Singapore’s Ecxx Set to Launch Crypto Exchange with $44 Million Backing, 12,000 Users Signed Up
Ecxx Global Private Ltd., a blockchain startup based in Singapore, is set to introduce to crypto exchange. So far, the company has registered 12,000 users and received funding worth $44 million from various financiers. The primary objective of the Ecxx exchange will be to become the world’s best.
Ecxx is a service that aims to provide fast, secure and affordable cryptocurrency trading services to both retail and institutional investors. The upcoming exchange will feature an impenetrable multilayer security mechanism. Also, it will be based on a proprietary software framework and focus on providing high liquidity for traders.
Additionally, the exchange platform will be integrated into the SmartNation project, a digital identity solution for Singapore citizens and residents. If a user is based outside Singapore, they have to undergo the standard KYC procedure.
The company is also working towards acquiring a crypto operations license. In fact, Ecxx intends to seek regulatory approval in every country they operate in. Branson Lee, the CEO of Ecxx, regulation of the crypto space will drive up the adoption of digital assets and blockchain technology. This is the reason that Ecxx is seeking licenses so as to become a prominent exchange.
Moreover, Ecxx has announced a collaboration with the Ledger hardware wallet. Apparently, Ecxx is the first digital asset trading platform to incorporate the Ledger Vault, a crypto custody solution for financial companies.
The challenge, however, is the big number of competing for exchange platforms in the Asian market. The trading platform would have to fend off the completion from established exchanges such as Binance, Huobi, OKEx, and Bithumb and so on.
In 2018, exchange platforms based in Japan and Korea embarked on an aggressive expansion program, mainly targeting the Southeast Asia region. Coinone, a leading Korean exchange, has already set up in Indonesia and plans to move to Hong Kong and Singapore. Similarly, UPbit is also targeting the Singaporean market.