International Remittance and Lending Platform Exchange

COPYRIGHT ⓒEXRAYA ALL RIGHTS RESERVED.

Ver. 1. 1

Whitepaper

Exchange All of Your Values.

TABLE OF CONTENTS

ㆍ1. Legal Notice

ㆍ2. Summary

ㆍ3. Challenge

ㆍ4. Vision

ㆍ5. EXRAYA Exchange Features

ㆍ6. Token Economy

6.1 RAYAX Token Summary

6.2 RAYAX Token Distribution

6.3 RAYAX Token Utilization and Holder Support Plan

ㆍ7. Roadmap

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2

Legal Notice

1. Legal Notice

RAYAX token does not have a function or certain value except on the EXRAYA flatform and must not be bought

for speculative investment. Buyers of RAYAX token should read this whitepaper carefully and be aware of all

risks, cost and benefits of RAYAX token. Buyers of RAYAX token should understand cryptocurrency, blockchain

system, crowd funding, etc. EXRAYA exchange is not responsible for user’s own acts that results in loss or

loosing access to RAYAX Token and not responsible for loss by hacker attacks.

Obtaining and holding RAYAX tokens have various risks. Especially, there are risks such as not able to launch

exchange or finish developing blockchain. Therefore, it is recommended to have personal judgement whether

RAYAX token is risky or not, and if it is necessary, obtain professional advice prior to obtaining RAYAX tokens.

If a buyer cannot understand and take the risks described, it is not recommended to purchase.

This whitepaper is published and used for introduction of EXRAYA exchange.

Therefore, in this whitepaper, only the Information about EXRAYA exchange and RAYAX Token are present.

Please read whitepaper thoroughly before making a personal decision to invest.

*It is clearly stated that the purpose of this whitepaper is not investment promotion, nor it is related to or

considered as stocks. Furthermore, this whitepaper does not contain the information or contents that are

for investment decision and promotion.

3

Summary

2. Summary

Ever since blockchain technology was presented in 2008, Bitcoin has led the way for various cryptocurrency

offerings. This technology has suggested a great opportunity beyond the present centralized financial system

where the cryptocurrency can be used as commodity, currency and as a mean for value exchange centered

around people.

After publishing cryptocurrency named Bitcoin, under name of future currency or store of value, various

blockchain-based cryptocurrency such Ethereum, Ripple, Litecoin, Monero, NEM, etc. have been appearing

in the market. The cryptocurrency market volume is 265 Billion USD in September 2019 since people started

exchanging cryptocurrency.

Despite the quantitative expansion, the future value of cryptocurrency is determined by the answer to a

question; whether cryptocurrency can be accepted as commodity or currency. Since 2017, focusing on

advantage and disadvantage of cryptocurrency, full- scale discussion has been going on in government to

incorporate cryptocurrency into existing system.

Sanctions for cryptocurrency market has started in 2017 which pointed cryptocurrency as a challenger to fiat

currency and being used for money laundry.

In July, 2017, Securities and Exchange Commission (SEC) mentioned that funding for ICO (Initial Coin Offering)

is considered as negotiable securities, and in September of the same year, China which had the biggest mining

pointed out cryptocurrency’ s harmful effect and announced an official statement about prohibition of ICO and

closure of cryptocurrency exchanges in China.

In Korea, Financial Services Commission also officially announced that ICOs, which are type of issuance of

securities such as debt securities and equity security, would be banned and can be prosecuted under capital

market laws.

Even though these sanctions are still ongoing in most countries, there have been progressive results in

acknowledging various opportunities of cryptocurrency as axillary currency and incorporating them in the

system by the government since 2016.

In March of 2016, Japan Bank Association (JBA) announced that under the supervision of Financial Service

Agency (FSA) in Japan and Bank of Japan (BOJ), money transfer and trade finance processes would be built

through blockchain technology. Furthermore, JBA also joined the pilot project which utilizes blockchain cloud

solution developed by Ripple. It shows that there are attempts to incorporate cryptocurrency into the system at

both government and public corporation side. In 2017, the function of cryptocurrency as a method of payment,

in leu of USD was discussed at national level during BRICS meeting.

4

Ever since blockchain technology was presented in 2008, Bitcoin has led the way for various cryptocurrency

offerings. This technology has suggested a great opportunity beyond the present centralized financial system

where the cryptocurrency can be used as commodity, currency and as a mean for value exchange centered

around people.

After publishing cryptocurrency named Bitcoin, under name of future currency or store of value, various

blockchain-based cryptocurrency such Ethereum, Ripple, Litecoin, Monero, NEM, etc. have been appearing

in the market. The cryptocurrency market volume is 265 Billion USD in September 2019 since people started

exchanging cryptocurrency.

Despite the quantitative expansion, the future value of cryptocurrency is determined by the answer to a

question; whether cryptocurrency can be accepted as commodity or currency. Since 2017, focusing on

advantage and disadvantage of cryptocurrency, full- scale discussion has been going on in government to

incorporate cryptocurrency into existing system.

Sanctions for cryptocurrency market has started in 2017 which pointed cryptocurrency as a challenger to fiat

currency and being used for money laundry.

In July, 2017, Securities and Exchange Commission (SEC) mentioned that funding for ICO (Initial Coin Offering)

is considered as negotiable securities, and in September of the same year, China which had the biggest mining

pointed out cryptocurrency’ s harmful effect and announced an official statement about prohibition of ICO and

closure of cryptocurrency exchanges in China.

In Korea, Financial Services Commission also officially announced that ICOs, which are type of issuance of

securities such as debt securities and equity security, would be banned and can be prosecuted under capital

market laws.

Even though these sanctions are still ongoing in most countries, there have been progressive results in

acknowledging various opportunities of cryptocurrency as axillary currency and incorporating them in the

system by the government since 2016.

In March of 2016, Japan Bank Association (JBA) announced that under the supervision of Financial Service

Agency (FSA) in Japan and Bank of Japan (BOJ), money transfer and trade finance processes would be built

through blockchain technology. Furthermore, JBA also joined the pilot project which utilizes blockchain cloud

solution developed by Ripple. It shows that there are attempts to incorporate cryptocurrency into the system at

both government and public corporation side. In 2017, the function of cryptocurrency as a method of payment,

in leu of USD was discussed at national level during BRICS meeting.

Commodity Futures Exchange Commission (CFTC) issued a derivative product license to a public corporation in

August 2017. Such movement are indications that cryptocurrency is being incorporated into current system.

In 2019, International Financial Action Task Force (FATF) suggested to most countries to legislate laws to

strengthen the transparency of cryptocurrency trading. In Addition, Securities and Exchange Commission (SEC)

has been reviewing approval of cryptocurrency exchange-traded fund (ETF) in the US.

Each country has been defining cryptocurrency as illegal, currency, commodity or goods and ready to strike

double edged sword whether allow or ban.

The exponential increase of cryptocurrency market explains that most people expect the cryptocurrency’s role

as a medium of value exchange. In short, the potentiality of becoming currency in the coming future is the basis

of future investment.

However, in the real world, there are still weak connections between fiat currency and cryptocurrency and lack

of development in the international trade market.

Cryptocurrency project like Ethereum, Litecoin, Ripple, Monero, NEM, etc. are focusing on new methods of

trade and strength of security, so that the approach to financial infra is weak and lacks connection with the

existing financial system.

This, in turn, accelerated the subordination of the project to the exchange market, and now the exchanges are

trying to establish itself as a central platform, with various exchanges being established.

Despite various efforts, however, there are restrictions on the opening of accounts with commercial banks due

to the pre-institutional regulations in each country. And the value of cryptocurrency as an exchange medium is

being lowered due to restrictions on cross-border transactions.

5

Challenge

3. Challenge

EXRAYA's challenge will be a new challenge for cryptocurrency exchanges.

In 2008, after Bitcoin was born as an alternative to fiat money due to global financial crisis, the cryptocurrency

market has been recognized as a commodity and an alternative currency. With the emergence of cryptocurren-

cy exchanges, and the increase in the volume of trade has led to an explosive expansion of the cryptocurrency

market.

However, most of the exchanges were established without characteristics that they mimicked or ‘copy and

paste’ rival exchange services, did not strive to make new challenge, service and interface for users. Which

ultimately led to the shutdown of numerous exchanges, causing financial damage to users and turn the

industry into red ocean causing the industry to have following requirements these days:

▣ Weak SecurityThough the concept of cryptocurrency is decentralized to protect users, most of the cryptocurrency users are

using centralized cryptocurrency platform. The problem is when assets are deposited in centralized cryptocur-

rency platform, where many assets from users are saved in one system. Therefore, it could be a target of

hackers, and the hacking of Mt. Gox exchange is one of the examples.

▣ Low QualityMost of exchanges are not following the guideline of each countries’ blockchain association or financial

institution. Also, lots of exchanges are not using blockchain technology, but making and saving data into trade

database instead of blockchain.

▣ Unreliable ServerExchanges with low capital money end up maintaining their servers and could not provide enough safety and

security protection for servers. Therefore, they become constant target for hackers and exposed to loss of

assets by hacking.

▣ Risk of InvestmentMost exchanges do not have real time customer service to respond promptly to deal with issues arising from

low level performance during deposit/withdrawal, price manipulation, hardware error, delayed trading, and

large quantity of orders.

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EXRAYA's challenge will be a new challenge for cryptocurrency exchanges.

In 2008, after Bitcoin was born as an alternative to fiat money due to global financial crisis, the cryptocurrency

market has been recognized as a commodity and an alternative currency. With the emergence of cryptocurren-

cy exchanges, and the increase in the volume of trade has led to an explosive expansion of the cryptocurrency

market.

However, most of the exchanges were established without characteristics that they mimicked or ‘copy and

paste’ rival exchange services, did not strive to make new challenge, service and interface for users. Which

ultimately led to the shutdown of numerous exchanges, causing financial damage to users and turn the

industry into red ocean causing the industry to have following requirements these days:

▣ Weak SecurityThough the concept of cryptocurrency is decentralized to protect users, most of the cryptocurrency users are

using centralized cryptocurrency platform. The problem is when assets are deposited in centralized cryptocur-

rency platform, where many assets from users are saved in one system. Therefore, it could be a target of

hackers, and the hacking of Mt. Gox exchange is one of the examples.

▣ Low QualityMost of exchanges are not following the guideline of each countries’ blockchain association or financial

institution. Also, lots of exchanges are not using blockchain technology, but making and saving data into trade

database instead of blockchain.

▣ Unreliable ServerExchanges with low capital money end up maintaining their servers and could not provide enough safety and

security protection for servers. Therefore, they become constant target for hackers and exposed to loss of

assets by hacking.

▣ Risk of InvestmentMost exchanges do not have real time customer service to respond promptly to deal with issues arising from

low level performance during deposit/withdrawal, price manipulation, hardware error, delayed trading, and

large quantity of orders.

▣ Danger of VolatilityMost exchanges do not have national fiat currency (USD, EUR, Yen, IDR, etc.) markets due to regulations, and

virtual account issuance is limited in many places including Korea. They are constantly exposed to volatility and

risk.

▣ Impossible to Transfer Money Overseas Majority of exchanges could not align with each country’s banks because of sanctions, so it is hard to get an

approval for virtual accounts from banks. Without it, is almost impossible to withdraw fiat currency to overseas,

but only stable coins are possible.

EXRAYA exchange has strived to solve those common problems and will become a pioneer in the cryptocurren-

cy exchange ecosystem.

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Vision

4. Vision

“Everywhere, Everyone, Easy to use. International Remittance and Lending Platform”

“Money” is a medium of value exchange that must be used fluidly or in the real value. Expansion of cryptocur-

rency market underlying it, there is anticipation for future value as money. The current nature of cryptocurren-

cy as a commodity is byproduct of what cryptocurrency will be worth in the future.

EXRAYA will lead changes in the cryptocurrency and the real world and will create a new cryptocurrency

ecosystem that has not been seen before. It will present a new paradigm of cryptocurrency. Cryptocurrencies

will be exchanged directly for fiat currencies, remitted and loaned.

EXRAYA will build cryptocurrency exchange ecosystem that is truly valued internationally and will be developed

and used by people around the world.

This is the true vision of EXRAYA cryptocurrency exchange, which supports multinational remittances and

lending.

EXRAYA will become global cryptocurrency exchange where everyone can use easily.

EXRAYA opened both fiat markets and cryptocurrency markets. Through the cooperation with Indonesian bank,

users in all over the world can have own virtual accounts so international wire transfer can be done simply and

easily. In addition, EXRAYA will support lending program so that people can deposit BTC as collateral and have

balance in EXRAYA exchange to trade in markets.

RAYAX Token of the EXRAYA exchange is a cryptocurrency that is usefully used on the exchange and will be a

vehicle for all transactions on the exchange. To that end, we will create a real-world ecosystem where transac-

tions can be made and bring commodity/retail items to be traded to ensure the versatility of cryptocurrency

and fiat currency.

This, along with the drastic increase in the utility of cryptocurrency in the market, will naturally give value to

RAYAX Token, and it will be clearly established as a cryptocurrency and a commodity in the global exchange

market including EXRAYA exchange.

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EXRAYA Exchange Features

5. EXRAYA Exchange Features

EXRAYA exchange fully integrates hybrid digital asset trading solutions by combining existing technology and

architecture with the performance of a centralized trading platform and the security attributes of a distributed

trading platform. The system consists of two main components: the OFF-CHAIN transaction interworking

system and the smart contract that executes the transaction.

▣ OFF-CHAIN Transaction Interworking SystemThe OFF-CHAIN transaction interworking system allows EXRAYA exchanges to take advantage of centralized

performance characteristics while maintaining a distributed user account model based on blockchain. Verified

orders are sent from the user's address to the pairing system for fast and deterministic processing using high

performance hardware. The paired order will validate the offline chain and resubmit it to the user account on

the blockchain.

▣ Smart Contract Technology EXRAYA exchange interworking system is connected with Ethereum's smart contract to review transactions

between users. Smart contracts are based on the NEP-5 standard, which combines the assets of all orders.

When order pairing is successfully paired, the system automatically sends a smart contract to all trader

addresses involved in the transaction and the type and quantity of the transaction, including the transaction,

and the transaction is completed according to the smart contract. Smart contracts on provided information

allow multiple transactions to be resolved simultaneously to improve transaction performance and reduce

network throughput.

▣ Excessive Traffic ResponseEXRAYA exchange supports stable trading execution functions that have not been experienced in other

exchanges. Even in the simplest hardware environment, you can make hundreds of transactions per second,

and depending on how your hardware environment is configured, you can significantly increase the volume of

transactions. To do this, it is designed based on financial and securities trading processes, rather than simple

web-based trading designs, and is supported by an international Amazon cloud server.

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▣ Stability and SecurityEXRAYA exchange aims to provide a separate hardware environment and flexible response to reflect the

security-related system architecture proposals, designs and policies proposed by governments around the

world. We are faithfully implementing the exchange regulation proposed by Indonesia and developing and

building security systems with blockchain and fintech security companies to integrate various technological

environments that can cope with evolving hacking techniques. EXRAYA exchange is a web-based exchange that

aims to provide the best cryptocurrency trading environment by supporting various functions that were not

overcome by existing cryptocurrency exchanges. EXRAYA exchange plans to keep investors' assets safe,

especially in case of hacking. by existing cryptocurrency exchanges. EXRAYA exchange plans to keep investors' assets

safe, especially in case of hacking.

▣ Various Cryptocurrency Trading Support The exchange will start trading five cryptocurrencies initially and will support up to 50+ cryptocurrencies within

the fourth quarter of 2019.

▣ Fiat Currency Market OpenEXRAYA exchange supports Indonesian legal tender IDR(Rupiah) and can trade with fiat currency.

▣ Indonesian State Bank Virtual Account and Oversea Remittance EXRAYA exchange supports virtual accounts issued by major Indonesian state bank to foreigners who have

signed an exchange and completed KYC certification.

▣ IEO SupportWith the plan to actively support the IEO (Initial Exchange Offering), a platform exchange fundraising method,

EXRAYA exchange will provide unlimited opportunities for startups preparing blockchain projects and showcase

various quality projects to investors.

▣ Multi TraderEXRAYA exchange will support several trading methods. To develop and improve the platform service, EXRAYA

will partner with international exchanges and share various cryptocurrency projects. At last, through trading

assistant functions like third party, API interaction, etc., EXRAYA will help users to maximize their assets.

▣ Building Extraordinary Transaction Detection System Real-time monitoring system prevents abnormal access attempts and transaction patterns quickly. By estab-

lishing a “Extraordinary Transaction Detection System” for suspicious transactions or accounts, accounts that

appear to be withdrawn after hacking and traders who have suspicious transaction volume will have their

accounts disabled, only to be activated after investigation. Accounts with suspicious transactions are disabled

for withdrawal or trading.

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▣ Multi Device SupportEXRAYA exchange will support web/mobile platform environments.

▣ Multilanguage SupportEXRAYA exchange currently supports five languages (English, Chinese, Korean, Japanese, Indonesian) and will

add more based on development schedule.

▣ Loan Support (Lening Program) EXRAYA exchange will support �at currency loan by LTV 40% (loan to value) when users deposit their Bitcoin. The balance

can be withdrawn, and the interests of loan must be paid with RAYAX.

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Token Economy

6. Token Economy

6.1 RAYAX Token Summary

RAYAX is distributed token utilized within the EXRAYA exchange platform for various uses to share profits

generated during the fair and transparent operation of the exchange.

The amount of issuance of RAYAX is five hundred (500) million, and the price is initially targeted to be $0.25.

Four hundred (400) million tokens will be locked up at the exchange, and after 1-year lockup period, twenty-five

(25) million tokens will be unlocked every quarter to be used for exchange operation. The remaining one

hundred (100) million tokens will be used for the exchange's lending program, trading fees, events / marketing,

R&D, partnerships, and IEO.

The initial target price of RAYAX token is set at $0.25.

(The target price can change depending on market conditions)

Categoty Description

Name / Symbol

Industry

Coin / Token

Homepage

RAYAX / RAYAX　

International Remittance & Lending Exchange in Indonesia

Token (ERC20)

www.exraya.com

Total Supply 500,000,000

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Category Distribution

Total Supply

Locked-up

Total in Circulation

IEO

500,000,000

400,000,000

100,000,000

5,000,000

Event / Marketing 3,000,000

R&D / Operation 15,000,000

EXRAYA Team 15,000,000 (12 months lock-up)

Institutional Investor 62,000,000

IEO5,000,000

Event/Marketing3,000,000

Institutional Investor

62,000,000

EXRAYA Team15,000,000

R&D/Operation15,000,000

Total in Circulation100,000,000

Total Supply500,000,000

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6.2 RAYAX Token Distribution

▣ Circulating vs Total supply ▣ Distribution of Circulating Supply

6.3 RAYAX Token Utilization and Holder Support Plan

With following token utilization and holder support plan, EXRAYA exchange intends to increase the utilization of

RAYAX tokens and build a fair and transparent system where part of profits is shared with RAYAX tokens holders.

◆ RAYAX Token Utilization ◆

▣ EXRAYA MarketThrough RAYAX trading market, you can trade RAYAX with other coins and save on fees by paying with RAYAX

tokens.

▣ Lending Program Interest FeeEXRAYA lending program users must pay interest fee by purchasing and using RAYAX tokens.

▣ International Remittance FeeEXRAYA remittance program users must pay transfer fee with RAYAX tokens

▣ Listing & IEOProjects to be listed on EXRAYA must purchase and pay fee with RAYAX tokens.

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◆ RAYAX Token Holder Support Plan ◆

▣ Early Institutional Investor SupportInstitutional investors who supported the initial establishment and operation of the exchange through the purchase of RAYA

tokens will undergo 1:1 swap with RAYAX Token to preserve value.

▣ Lending Program Interest Fee Burning

EXRAYA lending program users will purchase RAYAX tokens to pay for interest fee, and the EXRAYA exchange will collect and

burn the RAYAX tokens collected for interest fee on quarterly basis.

▣ Profit Sharing

EXRAYA exchange plans to distribute the exchange pro�ts to RAYAX token holders by conducting quarterly RAYAX token

buyback & burning of tokens using 10% of the pro�t generated from the exchange.

▣ Free AirdropRAYAX token owners (holders) can receive coin airdrops from various campaigns conducted jointly newly listed projects and

EXRAYA exchange.

▣ Future PlanIn order to stabilize the RAYAX market in the future, we will continue to plan ways to increase users' convenience and

support for holders, such as fee discounts based on holding time, set the lower price limit, block deal, P2P, and multi-training

programs.

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Roadmap

7. Roadmap

3Q

4Q

ㆍProject Ideation Concept Planning

ㆍCore Team Building

ㆍProject Planning

2017

1Q

3Q

ㆍSeed Funding ($3M USD)

ㆍStart the Incorporation

ㆍPartnership with the Largest Bank in Indonesian

ㆍEXRAYA Platform Alpha Test

ㆍBounty Program Starts (YouTube, Telegram, Written Contents)

4Q ㆍIncorporated in Indonesia

ㆍExchange System Development (R&D)

ㆍBanking Integration Complete

ㆍInternation Remittance Test Complete

2018

2Q

3Q

ㆍExchange Opens (Beta)

ㆍLending System Development & Beta Testing

ㆍLaunch RAYAX Token

ㆍRAYAX Token Listing on Global Top 10 Exchange

ㆍPartner with Global Exchange

4Q ㆍAdditional RAYAX Token Listing on Global Top 10 Exchange

ㆍPartnership with Global Exchange and Projects

ㆍProvide More than 50 Trading Markets at EXRAYA

ㆍUse 10% of Profit for Token Buyback & Burn

2019

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1Q

4Q

ㆍLaunch Lending System

ㆍStart Security Token Licensing Project

ㆍObtain Security Token Licensing & ETF

ㆍSupport STO Project IEO

2020

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