In an attempt to expand its presence across the Asia Pacific region Australia’s trusted cryptocurrency exchange platform announced the extension of its services to Singapore, Finance Magnates reported on Friday.
In Singapore, some of the recent developments surrounding blockchain and cryptocurrency suggest that this tiny yet mighty South East Asian country is ready to become the next big hub for business establishments.
Last month, the Singapore government-backed Tribe Accelerator managed to secure a massive sixteen million US dollars ($16 million) in second-round funding to boost growth and establishment of blockchain and crypto-related startups. In November, the country’s central regulatory body, Monetary Authority of Singapore (MAS), reported that it is considering permitting derivatives trading of specific crypto tokens on regulated exchanges.
Aussie cryptocurrency exchange expands its reach in Singapore
Making the best of this opportunistic market is the Australian cryptocurrency exchange Independent Reserve, one of the first exchanges in the country to comply with stringent anti-money laundering and counter-terrorism laws. With a daily trading volume of over one million US dollars ($1.06 million) and around one hundred and twenty thousand users across Australia and New Zealand, this ambitious digital trading platform has now set its eyes on Singapore.
Adrian Przelozny, who is the CEO and founder of the exchange, confirmed the news stating that some of the positive developments in the region, especially the soon-to-be-enforced Payments Services Act to encourage innovation and growth of fintech companies, have made it a lucrative place for expansion.
Following the expansion, the cryptocurrency exchange will extend its services to the residents of Singapore who can buy, sell, invest and trade cryptocurrencies on Independent Reserve’s Singapore based platform. Besides being the only Aussie exchange to offer insurance of crypto holdings, the platform will also roll out Singaporean dollar trading pairs soon.
Featured Image by Pixabay