Alluma- The Latest Cryptocurrency Exchange To Dominate Indian And Other Asian Crypto Markets
Alluma has built the first institutional grade cryptocurrency exchange dedicated to the growing cryptocurrency markets across emerging Asia.
Founder and CEO of Alluma, Akash Aggarwal decided to launch his own cryptocurrency exchange when he personally faced major problems while pursuing cryptocurrency trading. He says:-
“It’s been just 18 months since I first encountered my own problems when trying to trade on a crypto exchange in my home country of India. I faced a terrible customer experience with paper based account sign-up processes, no liquidity, few token offerings, non-responsive customer service, basic trading tools and clunky user interfaces. As trading in India has grown exponentially, exchanges have made strides and improvements, but there are still key frustrations with current platforms.”
By talking to hundreds of crypto traders and the newbies and also leveraging his own experience , Akash identified that there are nine recurring pain points across three key categories that have created barriers to the adoption and growth of cryptocurrencies in India, which are:
Considering the above problems, Akash decided to came up with his own crypto exchange “Alluma”. With a first class international team coming from some of the world’s biggest corporates like JP Morgan, Deutsche Bank, Accenture, American Express, PWC, Ericsson, MoneyGram International, GLG and Quoine, the Alluma team aims to address the above mentioned problems and make crypto trading hassle-free.
Alluma’s focus lies on three key areas:
- Strong liquidity through global exchange partners
- Design and user experience to increase adoption and usability
- Providing a fluid customers experience from on-boarding to support
Features of Alluma
Alluma has built incredible powerful & secure, yet simple platform to change the way people trade digital assets across some of the fastest growing economies in the world. Here are a few of the Alluma platform features:
- Global liquidity meaning low spread, fast transactions.
- 110+ pairs (and counting) of the world’s top tokens.
- Both Fiat-Crypto & Crypto-Crypto trading
- Simple buy/sell & portfolio management dashboard
- Advanced order types & trading tools
- Multilingual 24/7 customer support.
- Alluma membership based loyalty program.
Alluma Security to Users
Alluma has built its ecosystem architecture with a security-first approach, combining robust security policies with the latest security methods. It follows the best practices and took lessons learned from other exchanges to build Alluma’s core back-end platform. The resulting six layered security architecture includes:
- Best-in-class protection against distributed denial-of-service attacks (DDOS) to prevent any possible service outages
- Two factor authentication (2FA) and where appropriate, multi-signature arrangements are used for every critical action
- Our Core exchange engine hidden in a private network, making it inaccessible to all external parties.
- Storing 96-99% of funds in cold storage to protect against hot wallet attacks
- Biometrics used to access the server facilities preventing unauthorized physical
- Multi-level hardware security including tier 3 sites, self-hosted, wholly-owned servers
Deposits, Withdrawals and RBI
Although Alluma does not agree with the recent decision by the RBI to withdraw banking support for crypto related business, it understands the need for oversight in the space. Alluma is in favor of regulation that protects consumers while allowing crypto businesses in India to grow.
The Alluma exchange currently is built to support both INR to Crypto and Crypto to Crypto. At this stage Alluma is planning to support deposits and withdrawals of INR to crypto, however if the RBI circular is upheld and enforced, the exchange will still offer robust and
highly liquid crypto to crypto markets.
Alluma’s Token – LUMA
The Alluma team recently introduced it’s own native token – The LUMA TOKEN
LUMA token is an ERC-20 compliant token to be issued on the Ethereum blockchain and is Alluma’s utility token which will have the following use cases:
- Settling Trading Fees
All users will have the ability to settle trading fees on Alluma’s Exchange
- Alluma Loyalty Program
A first of its kind membership-based tiered loyalty program
- Community Voting
Participation in Alluma’s product developments including token listing initiatives
- Alluma Training Academy
A digital education platform to learn about cryptocurrency and blockchain technology
- Token Sale Platform
A platform for the next generation of technology companies in emerging markets
- Decentralized Chat
P2P chat allowing users to connect and communicate throughout the Alluma ecosystem
The crowdsale of LUMA tokens is live. More details about the LUMA tokens can be obtained at their crowdsale website
Team behind Alluma
The development and management of Alluma is driven by an executive team and advisory group with deep international experience and success from a wide range of leading banks, technology, blockchain, investment and consulting companies. This includes people with experience at entities including JP Morgan, Deutsche Bank, RBC, Credit Suisse, American Express, Ericsson, Deloitte, GLG, Quoine.
Additional Alluma Resources
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