Tuesday, 20 March 2018

The NuMoney Story


 S$1.2M in November 2017, S$2.5M in January 2018
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.

Bank and liquidity provider issues

In the first 2 months, we expanded so rapidly that the points of failure became naggingly apparent.
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 massive demand for cryptocurrency in Singapore. For us to satiate this demand, we have to eliminate these points of failure.

Eliminating points of failure

To eliminate the points of failure, we must build an exchange.
This is necessary for users both locally and internationally to trade and arbitrage the demand here, which in turns brings liquidity to the shores of the territories that we will operate in. This eliminates the reliance on an external liquidity provider.
The building of an exchange is imperative as it allows fiat currency to cycle within an exchange without having to cross borders, which in turn reduces the need for a banking intermediary. This, in the long run, could eradicate the reliance on banks.

NuMoney Exchange

So we decided to build an exchange. This is how it looks like:
This exchange will be like Gemini, in the sense that you can fund your account and purchase cryptocurrency with fiat currencies.
This exchange will also be like Binance, for which we try to support as many alt-coin pairs as we can.
Like Bithumb, we will also have a physical location for customer care.

The NuMoney TEAM

NuMoney is a fork of Nubela, and the original team of Steven and Bach lead the efforts at NuMoney. Since then, we have expanded the NuMoney team:

Steven Goh

Steven is the founder and product manager of the company. He is a jack of all trades. From design, to marketing and sales, Steven had shuffled between the various hats that make the company work. Graduated from the National University of Singapore, Steven holds a bachelor's of Computer Science.
Historically, Steven has built
  • Javelin Browser (1M downloads)
  • Gom VPN (300k active users)
  • Giki
  • Picturemate (110k active users)
  • Kloudsec (Content Distribution Network platform, now defunct)

Bach Le

Bach is the tech guy at NuMoney.
He started out as a game developer then ventured into networking and distributed systems, bringing his performance-focused mindset and concurrency-oriented thinking into every project.
As a firm believer in first principles and mathematical rigour, he makes no compromises when it comes to stability or correctness.
His skills are invaluable in critical systems such as an exchange.
Bach holds a Bachelor Degree of Communication and Media from National University of Singapore.
Historically, Bach has
  • Built the backbone of Kloudsec: a FreeBSD-based anycast network
  • Modified Android OS to support a modular realtime audio effect system
  • Contributed to several open-source projects from graphic engines to kernel modules

Benjamen Lim

Benjamen has a Bachelor of Engineering from the National University of Singapore. Currently focused on investment research at a family office, he appreciates the value of that technology brings to society and how investment success is interlinked with early adoption of promising new technology. At NuMoney, Benjamen is involved with keeping investors up to date on the progress within the company, as well as conveying technology- related issues within the company, asset class and industry to investors.


Raised in an entrepreneurial family, Ong graduated from Queensland University of Technology. He began his career as sales engineer with a reputation for tenaciously protecting his client�s interests. Savvy negotiations and cutting edge marketing strategies join uncompromising integrity as the hallmark of Ong�s service.
From real estate to stocks, watches, and antiques. Ong has always been passionate about investing. Ong is deeply driven by his investing principles � social impact, innovation, scalability and financial sustainability.
As a firm believer that decentralised digital currencies will fundamentally change how the world views and uses money, Ong invested a big portion of his portfolio in cryptos.
As a Malaysian and being based in Kuala Lumpur, Ong will be leading NuMoney's expansion in Malaysia.

Lee Weiping

Weiping majors in Customer experience management and business. She interned at NuMoney and managed our OTC services. She since joined us full-time to lead the daily operations of NuMoney's retail chain after proving herself to be great with details and customers alike.In her spare time, Weiping trades cryptocurrencies.

Words alone cannot overemphasized this work, so friends lets join this incredible project
For more information please do visit:
Author-Raising Stars
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1930778

1 comment:

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