge. We’ve looked into options to overcome this hurdle, like we said we would do in our latest publication.
We’ve contacted several funding platforms to inform about IEO (initial exchange offering) or similar ways to present AUX to a large community of crypto enthusiasts in order for us to fund a future top-tier exchange listing. Until now these platforms also expect a fee for adding AUX on their platform; with a minimum of 2 BTC.
This week we’ve created a list of crowdfunding platforms and angel investor platforms who we’ll contact next week to see if we can get listed to reach interested silent investors to loan Auxilium Global the listing fee.
We’re also open to contributions by community members (contact our co-founder and director Anton Donker via Telegram: @asdaux). It would already help a lot if we could loan 2 BTC to fund an IEO or similar offering Auxilium Global a good chance to raise enough funds to pay for a listing fee on a top tier exchange.
We’re still very positive about our projects fundamentals. Exchanges have replied positively, and so far didn’t have any negative comments. In our eyes logical as we offer users a superb experience with many technological and socio-economic advantages over traditional PoW and PoS cryptocurrencies.
We’re still waiting on replies from 7 exchanges (which can take up to 90 days from the beginning of this listing campaign). We’ll do our best to apply for listing on 9 other exchanges the next 2 weeks. Once also applied to those exchanges it’s a “waiting game”. We then depend on the exchanges replying (or not).
We’ll keep you updated as soon as we’ve more news.
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