Byte Power set to ring in 2020 with a new Singapore crypto exchange
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Byte Power Group (ASX:BPG) plans to launch a new cryptocurrency exchange in Singapore on the last day of 2019.
The exchange, Byte Power X Singapore, will start out trading 10 cryptocurrencies.
Byte Power was unavailable at the time of publishing to answer Stockhead’s question of which cryptocurrencies would be traded on the exchange.
The new exchange will also have fiat pairings with the Singapore, US and Aussie dollars.
Byte Power reckons Singapore has “one of the most progressive regulatory environments in the cryptocurrency market”.
CEO Alvin Phua said jurisdictions with favourable regulations usually gave rise to greater acceptance of cryptocurrency and an increase in demand.
“We therefore see our expansion into Singapore as a strategic opportunity to operate in one of the most progressive environments in Asia and indeed globally,” he told investors.
“BPG believes that the Singaporean government has an in-depth understanding of cryptocurrency and is quite open towards financial innovation.”
Phua said that in the past two years, Singapore had seen a noticeable inflow of crypto and blockchain-related companies due to its favourable regulatory frameworks.
“I firmly believe that Singapore’s progressive stance towards blockchain related innovation will lead to significant growth in this sector.”
Cryptocurrencies like Bitcoin are a long way from their peak prices, responding to further market volatility in the last half of 2019.
Bitcoin hit almost $US20,000 in December 2017, but right now it is trading at around $US7,200.
It hit a 2019 peak of over $US12,500 in early July, but since then it has continued to decline.
However, Bitcoin has gained 95 per cent since the start of the year.
Byte, meanwhile, is facing a battle to retain its spot on the ASX.
The local bourse has given the company, which was once nearly a nine-bagger in 12 months, its marching orders.