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AAX Exchange Announces 20 New Fiat Currencies In Its Latest Product Expansion

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AAX Exchange, the first crypto exchange to use London Stock Exchange Group (LSEG) Technology announces the addition of fiat currencies as payment options including US dollar, Chinese Yuan, and Hong Kong dollars on its over-the-counter (OTC) desk allowing users to trade safely on the peer-to-peer platform. 

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Additionally, the exchange also announced partnerships with multiple payment gateways including Epay, Coinify, Mercuryo, and Xanpool to support over 20 types of fiat currencies on their Fast Buy platform.  

A growing need for fiat gateways 

The cryptocurrency ecosystem is gradually growing in numbers and volume with innovations such as DeFi, token governance, yield farming etc. causing a rush to own crypto. AAX, an accredited crypto exchange is stepping up to offer new entrant a fiat-crypto gateway to ease their trading and draw maximum value and utility across the platforms. 

Despite the massive steps in crypto adoption, liquidity remains a big hindrance for crypto as a global investment vehicle – cash still rules, at least for investors. But even from a use case perspective, for crypto to serve the billions of unbanked, enlist more merchants and see overall adoption, the linkage between cryptocurrency and fiat is key. 

Slow but steady growth

Over the past few years, the crypto space has welcomed a number of traditional finance firm with an aim to bridge the liquidity gap by providing stable fiat to crypto on- and off-ramps. 

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Furthermore, innovations have come up in the fiat to crypto payments sector with payment providers such as Epay, Xanpool, Simplex, and Coinify creating fiat on ramps supporting almost all fiat currencies in the world. 

AAX Exchange, now partnering with Epay, Coinify, Xanpool, and Mercuryo, offers multiple fiat currencies on its marketplace, Fast Buy, allowing the fastest and low fees trading. Users can now buy and sell crypto instantly using fiat including the USD, GBP, EUR, JPY, CNY, RUB, HKD, SGD, among others.

The exchange lists more than 20 top crypto-to-crypto trading pairs, with new coins listed every month. It also operates futures markets listing perpetual contracts for Bitcoin and Ethereum. 

OTC trading at its finest!

On AAX’s OTC platform users can buy and sell Bitcoin, USDT and Ethereum from other users and merchants for HKD, USD and CNY. Payments can be made with bank transfer, WeChat, PayPal and a whole range of other easy methods. Its peer-to-peer, meaning between users, but AAX provides oversight – so deals can be made in a safe way. 

Notwithstanding, AAX exchange introduces a new payment system, Red Packet, that allows users to directly send funds (in any denomination) to a recipient’s account through their phone number. 

A statement released to Coingape on the Red Packet reads, 

“If you have an AAX account and you want to pay someone, you can send them a “red packet” with funds of your choice, by transferring it to their phone number. If they then open an account with AAX, with their phone number as point of contact, they will find the funds in their wallet. “

AAX is forging more partnerships with to create new payment channels and gateways to make it easier for the global population to ender the crypto ecosystem.

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Source: https://platoblockchain.net/2020/07/27/aax-exchange-announces-20-new-fiat-currencies-in-its-latest-product-expansion/

Blockchain

Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

A multinational payments firm is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

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Multinational payments firm Sia is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

“When you have one bitcoin, it’s not a big problem, but when you start adding 10, 20 or 100, you have a treasury and you have to decide where to store this,” said Daniele Savarè, SIA’s innovation and business solutions director. “We are discussing digital custody needs with banks in Europe.” 

The firm is also helping banks manage and safekeep security tokens and central bank digital currencies, he added.

Through SIA, Hex Trust plans to offer European banks the software to custody digital assets on behalf of their customers. Hex Trust will also act as a sub-custodian for banks that don’t want to directly offer the service, said Hex Trust CEO Alessio Quaglini. 

Currently, Hex Trust works with three banks – Mason Privatbank Liechtenstein AG and two unnamed Asian banks. Quaglini said Hex Trust has 10 other banks that are exploring the custodian’s products.

Going forward, SIA will be the primary distribution partner for Hex Trust to offer digital-asset services to banks in Europe, Quaglini said. 

Source: https://www.coindesk.com/hex-trust-sia-crypto-custody-eu-banks

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Blockchain

Collider Labs Raises $1M to Invest in Blockchain Startups

The venture builder is seeking to invest in early-stage startups with a focus on transparency, privacy and “fairness.”

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Collider Labs has raised $1 million to be invested in early-stage blockchain and cryptocurrency startups.

In an announcement Thursday, the venture builder said the raise had brought on board several notable limited partners including Efficient Frontier CTO Alon Elmaliah and Follow [the] Seed Founding Partner Andrey Shirben.

Collider provides funding and liquidity and actively participates in building up startups alongside their communities and founders, according to the firm’s founding partner, Avishay Ovadia.

The company is actively seeking to invest in early-stage blockchain and crypto startups globally, with a focus transparency, privacy and “fairness.”

Collider “is a venture builder that somewhat resembles an accelerator” Ovadia said. With some “key characteristics” that differentiate it from a typical accelerator.

Venture builders, also known as startup studios, pair with early-stage startups and utilize their own ideas and resources to, if all goes according to plan, construct viable enterprises.

According to Ovadia, Collider forms partnerships with founders, invests in teams and works alongside them as what he calls “Investors in Residence.”

Source: https://www.coindesk.com/collider-labs-raises-1m-to-invest-in-blockchain-startups

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Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

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Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

Voyager Digital, a publicly traded digital asset brokerage with offices in New York, has agreed to buy LGO, a French crypto exchange primarily serving institutional investors, as the company expands to Europe.

The transaction requires regulatory approval, which the parties said they expect to receive by the end of this year, along with the token swap. The value of the deal will depend on the value of Voyager’s shares, and the firms’ tokens, at closing; at current prices, it would be in the low seven figures.

As such, this deal is dwarfed by this year’s blockbuster crypto M&A deals such as Binance’s acquisition of CoinMarketCap, estimated to be worth $400 million, and FTX’s $150 million deal to acquire Blockfolio.

Read More: ‘They Have the Users’: Binance CEO Explains Why He Bought CoinMarketCap

What makes this deal unusual is that the two companies’ utility tokens, VGX and LGO, will be swapped into newly minted tokens featuring decentralized finance (DeFi) functions such as community governance and staking at an initial interest rate of 7%.

“We think this is really taking the old-school mergers and acquisitions to the token world, which hasn’t been done before,” Steve Enrlich, Voyager’s co-founder and chief executive officer, told CoinDesk.

Upon completion, Voyager, which is publicly listed on the Canadian Securities Exchange, will issue one million shares for the acquisition and operate in the European retail market with LGO’s Virtual Asset Service Provider registration with the French Financial Markets regulator (AMF). All activities will be conducted under the Voyager brand and LGO will discontinue its institutional services on Oct. 31. Shares of Voyager closed at C$0.67 ($0.51) on Wednesday. 

Read More: Voyager to Pay Interest on DeFi Tokens to Gain Brokerage Clients

Hugo Renaudin, co-founder and chief executive officer of LGO, told CoinDesk that the French company made the deal after it decided to shift its focus from institutional clients to increasing value for its token holders.

“The key decision-maker is what will bring the most value to our tokens,” Renaudin said. “So we have this token. We have token holders and they’re mostly retail [clients].”

LGO launched an initial coin offering (ICO) in February 2018, according to its website, which raised 3,600 bitcoin (worth about $36 million at the time). The company’s white paper shows that 60% of the tokens were distributed through a pre-sale process, while 20% of the supply went to LGO’s founders and advisors.

At its peak in April 2018, the LGO token’s market cap was nearly $40 million, according to data from CoinMarketCap. On Wednesday, that value was calculated to be $1.5 million. 

Renaudin told CoinDesk that the company’s other option would have been focusing on better serving its institutional clients, which means its spot exchange would have to provide new and exotic derivatives products. After consideration, he said that the team had decided to change its focus to retail customers instead.

The merger comes during a time of regulatory crackdown on crypto derivatives trading around the globe. Popular crypto derivatives exchange BitMEX was charged by the U.S. Commodity Futures Trading Commission (CFTC) with facilitating unregistered trading activities, while in the UK, the Financial Conduct Authority (FCA) has banned crypto derivatives for retail consumers.

This is not the first acquisition by Voyager, which went public in early 2019 in a reverse merger with the shell of a Canadian mineral exploration company. Previously, it acquired wallet startup Ethos.io for about $4 million.

Read More: Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges

Voyage’s revenue in the most-recent fiscal quarter, which ended Sept. 30, surged to about $2 million, compared with $1.1 million during the fiscal year ending in June.

“We are becoming the financial service firm of the future, which means I will look at acquisitions that can add products, customer assets to the platform, or tokens and other communities that can be accretive to what we are trying to do,” Enrlich said. “And adding these pieces together we are going to either do it organically or through more acquisitions.”

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Source: https://www.coindesk.com/voyager-acquires-lgo-token-merger

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