NuMoney Exchange

Born out of frustration over our inability to purchase cryptocurrency conveniently, we started NuMoney as an over-the-counter service. Running NuMoney's OTC service was straightforward:

1. Acquire a cryptocurrency liquidity provider
2. Fund our account via wire transfers
3. Resell cryptocurrency at a spread In the first 2 months, we crossed S$1.2M in turnover.

In the first 2 months, we grew so rapidly that the points of failure became naggingly obvious. Neither banks nor liquidity providers appreciate high-volume, rapid movements of cash. Particularly so if you run a cryptocurrency startup. So we soon encountered problems with both the liquidity providers and our banks. Nevertheless, this fast growth demonstrated a huge demand for cryptocurrency in Singapore. For us to satiate this demand, we have to eliminate these points of failure.