Kryptos-X Used Seed Money from Fatfish to Launch

Kryptos-X Used Seed Money from Fatfish to Launch
December 12 13:19 2017 Print This Article

Kryptos-X has launched and the launch was enabled by one million dollars in seed money, which came from Fatfish. Kryptos-X is an exchange for cryptocurrency which is based in Singapore. The company which gave the exchange seed money is an Internet group which is listed on the ASX.

Kryptos-X’s founder and leader is Tony McKay. He’s an Aussie entrepreneur who also spearheaded the alternative stock trading platform network known as Chi-X Global. The investment is being funded via current cash reserves, in addition to a proposed listing (on the NASDAQ First North Exchange of Sweden) of the venture builder’s asset portfolio. It’s also possible that more capital raising may take place in the future.

How Will the Money Be Spent?

Up to forty percent of proceeds from the investment will be utilized in order to acquire talent. Another forty percent of the investment proceeds will be used in order to take care of development of software. That leaves twenty percent and the last twenty percent is going to be used in order to cover incidental setup expenses. Mackay and his team of managers have chosen Singapore as the headquarters for the startup. They’ve done so because they believe that the island city-state of Singapore has a good level of regulation.

Kryptos-X will function as an e-marketplace for high-frequency and high-volume trading of virtual currencies, including Bitcoin.

Initia Coin Offerings Will Happen Soon

Kryptos-X will begin by offering services within Singapore, for offerings for digital tokens. Digital token offerings are also referred to as ICOs (initial coin offerings). The exchange for virtual currency is expected to expand into a range of jurisdictions later on. Fatfish weighed in on the new opportunity by letting the public know that Kryptos-X will be centered on digital currencies which are delivered via blockchain technology.

Right now, there are a many players in Singapore’s virtual currency exchange scene, including Luno, FYB-SG, Quoine, Coinbase and Coinhako. These exchanges are for Singaporeans only. Earlier in 2017, Coinbase drummed up one hundred million dollars during its D Series funding round. The company was valued at one billion during the D Series funding round.

Mackay is Getting a Promotion

In addition to leading Kryptos-X, Mackay has been promoted to non-executive director of Fatfish. He will assist and advise Fatfish team members with developing new apps for cryptocurrency and blockchain technology. As well, a joint venture between Mackay and Fatfish is in the works.

Singapore’s Monetary Authority, which is known as MAS, recently stated that cryptocurrency exchanges must adhere to SFA (Securities and Futures Act rules, because digital tokens which have the same characteristics as securities are regulated in the same way as securities. Right now, Singapore is the third-biggest global hub for cryptocurrency exchange. It’s the biggest cryptocurrency exchange hub in Asia. The launch of Kryptos-X is likely to make Singapore an even bigger player in Asia and beyond. Since Kryptos-X has the right backing and a lot of potential, it will be interesting to see how this new crypocurrency exchange performs.

About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Visa Approves Monaco Cryptocurrency Card For Singapore Residents, Monetary Authority of Singapore a strong supporter of Fintech and all topics related to Singapore Business and Tech, if you are interested about Company Registration in Singapore visit our website for more info.

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