What is a Verified Market Maker? How do I become one?

What is a Verified Market Maker

All participants can become Fonbnk market makers by creating a swap to trade on the marketplace. Market Makers enable users to swap their airtime for Fonbnk MIN tokens convertible into digital money.

A Verified Market Maker on Fonbnk is a trusted market maker who regularly creates and confirms swaps on the Fonbnk marketplace. This is also indicated by a green tick next to the market maker profile. Fonbnk has vetted all Verified market makers for their successful history of trading on the Fonbnk marketplace and valid identification credentials (Know Your Customer or KYC). As a result, Fonbnk and the customer know there are providers of MIN tokens for airtime who have integrity and understands how the service works. 

How to Become a Verified Market Maker

To become a Verified Market Maker, one must have experience using the Fonbnk platform, swapping airtime for MIN, and creating swaps to trade MIN for airtime. Furthermore, it is essential to be able to have the ability to purchase MIN tokens with cryptocurrency using the Fonbnk App of at least 1,000 MIN and create an economically priced swap of an equal amount or more significant.

This also includes knowledge of and experience with all other Fonbnk functions (Top-Up, Converting, Virtual Cards), as this user will be considered a knowledgeable representative. Additionally, KYC is a requirement for the Verified Market Maker designation. Once the user has completed these actions, they can apply to the Verified Market Maker application form – HERE.