Backed By US$44M In Funding Singapore Crypto Exchange Startup Ecxx Gears Up For Launch
Singapore-based startup Ecxx Global Private Ltd. will launch its digital asset exchange on March 21 with more than 12,000 users already registered during pre-launch, the company said on Wednesday. Ecxx is backed by US$44 million in funding which it raised from investors that include CapitalX, Epsilon Investment and Ariki Asia and aims to become “the world’s leading digital asset exchange.”
Designed for both professional traders and retail investors, the Ecxx.com platform seeks to deliver trustable and secured digital asset trading services that allows users to buy, sell, and store digital assets.
The platform promises a “world-class multi-layer security system” and will run on its own in-house proprietary system, enabling the company to provide “a full-suite crypto ecosystem with high liquidity.” It will be integrated with SmartNation Singapore project, a consent-based identity profile platform for Singaporeans or permanent residents. For non-Singapore residents, the typical KYC process still applies.
Ecxx said it was in the midst of applying for a market operator
license from regulators. As it “aggressively” scales its network and expands
across multiple additional counties and geographies, the company will be
seeking relevant regulatory approvals.
“We see regulation and government licensing as critical
factors that will drive the future of the blockchain and cryptocurrency space,”
said Branson Lee, CEO and co-founder of Ecxx. “As such, we intend to work
closely with the regulators to have the right licenses in place for ecxx.com to
grow into a leading digital asset exchange and a dominant player in the
Ecxx has also announced a strategic partnership with
award-winning cryptocurrency hardware wallet manufacturer Ledger, a collaboration
that will see Ecxx becoming the first exchange in Asia to integrate Ledger
Vault, the company claims. Ledger Vault is a cryptocurrency wallet management
solution for the financial industry.
Ecxx joins the already crowded Asian cryptocurrency trading
industry, a highly competitive market that counts plenty of established players
including Huobi, OKEx, Binance, BitFlyer, Korbit and Bithumb.
Last year, several South Korean and Japanese exchanges began
aggressively expanding overseas, and most particularly in Southeast Asia.
Coinone, one of the South Korea’s largest exchanges, launched in Indonesia in
August and is
now eyeing Singapore and Hong Kong.