CRXzone Launches spil Singapore – s Very first Bitcoin and Litecoin Exchange
Singapore’s latest exchange, CRXzone, has become the very first toneel to opoffering both litecoin and bitcoin trading te the country.
Like others ter the Asian region, the exchange aims to attract an international customer base by suggesting extra bitcoin services beyond trading.
CEO Pawan Kumar spoke to CoinDesk about the exchange’s unique funding and payment options, the advantages of Singapore spil a base for bitcoin businesses and the future viability of alternate digital currencies ter general, particularly litecoin.
Funding options and payment networks
One of CRXzone’s key strategies to attract a broad customer base is its range of account funding and withdrawal options. Spil well spil the usual canap transfers, the exchange offers international payment processor options like OKPAY, Egopay, and PerfectMoney.
Kumar tends to refer to other payment networks spil ‘digital currencies’ too, blurring the line somewhat inbetween cryptocurrencies and widely-used international payment networks.
This is most likely due to his 25-year practice ter the IT industry, practice with online businesses and involvement ter digital payment networks “since the time of E-gold ” .
While all suggest speed and cost advantages overheen traditional currencies, Kumar said that bitcoin’s decentralized nature made it an attractive option.
“I personally feel [. ] bitcoin will leisurely takeover all other digital currencies and remain a useful contraption for digital payments which are growing day by day.”
One of CRXzone’s selling points is its litecoin trading option, despite the popular altcoin’s photo taking a battering following its latest price slump to $Five and lower.
“Wij still believe that litecoin will get through the current downward trend. It is well known and widely used crypto after the bitcoin [sic]. Leverage trading seems to be a reason for the current price slump, spil vanaf my private judgement.”
CRXzone’s selection of different payment options means there are various fees involved when moving funds te and out of the exchange. OKPAY’s rate is 1%, while others may charge up to 3%. Meantime, international bankgebouw transfers are likely to be the least economical option for users.
The exchange itself, however, does not charge any of its own fees ter addition to thesis, regardless of the country or currency. “Not even a miners’ toverfee,” Kumar pointed out.
CRXzone itself offers a clear layout with order books and live charts. There are numerous trading-oriented reports with trend indicators for each pair, plus volumes, lowest/highest market prices and trade history. Access to the trading API is also available.
Security and auditing
CRXzone keeps only 2-3% of customer funds te ‘hot wallets’ and the surplus exist ter offline cold storage. Deposits are automated but withdrawals are processed by human operators spil an extra check.
There are also plans for half-yearly or even quarterly audits of bitcoin reserves similar to those recently performed at mainland Chinese exchanges, alongside Kritiseren and Bitfinex a few months earlier.
CRXzone is also working on a “utter solution” merchant gateway for businesses wishing to accept bitcoin, which should be operational “within a few months”, according to the CEO.
Kumar said CRXzone’s trading volumes and sign-ups were “steadily going up”, and the company wasgoed attempting to bring ter more market makers to boost this further.
The company is possessed by a 50:50 partnership who self-funded the business, and it wasgoed not seeking extra funding at this stage.
Bitcoin still strong te Singapore
With its financial services-driven economy and reputation spil an IT startup hub, Singapore looked to be an early leader ter bitcoin space. Indeed, it is punching above its weight with eight bitcoin ATMs, a homegrown manufacturer, a duo of payment processors and a fresh digital currency industry group, ACCESS.
The country’s relatively liberal attitude to financial regulation may have assisted this, tho’ some businesses are demonstrating a preference for US headquarters te order to serve a still US-heavy bitcoin market.
CRXzone has a team of six working on the technical backend, business development and compliance. Kumar said he has accomplish confidence operating te the jurisdiction.
“The government here has given very clear guidelines on taxation and regulation so far, and wij expect the same te future. Wij do not anticipate any problem te near future regarding the bitcoin businesses te Singapore.”
CRXzone’s office is ter Singapore’s central business district, and Kumar added that customers are welcome to visit the office at any time.
The company adheres to the standard set of know-your-customer and anti-money laundering (KYC/AML) ID policies, requiring photo ID and proof of address to customer ter any country. It is also a member of ACCESS.
Hat peak to David Moskowitz of CoinRepublic, who conducted the movie vraaggesprek with CEO Pawan Kumar below:
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