The newly-opened exchange is dubbed EurekaPro and is based in Singapore. It allows fiat-to-crypto buying and selling and is the first local crypto trader to enter the Southeast DLT crypto market.
Currently, the exchange is in the beta testing phase. More than 8,000 traders have signed up for the trials during the first week. The fiat currencies that are being used are Singapore dollar, Malaysian ringgit and Indonesian rupiah.
Growing South-Eastern market
The region of Southeast Asia has over half a billion people of population. Most of them are middle-class citizens with enough savings to invest in the growing Blockchain- and crypto industries. The new crypto exchange is going to provide them with this opportunity.
Local media reports that the Monetary Authority of Singapore has been cooperating with Deloitte and NASDAQ in order to get some solutions developed for EurekaPro, except trading fiat-to-crypto.
By launching crypto-fiat trading in EurekaPro, the team hopes to make virtual coins more adaptable for the corporate sector and regular users.
Recently, Thailand regulators gave crypto coins the classification of securities and currencies depending on the initial goal of the tokens. As for ICOs, the local regulatory authorities have made startups keep to special strict rules and possess at least $157,000 of initial capital.
Binance as a competitor
Earlier, U.Today reported that the world’s largest crypto exchange Binance intends to launch a fiat-crypto exchange in Singapore as well, expanding its global reach. BTC and ETH will be traded against the Singaporean dollar.
The CEO of Binance recently claimed that he intends to expand globally and set up exchanges on all the continents.