Bitsdaq has launched a new cryptocurrency trading platform targeted at Asian markets. The Bitsdaq Exchange, powered by Bittrex’s technology, is set to provide users with compliant diversified digital assets trading services.
A representative from Singapore based Bitsdaq said prior to the launch, the platform had seen significant interest, garnering 10,000 pre-registrations in the first 24 hours after announcing the exchange, gaining up to 1,000 registrations per hour.
Asia’s cryptocurrency trading sector is dominated by large, established players such as Huobi, Binance and OKEx. Bitsdaq’s close collaboration with Bittrex will help the platform differentiate itself from competitors, Ricky Ng, chairman and CEO of Bitsdaq, told CoinJournal.
“Our goal with the Bittrex partnership is to gain a major foothold in the global market by expanding Asian users’ investment opportunities. Additionally, with Bittrex’s help, we have the leading technical resources and talent in the industry,” Ng said.
“The Bitsdaq team has been working in the cryptocurrency field for many years, making us capable to handle innovative technical financial businesses. The core members of our team consist of outstanding talent from the international investment, cryptocurrency exchanges, web development fields. They have rich experience in derivatives, high-frequency trading, application development, exchange construction, and risk management.”
Founded in 2014, Bittrex is a US-based cryptocurrency exchange renowned for the vast number of cryptocurrencies listed and its good reputation for security. In 2018, the company began expanding overseas through partnerships with local players including South Africa’s VALR and South Korea’s Dunamu, the operator of Upbit.
In September 2018, it announced the formation of affiliate Bittrex International, which owns and manages the firm’s blockchain businesses outside of the US.
Bitsdaq Exchange will give customers access to all cryptocurrencies on the Bittrex and Bittrex International platforms, and will share cryptocurrency market depth with Bittrex to create optimal liquidity. It will also feature “a best-in-class customer service” and education program to support entry level traders. Bitsdaq promises to provide a compliant and trustworthy platform with a selection of world-quality projects.
Ng said the company plans to support fiat currencies at a later stage with a development roadmap that includes platform currency dividends, transaction fee discounts, currency voting, and Bitsdaq community voting.
“We’ll also feature high-quality community activities like an exclusive industry research report for the Bitsdaq community,” he added.
“We will innovate the trading sector through Asset Tokenize Offering (ATO) trading, Security Token Offering (STO), future contracts. In the current bear market, investors will only have a chance to profit through leveraging contracts.”
For the year ahead, Ng said the company will focus on strengthen its trading platform and improve transaction efficiency and effectiveness. It will also develop new tailor-made services for users, project parties, and investment institutions.
“For our long-term development, we need clear planning and upcoming development blueprints. We must also adjust our strategy according to market changes,” Ng concluded. “In 2019, we hope to become the Bittrex of Asia.”