NovaDax is a centralized cryptocurrency exchange, headquartered in Sao Paolo, Brazil. It was founded in 2018 and is operated by NOVADAX BRAZIL PAYMENTS LTD. For just a few months, NovaDax managed to become one of the leading crypto trading exchanges in South America. However, over time, NovaDax started to seek global exposure and, at the time of this writing, the exchange operates several offices in countries like Switzerland, US, Brazil, Vietnam, Singapore, Indonesia, and China.
When it comes to the team behind the project, NovaDax states that the exchange has managed to attract “world-class team of tech experts” from tech giants like Amazon, Tencent, and Google. According to its own information, NovaDax raised a $20 million Series A funding from Abakus Group. On its website, NovaDax claims that it is “powered by Abakus Group” which helps the Nova ecosystem serve more than 600 000 clients from 168 (according to information at the time of this writing). NovaDax describes Abakus Group as a company, leveraging big data, AI, and machine learning to transform “financial industry, house and office rental, agriculture, chip, robot, etc.” It further claims that the business operates on four continents and seven countries with 160 million users around the world. In a blog post on its website, NovaDax describes Abakus Group as a company, awarded as one of the “Top 50 Innovative Fintechs” in Asia for five consecutive years. However, the linked report by KPMG does not mention Abakus Group at any point. Materials in local Brazilian media describe Abakus Group as a company with Chinese origin. There is only one single article in the NovaDax blog that allows for tracking the roots of the Abakus Group and finding out the address of its website. The group is, indeed, Chinese and based in Beijing, but aside from that, it is hard to gather any additional valuable information. All this is very strange, considering that businesses from such scale, should at least support multi-language versions of its website. The translation from Chinese does not help in the case of analyzing the profile and history of the Abakus Group.
Another concerning fact is that, despite NovaDax’ proclaimed international operations, at the time of this writing, it has just a few employees on LinkedIn which makes it hard to track the exact team behind the project. The available team members’ profiles though are the ones of Murilo Gerciano (Operations Manager), Lais Couy (Marketing Manager), Daniela Martins (Financial Manager) as well as a few others at minor positions. However, the profile on the professional media points out that the exchange employs anywhere from 1001 to 5000 employees (and from 501 to 1000, according to the Crunchbase profile) which makes it even harder to believe. It is worth noting, though, that the exchange has some videos with members of its team, but they are all in Portuguese.
NovaDax states that it has obtained a license from the Financial Services Standards Association (VQF) and is “actively supervised for AML compliance and terrorist financing.” The mentioned association is a self-regulatory entity authorized by the Swiss Financial Market Supervisory Authority (FINMA). NovaDax highlights explicitly that the FINMA also authorizes other leading companies such as Eidoo, Winbridge, and BIBOX. The exchange also states that it is a part of the Brazilian Cryptocurrency Association.
Regarding the security features of the platform, it is worth saying that they are no different from those employed on most cryptocurrency exchanges. By claiming that “Security is Everywhere”, the NovaDax team separates the employed security measures on the platform in several categories. It defines them in the following way - security login (ReCAPTCHA, Google Authenticator, SMS notifications), secure withdrawal (Verification level 2 for cryptocurrency withdrawals, Google Authenticator, CPF/CNP verification, e-mail notifications), asset security (storing 99% of the users’ assets in multi-signed cold wallets, VQF license), and secure platform (SSL A+ certificate, distributed architecture and Anti-DDoS attack system).
When it comes to users’ feedback about the platform, we should note that, at the time of this writing, it is hard to find useful clients’ reviews or opinions. All Reddit threads, related to NovaDax, are self-promotional and lack any comments from users. However, the exchange itself posts regular articles with selected positive user feedback, gathered from its Telegram group or social media channels.
The exchange claims that it has established two customer support teams, located in Brazil and China, which allows it to keep in touch with its clients 24/7.
At the time of this writing, there is no history of hacker attacks or government investigations related to the NovaDax Exchange.