Hong Kong-based crypto exchange AAX has announced it is aggressively expanding in Singapore in a bid to cater to institutional investors.
AAX, an exchange powered by London Stock Exchange's LSEG Technology, was granted the Monetary Authority of Singapore (MAS) Exemption of Provision of Digital Payment Token Services last year.
This gave AAX the green light to press ahead with providing cryptocurrency services in the country.
"Singapore is really at the forefront of financial innovation, considering its position as one of the main business hubs in Asia Pacific and its forward-looking approach to regulation," said AAX's CEO, Thor Chan.
"With the expansion of our team in Singapore, the provision of our FIX connectivity, we are expecting 10x growth in trade volume in 2021, as well as funds and family offices on boarding."
Now, the exchange has said it will kick-start with a fiat to cryptocurrency platform supporting BTC, ETH, BCH, LTC, and its native Singapore dollars SGD token solely for those in the country.
It also plans to provide compliance, treasury, marketing and account management to crypto companies in Singapore.
AAX is the world's first digital asset exchange powered by the London Stock Exchange. It offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity.
AAX also enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
It has enjoyed remarkable success this year: in January, fiat purchases of cryptocurrency on the platform hit $1.5 million.