The UTEX Experience
A few weeks ago, DavinciJ15 and MMCrypto were invited to the launch of a new Russian based crypto Exchange named UTEX. I had the pleasure of accompanying Davinci to Russia, and after lots of paperwork to get his visa and 17-hour flight from Chile to Moscow, we finally made it.
United traders was created in 2009 by Dmitry Belousov and Anatoly Radchenko; the company provides advanced investment and financial services; focused on education, trading and investment ideas. They work with a team of professional traders and software engineers developing unique stock market trading applications. United Traders launched an Initial Coin Offering in 2017; this allowed them to launch their crypto exchange UTEX this past week April 25th.
Approximately three hours of live streaming in Moscow where they launched their exchange and promoted an online trading competition with commentary from professional traders. All this from a studio set that was based on the moon. The set itself was pretty insane UTEX took to another level production-wise; a bar for cocktails for the guests, a basketball court where Russian models and guests showed their skills in sports wanting to portray the skills like a crypto trader; they even took the time to launch a clothing brand. For some a lot was going on, others felt entertained, but whether you liked or disliked it, one thing is true Russians go all out when it comes to doing things and having fun.
The show was hosted by Anatoly Radchenko, co-founder of United Traders and NYSE trader with 12 years of experience and Andrew Work, a prominent host of Token 2049 in Asia also co-founder of NexChange, the largest investor community in Asia and host of Healthtech O20 Summit. Studio Guest such as DavinciJ15, MMCrypto and well-known YouTubers like Ivan on Tech and Crypto Zombie.
When I first found out they were going to do a live launch of their exchange; I believed it was pretty risky because working in development with DavinciJ15 I have seen how difficult it is when unexpected bugs can crash sites and last-minute problems occur; we have also experienced this with our product Pandora´s Wallet. The UTEX site was initially down, and as usual, in social media, the feedback tends to be harsh, but I believe everyone should know something like that could happen; organizers and viewers. The number of users on their site caused a down period that also affected the use of the trading interfaces, although the site was back online after one-hour UTEX made the decision to postpone the live tournament. They have announced on their Instagram they will reschedule the tournament as promised and will include extra prizes. Nonetheless, UTEX deserves recognition for taking a risk and working on a different concept; making crypto and trading fun.
There are 2142 cryptocurrencies in the market; it makes sense that there has to be a large number of crypto exchanges available for traders to buy and sell on their platforms. Currently, there are 257 exchanges listed on Coinmarketcap. Beside needing exchanges to trade and profit from crypto there is a lot of competition out there, exchanges don't support every existing coin, therefore, if you are a trader that works with many altcoins you have to sign up in many exchanges to trade.
Having exchanges is always a good thing because different jurisdictions mean different rules and as a trader, you want to be able to trade where you are allowed to trade and have liquidity; for example, Russians are not allowed to trade on well-known crypto exchange Coinbase because they are not American citizens. UTEX will most likely provide the liquidity needed because of a large number of people following them. It's a new exchange, and on their initial launch, only some features where shown and they will slowly release new features. We appreciate the invitation it was a great experience and Moscow is a beautiful city; wishing UTEX succeeds.
I hope you enjoyed it!