On January 29, Singapore-based digital asset platform Bitsdaq partnered with US-based cryptocurrency exchange Bittrex to launch the Bitsdaq Exchange, a new cryptocurrency trading platform that is “open to most countries around the world for trading.”
Bitsdaq Chairman and CEO told Finance Magnates in an email that Bitsdaq will act as an Asian gateway into Bittrex’ Liquidity pools. The partnership will allow Bitsdaq to offer customers “the potential to access global markets,” he explained. Bittrex “shares [its] liquidity with Bitsdaq, providing a broad market to users,” he said.
Bitsdaq Exchange launches at 12pm on 1.29.2019(SST), we are going to build a new digital asset trading platform in Asia, powered by the advanced technology of Bittrex.#Bitsdaq is proud to provide global customers with safe, professional and efficient trading services. #blockchain pic.twitter.com/lrL97ybdfL
— Bitsdaq Exchange (@BitsdaqExchange) January 29, 2019
So far, a significant amount of interest in the platform has been demonstrated by traders. Between the time that the partnership was originally announced on January 15th and the launch on January 29th, more than 100,000 users have pre-registered on the exchange. Ten thousand of those pre-registrations came with the first 24 hours following the announcement alone.
Additionally, an official announcement by Bitsdaq claims that its Telegram community has surpassed 100,000 members and that 35,000 users have subscribed to its announcements channel.
We've received a high volume of questions since our official launch, we hope to make it easy for our users by providing you with answers and information on candy activities & sign in issues. Please use link for #Airdrop info https://t.co/vIaifwL3Ar #bitsdaq #cryptoexchange
— Bitsdaq Exchange (@BitsdaqExchange) January 29, 2019
Because Bitsdaq is set to be open to traders from a diverse set of jurisdictions, the exchange will need to tread carefully in terms of its efforts to maintain regulatory compliance.
Ng seems to understand that therefore, a proactive approach is necessary. “In order to provide users with compliant and diversified digital assets trading services, we will have continuous optimization of KYC and AML processes,” Ricky said. “We will oversee management of the new trading platform, looking after customer operations and compliance, as well as providing customer support, marketing, sales and customized development.”
Trading fees on the platform will be determined “based on trading volume,” Rick explained to FM. “Also, our withdrawal fees are dynamic and automatically adjust based on the status of the market. On top of that, we are considering organizing a variety of trading activities to provide users with a discount on trading fees in the future.”
Ng has bold opinions about the exchange’s future, although that may be a necessity in this business. “We are very excited to be launching what we believe will be the next great cryptocurrency exchange,” he said in an official announcement. “We will implement strict risk management practices that minimize user risk and increase the autonomy of digital asset trading to create a safe, reliable, and efficient trading platform.”
Bittrex Moves Forward
Across the backdrop of big personalities, massive price increases and plunges, and dramatic claims that are the cryptocurrency industry, Bittrex has stayed fairly silent over the past two years. However, with no major hacks or other major reasons for negative attention, the company has managed to maintain its reputation as one of the more secure and reliable exchanges available.
Earlier this week, Bittrex joined the Universal Protocol Alliance, an organization designed to promote Blockchain adoption. IT consists of Uphold, Cred, Brave Software, and Blockchain at Berkeley. The addition of Bittrex into the group is expected to give the organization a major boost in political and industry power.
