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Wednesday 18 September 2019

Wowoo Exchange officially launches digital assets trading platform

Source: Wowoo Exchange. Willie Chang.
Source: Wowoo Exchange. Chang.
Singapore-based Wowoo Exchange has launched its digital assets trading platform. With an initial focus on the local market, Wowoo Exchange allows users to deposit and withdraw in Singapore dollars (SGD) to trade cryptocurrency.

Three currency pairs are available initially: SGD-Bitcoin, SGD-Ethereum, and Bitcoin-Ethereum. Additional pairings will be added in the future. New users who register on the platform will also be eligible for sign-up bonuses.

The exchange, which opened its doors to the public in early September, recently partnered with fintech solution providers including Cynopsis Solutions and Xfers. Xfers is an online payment solutions provider and one of only six widely accepted stored value facilities (WA SVF) approved by the Monetary Authority of Singapore (MAS).

Most recently, the exchange announced a partnership with regulatory technology company Cynopsis Solutions to provide know-your-customer (KYC) solutions for its customers. KYC solutions are designed to prevent identity theft, money laundering and other criminal activities. The partnerships will strengthen Wowoo Exchange’s platform security, commitment to regulatory compliance and protection of customer data.

By offering Singapore-dollar transactions, as well as both market and limit orders, Wowoo Exchange can provide narrow spreads, lower trading fees, and simple and quick trades. A limit order is an instruction at an exchange to buy or sell an asset if a predetermined price is reached, or higher. A market order is an instruction to perform the buy/sell transaction at the current market price. Spreads are the range between buying and selling prices for an asset.

In the coming months, customers can expect to see features like customisable dashboards, introduction of other coins, as well as advanced options such as an instant-exchange interface, and additional trade types like stop orders. A stop order is an instruction to the exchange to buy or sell an asset once a predetermined price is reached, while "instant" services are quicker than traditional services and promise to be more seamless.

Willie Chang, CEO of Wowoo Exchange said, “Having spent the last few months laying a solid foundation, including building a strong team and platform, we are excited to bring cryptotrading to a wider audience in the region. In the coming months, we will continue to focus on improving the user experience.”

Ashish Varma, COO of Wowoo Exchange, said “Singapore is an important milestone in the growth of Wowoo Exchange, and the nation hosts some of the most innovative tech startups in the world. Our partnerships underline our commitment to shaping the future of digital asset standards. At the same time, we are always looking to actively collaborate with the wider Blockchain community and hope to contribute to the growth of the industry with our expertise.”

Details:

For a limited period of time, new users who register on the Wowoo Exchange platform will be eligible for sign-up bonuses. A visit to the website showed an offer for free Bitcoin.

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