Binance, the largest crypto exchange platform in today's markets invested in MX Global Sdn. Bhd. (MX Global). In addition, it was announced that MX Global received further investment from Cuscapi Berhad.
The invested capital is undisclosed.
MX Global is a Malaysian crypto trading platform, offering investors to trade bitcoin and ether. In August 2021 MX Exchange received the approval of the Securities Commission Malaysia to operate as Recognised Market Operator-Digital Asset Exchange (RMO-DAX).
Currently, Luno is the leading cryptocurrency exchange in Malaysia. With over 600,00 users, Luno saw a firm growth in its clients base that was below 200,000 in November 2021. Luno is planning to add more cryptocurrencies in 2022.
The rising demand for cryptocurrencies in Malaysia may have attracted the attention of Binance and Cuscapi Berhad.
MX Global is Looking to Expand
The invested capital MX Global received will assist the company to work on its brand awareness and development. MX Global will work on expanding its clients base. The trading volumes in cryptocurrencies across the world is estimated to be around $2 trillion a day.
Dato' Fadzli Shah, the CEO of MX Global said: "MX Global aspires to be the preferred liquidity platform for digital asset or cryptocurrency investors and token issuers locally and internationally. The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy and real digital asset ecosystem for our customers."
Datuk Jayakumar Panneer Selvam from Cuscapi Berhad remarked: "This historic collaboration between digital assets and payment systems will create integration and synergy that will bring together the high potential of the use of cryptocurrency to conduct commerce. With blockchain and smart contracts being increasingly incorporated into our lives, the potential for this will be massive."
