Mandala was originally conceptualized in 2017 as a centralized, compliant digital asset exchange which would provide a secure trading platform for both individual retail and institutional traders alike. After some early setbacks and a strategic overhaul in 2019, Mandala partnered with Binance Cloud to develop, whitelabel and host the exchange, which was formally launched in December 2020. The MDX utility token is used for exotic order types, trading competitions, giveaways, lifting fees, future/margin fee rebates, fiat onramp and access to trading bots.