1X Exchange Lists ETH Security Token, Aggregate Asset Management (AAM), in Singapore
1X crypto exchange is heading to Singapore, where it aims to conquer the market and offer digital asset investors an array of digital token-fiat trade pairs. With plans to concentrate on supporting digital security tokens of private firms, the platform will permit payments made using the local currency.
Basically, the exchange is confident that this new move will boost liquidity in a “historically illiquid asset” market. Already, the exchange has listed an ETH token, which boasts 7% shareholding of the Singaporean fund management platform, Aggregate Asset Management (AAM).
According to Haiping Choo, the platform’s chief, the decision to start with private firms is, however, expected to later allow the exchange target popular illiquid assets. Speaking to CoinDesk, he said that they will later target bonds and real estate.
Choo further explained the listing of companies, saying that they current focus on ordinary shares, but would later expand to the rest, including preferred shares and convertible bonds.
This morning, we marked Aggregate Asset Management as the first company live for trading on our platform with a gong-striking ceremony this morning held in conjunction with @SGX ’Daily Securities Market Opening'. pic.twitter.com/dFTg1wNbtw
— 1exchange (@1Xexchange) July 10, 2019
Singapore has Fewer Investors
Singapore still has a few investors who are accredited enough to adequately invest in listed securities. However, the country welcomes foreign retail investors to invest as well, so long as they pass all the KYC regulations.
The success of the exchange is Singapore highly depends on how efficient their blockchain technology will be in reducing their overall operational costs. Listing charges are set at $3,600 a year, and for each trade executed, while the transaction costs will stand at 2.5%.
1X is fully backed by the country’s regulator, the Singapore Exchange, which also is its key strategic investor, even though it’s a minority shareholder. It is also supported technologically by ConsenSys.
Meanwhile, Dukascopy Partners SCX, all for Fiat-Crypto Trading
Burgeoning retail brokerage firm, Dukascopy, has partnered with Swiss Crypto Exchange, SCX. The partnership will reportedly allow Dukascopy customers to buy and sell their assets conveniently via SCX integration.
Following the partnership, investors now have access to all fiat-to-crypto pairs, even though they will use either Swiss Franc or Euro. The only available fiat-to-crypto pairs at the moment involve Bitcoin and Ethereum, even though the list could expand soon.
Speaking after sealing the partnership, the CEO of the Swiss exchange, Francesco Adiliberti, was upbeat that it would be a success. He said that they have always strived to create a better on-ramp infrastructure from fiat to crypto as well crypto-to-crypto multi-lateral trading.
For Dukascopy customers, the integration also guarantees that their bank accounts, personal wallets and other details will be safe and secure. They will alternatively use a mobile app to access the services straight from their phones, although this “opt-in” is automatically accompanied by a crypto wallet getting opened.
Dukascopy has lately been working hard in the crypto industry. The broker has even launched a Stablecoin pegged on a couple of fiat, having previously launched a native token dubbed Dukascoin.
According to its CEO, Andre Duka, integrating fiat accounts into a digital assets trading system is a step in the right direction in their calls to achieve increased adoption of Dukascoin. He said that they have found an incredibly reliable partner in SCX.