The private currency will not just let billions of users make transactions but is already facing opposition from traditional FIAT money and cryptocurrency.
As of now, Max Capital Group LTD has announced a private currency called MX Currency that will help billion of users to make financial transaction around the world, to dramatically shake up the cryptocurrency market without shaking up the world’s banking system.
MX currency is being touted to connect people who don’t have access to traditional banking platform. This currency could be a financial game-changer to advance any controversy between existing traditional currency and cryptocurrency.
The introduction of MX Currency could also be a welcoming step for Maxone Technology’s profits. Expert analysts are suggesting MX currency could be a huge moneymaker for Max Capital Group LTD, to make more innovative financial technology software.
The UK lawmakers were also quick to raise privacy concern about the new private currency. Shortly after the Max Capital Group’s announcement in the first Global Founders’ Meeting held in Merylinn Park Hotel Jakarta, Indonesia, at 12-13 July 2019, called Charlotte Van Dorothy as the director from Max Capital Group to review the collaboration with Congress and regulators. She also called on maxone technology company executives to testify before the committee.
Max Capital Group Company has billions of assets to manage people’s money and it has repeatedly shown, with the announcement, that it plans to create the private currency. Max Capital Group is continuing its automation robot trading technology and extending its reach into the commodity market with one of the biggest trading platform software, Metatrader MT4.
The technology to make transactions with MX currency, thanks to MT4 trading platform, nowadays Metatrader is available as a standalone app – as well as the most secure trading platform in the market. Developed by MetaQuotes Software since 2005, it allows making a transaction for foreign exchange brokers who provide the software to their clients. It also allows customers to make trading for commodities, in MT5 trading platform
With the company in the crosshairs over multiple country expansion from all south Asia, this move is already attracting security from financial regulators and privacy advocates across the world. The Max Capital Group is also facing a potential first market clash with bitcoin, which stands as the strongest crypto commodity in the market, first reported by Guardian and Observer.
The UK officials have previously expressed concern about Max Capital Group’s move into the financial sector. In July, members of the UK Senate committee on banking, housing, and urban affairs wrote to Mr. Dody, one of the leaders from Maxone Technology, asking him to answer questions on the technology system, privacy concerns, and financial regulation
“It is extremely important to learn more about the amount of data the currency exchange market make available that can be used in ways that have a big impact for consumers financial lives,” the letter said. “It is also important to understand how big will be the impact of the global financial movement on profile and target consumers for using the financial data.”
Max Capital Group Executive claims the MX Currency and MT4 trading platform will help many millions of people without bank accounts, with access to mobile phones to enter the trading platform and open the mx1 wallet system enabled with mx1 technology to enter the banking world in order to send money in a more seamless manner. The company is likely to announce mx1 robot trading which would help people to invest their money using mx1 currency.
While Max Capital Group created the currency, decisions regarding the ongoing maintenance of MX1 and Metatrader trading platform will be carried out by leaders from Maxone Association, lead by Dody, a collective of dozens of financial, not-for-profit companies, and from commerce firms. To join the new Max Capital subsidiary platform, each of these companies contributed a minimum of £ 10M to venture, giving the company more than £ 1bn to put towards the new private currency.
The future companies that will involve include Mastercard, PayPal, the crypto exchange coinbase, and Amazon. Also joining the Maxone Association are the big-comers startups like Uber and non-profit financial organizations such as Microloan platform, a humanitarian aid group. The foundation will be headquartered in London, and Max Capital claims it will be independent of governments to grow, and to launch its first global founder meeting in South East Asia, starting from Indonesia, Laos, Vietnam, Thailand, Singapore, Myanmar, and goes to Nepal, Japan. Many Global founders meeting will be held in such countries twice each year.
In a document outlining how the new private currency will work, Max Capital Group said its goal is to foster more access to “cheaper, faster, better, and flexible financial services”. Unlike bitcoin, Ethereum, and any other cryptocurrencies, MX1 technology is tied to mix global assets like property, to prevent the level of volatility common in digital currency space. Max Capital Group also built the currency on its own technology, tied to a common currency in the market, and commodities in the global market.
Traditionally compared with cryptocurrency, the network can be run and secured by anyone with a mobile and computer access. Then, initially, the MX1 blockchain system will be closed, and only a selected number of people will able to run the software that powers it and verify the transaction.
The company has been quietly padding its staff and crypto experts for years, and it has started to threaten potentially upset traditional banking institutions. Max Capital Group claims that it aims to supplement existing institutions and give freedom for the user to have access to mobile devices citing its partnership with any world banking institution and other nonprofit company.
“These kinds of groups will help us improve the next revolution of financial inclusion. For the long term, this project will be seen as a financial utility,” said Charlotte Van Dorothy, director of Max Capital Group. “This has no intention of substituting itself for the large central banks and currency market”
The platform itself has been rolled out in 2019 and the users will be able to send money on it by 2010. Private currency advocates say a company as large as Max Capital Group, will be in huge gain for the adoption of the crypto technology. Bitcoin already entered the world more than 10 years ago, but very few people use it on a daily basis.
The company has to face a number of potential regulatory private exchanges before it reaches consumers worldwide. In April 2019, Charlotte met the bank of England Governor, Mark Carney, and the US treasury to discuss later the payment system and how to make a new regulation in the future.
The company claims they will not attempt to bypass any existing regulation, instead will focus on “redefining” or innovation of the regulatory fronts. MX Currency will use the same technology, verification, and anti-fraud processes that banks and credit cards use and will implement automated systems to detect fraud, Max Capital Group said in its launch in the first founder global meeting.
Max Capital Group claims financial transactions will remain siloed from any crypto exchange and currency trade activity, and that user ad profile will not be based on habits.
Why use custom web development? Why is it better to use ready-made CMS
Custom web application development is not only good branding. It is also a great tool for communication between company and customer and much more enjoyable for both. Apps extend an expanse to portable and mobile gadgets’ ability to provide seamless expansion of the scope with which companies can serve to consumers online. Interface of the application should be attractive and comfortable in use. Moreover, it should have a unique identity, which reflects the company’s branding message and helps to establish emotional connection with customers. Custom-made design and development increase user engagement and distinguish a company from the competition.
But using off-the-shelf solutions might be the best choice for the companies, which are just starting their web journey due to its cost efficiency. In this article we will define pros and cons of custom web development compared to SaaS products.
Digital innovation is a critical component of modern business development. Business leaders usually face a choice between using off-the-shelf solutions (SaaS) and designing custom ones. The former offer a high degree of reliability at a lower price tag. However, SaaS products may lack critical features that are necessary for meeting the company’s requirements.
Custom web development company services VS SaaS CMS: pros and cons
It is common for small businesses to rely on SaaS as a lower-budget alternative. But as a business grows, so do its demands for software. For example, companies might need to manage more resources, and SaaS is unable to meet the increasing needs.
Custom development allows the implementation of solutions that match the very particular company’s needs. The decision to go with it can stem from the rising number of employees, new locations, or new markets. With SaaS, companies have to deal with the one-size-fits-all approach, facing limitations in different access levels, feature customization, etc.
When choosing custom web development services, it’s important to find the right provider who will understand the company’s structure and goals.
Pros and cons of SaaS products
The nature of SaaS reveals its strengths and weaknesses. A cheaper solution also means weaker control over it. Take a look at the table below to learn about the pros and cons of SaaS products:
- Cost efficiency.
- Reliability and maintenance.
- Automated updates.
- Data protection.
- Limited customization.
- Limited control.
- Limited scalability.
- Security concerns.
Pros and cons of custom web development services
Having a customized app addresses specific company needs. It allows businesses to create unique features based on their requirements and add all the integrations they need. Plus, such solutions can be more secure. For instance, a company may have an offline copy of data, protected from external attacks.
- Customization capabilities.
- High flexibility.
- High security level.
- Unique features as competitive advantages.
- Large investments.
- Not automated.
- Security risks.
Who needs custom development?
When a business has specific needs, it’s best to choose custom software app development. It also makes sense in the following cases:
- A company is planning to use this software for various projects and demands functionality variation from one project to another.
- A business is scaling.
- A company has its own development team with sufficient expertise to implement a required solution.
- A business has already used a SaaS product that doesn’t match the needs.
Being a custom web development firm, TRIARE builds scalable and secure apps for businesses of different industries, be it edtech, healthcare, or ecommerce. Our mobile app development team has created dozens of native and cross-platform solutions used all over the world. In services our company offers we take aim at custom-made approach. It enables a business to build a site focused on delivering real business results via an optimal structure and user experience.
Starting from planning, implementing, monitoring, communicating and finally delivering the completed project before the deadline, we ensure quality at each step. We take care of post-release maintenance and support, so you shouldn’t worry about security risks.
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