Catex AMA 2023
Users submitted questions to the official X account of Catex Exchange in participation of the AMA.
Question 1: Catt token is the exchange native token. What is the plans of the team to increase demand for the token and to boost its price.
Answer 1: With cryptocurrency being at the forefront of the new financial world, CATT token is one of the most exciting opportunities. We are having plans to return to CeFi as in converting back to a transacting fee mining exchange,dividend sharing, opening CATT staking pools and a reward/bonus system for using the platform that will allow users to collect YCATT. A specific timeline is unknown, but a general order would be to open CATT staking pools first, then open the reward/bonus program to collect YCATT by just holding CATT or doing other actions on the exchange, then return to the trans-fee mining system with dividends sharing.
Question 2: Plans for an app?
Answer 2: The old android app for Catex exchange is no longer useful. There is someone currently working on developing the app with the recent UI/UX update.
Question 3: I discovered Catex in mid-2021, what catches my attention most is the security of this broker, what sets it apart from the others? Why have other big names suffered attacks and Catex remains immune?
Answer 3: Being an exchange with a small group of trusted individuals who oversea the operations is a major benefit in this space. We are able to hold each other accountable without any leaks or insiders. Especially preventing unnecessary access to wallets. We operate by a set of rules that prevent unauthorized access such as an algorithm that checks withdrawals, having funds in cold wallet storage, and other active security firewalls on the website. So far since the launch of the exchange, we have zero incidences
Question 4: What are the biggest differences of the Catex Exchange?
Answer 4: Catex is not your traditional exchange by any standards.Cryptocurrency exchange have a high rate of failure because they are mismanaged or over leverage their assets. At Catex, the team is well experienced in managing finance and technology companies. The cost of operation is also extremely low compared to other exchanges because we don’t leverage and our operations are not effected by the market conditions. The experience of using the platform is more simplistic compared to others. It is a normal spot exchange without advanced trading features and the design is easy to understand. Even for those who do not understand English. The customer service is fast and personalized. You are actually talking to the core team members and not some sales/moderator person. While everyone is trying to become more advanced, 90% of the population didn’t adapt cryptocurrency yet, Catex is catered to the beginners.
Question 5: Does CATEX maintain a ‘SAFU’ fund in case of unforeseen security incidence?
Answer 5: The majority of user funds are kept in cold storage. This is part of our SAFU policy. If by chance users funds are compromised, the company which owns Catex Exchange will have insurance cover the difference in lost funds.
Question 6: What is the catex roadmap for next year?
Answer 6: The roadmap for next year is to focus on Catex token exchange usage and developing better features for new defi projects to come list at the exchange. There are plans to have more active events, especially for CATT token holders.
Question 7: Do u have plans to burn CATT to decrease the supply?
Answer 7: The original supply as been burned significantly. As for future plans of the current supply, no. However if we return to the trans-fee mining system in the future, then the supply would change.
