Singularity-X, a new professional digital asset exchange, has started live trading the most popular cryptocurrencies – BTC, LTC, ETH, and DASH, with both crypto/crypto and crypto/fiat trading available and trade pairs available in USD and EUR.
Additional cryptocurrencies and tokens will be gradually added to the exchange, which is headquartered in the European Union. Clients wanting to trade a crypto/fiat pair will undergo the standard KYC/AML procedure. Singularity-X is now using Thomson Reuters World-Check Risk Intelligence to help meet due diligence obligations, including requirements under KYC and AML legislation.
Initial information and details regarding the exchange were presented in March at the Money Asia 2020 conference in Singapore. The exchange has already signed contracts with several liquidity providers, and cooperation has been confirmed by miners from all over the world. Singularity-X will continue to expand its liquidity channels – enabling clients to access competitive prices in the market and for their orders to be processed swiftly.
“We take a pro-client approach. That’s why we offer high-quality service and support that listens to our clients and helps,” says Singularity-X CEO Peter Vrábel.
The exchange’s architecture was designed by a professional team (Match-Trade) with extensive experience in building Forex, financial derivatives, and CFD contract trading platforms, as well as blockchain technology. The matching engine can process 20,000 trades per second. The security of digital assets is ensured by a combination of hot and cold wallets, where only a small portion of assets remains in the hot wallet and the remainder is safely stored in a cold wallet.
Over time the exchange will add more tradeable currencies. Multiple projects and cryptocurrencies have requested listings.
“We will only sell individual currencies when we can offer our clients sufficient asset liquidity,” adds Vrábel.