June 11, 2014. 101 Digital Exchange is now open to serve the Bitcoin and crypto currency community. To celebrate our grand opening, we are waiving all trading fees for the month of June! Please visit us at
https://www.101.net to begin trading for free now!
MISSION101 Digital Exchange’s mission is to bring a higher level of transparency and professionalism to the crypto currency ecosystem. We began developing the exchange before the Mt.Gox meltdown, and their obvious ineptitude was the prime motivator for the creation of the business. There are some well-run exchanges now, but we still believe there’s room for another professionally operated business, and hope to earn your trade in the months and years to come.
WHO ARE WE?101DX is not a nameless exchange, run by <?> in <?>. We are owned by 101 Group Ltd., a Belize-based IT/Finance consulting company incorporated in 2005. Including investors and advisors, we are currently a team of 7, with backgrounds in financial services, reinsurance, foreign exchange, IT security, and cloud infrastructure.
Personally, my name is Robert Hof (call me Rob!), and I’m on LinkedIn and happy to connect ->
http://ca.linkedin.com/in/101dotnet/ . For now, I’m the primary online ambassador of the company, and will endeavor to be responsive at bitcointalk and on reddit (also 101official) for general questions and concerns, and media requests. Specific questions regarding your account should be handled via our support system at
http://support.101.netFEATURES * ADVANTAGES * BENEFITSWe provide customer support via email and the support link above, and will be adding telephone support shortly.
Currently we support 11 cryptos, including Bitcoin, Litecoin, and Dogecoin. In addition, we believe we have created a unique trading system – you can trade any currency for any other – there are no traditional pairs. If you ever wanted to trade Xcoin for Ycoin and hated having to go through Bitcoin or Litecoin to do it, we’ve got you covered.
Another cool thing about our no pairs system is every buy order is conceptually also a sell order. You can phrase the order in whichever manner makes the most sense to you – our trading engine will normalize it and execute it. For example, buying Bitcoin with Dogecoin is the same as selling Dogecoin for Bitcoin.
We are awaiting new hardware so that we can expand our list of supported coins, and of course we will be adding fiat trading as soon as feasible. We already have a banking partner for USD (not in the United States), and will be adding other currencies as well. Deposit/Withdrawal methods.. wait and see. We’re aiming to be very flexible.
Like all new businesses, we have big plans, but we’d rather announce our milestones as we reach them. If you’re unhappy with the exchange you’re currently using, or want to diversify your trading options, please consider giving us a try.
Raising MoneyWe are not raising outside investment at this time. We do, however, offer Membership Units in return for trading discounts of up to 60%. These Membership Units along with our initial capitalization from private investors and partners should be enough to carry out phase one of our business plan. A limited number of Membership Units have additional benefits such as tradability and distribution sharing, and they are available now on a first-come, first-served basis. See our website for full details.
Short Term RoadmapWithin the next month or two, we plan at a minimum to:
- open our head office in Central America, adding Spanish language technical support.
- add at least one fiat currency (USD). Sorry Americans, we are not yet registered with the US government. Due to US regulations, we are not able to work with you for converting dollars into coins at this time, but crypto trading IS available worldwide.
- add additional crypto currencies. We have 11 now, and will expand to support any currency with a reasonable volume and hashrate. We believe in running our own servers, so adding capacity is not a simple matter of calling up the hosting company.
POLICIESSecurity:
Cold storage? Yes, on all coins.
Target Percentage: All except the anticipated daily withdrawals. With scale, this will likely approach 95%+
New Deposits directly to Cold? Not at this time. An hourly process calculates average withdrawal volumes and anticipates its needs for the next 24 hours. Excess is transferred to cold.
Cold Storage policy: Cold Servers are physically diverse, and are brought online only long enough to broadcast a transaction back to the corresponding hot server. M-of-N transactions are being investigated for cold wallet operations so one trusted person can not withdraw the funds from the cold wallet.
Withdrawals: All withdrawals are manually processed at this time, and are sent daily between 1400 and 1600 GMT (Monday through Saturday)
Financial Operations:
Full Reserve? Absolutely. We will not borrow your deposits to fund our operations, to invest in other business opportunities, to play the ponies, or for any other reason. In addition, we will be releasing regular proof of solvency reports according to industry best practices.
Interest on Accounts? No. If we offered interest on your balances, we could not be full reserve, because we would have to generate a return higher than the interest we pay out.
Fiat Funds policy: no intermingling of company operating funds and client funds held in trust. All bank fees to be paid from operating account.
Referral / Affiliate program? Not yet. High up on the roadmap.
Network / Security
All servers and network gear is owned by the exchange, and is not shared with unrelated parties.
No outside maintenance contracts/contractors
Firewall at network and sever levels
IPS on all servers
Database is clustered
Backups and Snapshots are scheduled; backups are encrypted and stored offsite in exchange-owned equipment.
Staff Policy / Physical Security
All staff with access to back-end to provide criminal background check.
No remote technical support staff
No removable media or recording devices on support floor
No WIFI on office LAN
Thanks for your time, and on behalf of the team, we look forward to serving you.
Why not start trading for free right now? Visit
https://www.101.net and sign up today.
Questions? Just ask!
Robert Hof
101 Digital Exchange
