A Chinese-based cryptocurrency exchange platform wants to open shop in the Philippines.
Encouraged by the recent approval by the Bangko Sentral ng Pilipinas (BSP) of a cryptocurrency exchange license for Philippine Digital Asset Exchange (PDAX), another digital exchange platform is seeking to enter the growing domestic virtual currency market.
In an interview with Cryptovest, Butch Tabligan, the local partner of UDAX United Digital Asset Exchange cryptocurrency exchange platform, said that the company is now preparing all the necessary documents to file for a license to open a shop in the Philippines and serve the local market.
“UDAX is like Binance,” Tabligan said. “Our operation is global with local base presence. Our aim is to get regulated and compliant with each and every crypto-friendly country worldwide. At present we have UDAX Korea, Hong Kong, Malaysia, Singapore, Switzerland and other countries.”
He explained the decision to enter the Philippine market is because the company is confident that the growing market that is now “ripe for the taking.” This was proven by the reliable method of testing the markets by buying the product, “and if there are takers, you sell.”
Indeed, there are takers of cryptocurrencies in the Philippines with the number of blockchain and digital currency projects emanating from the country.
Data from the BSP showed the volume of cryptocurrency trading jumped to an average of $40 million in the first half of this year from between $8M – $10M from a year ago.
Tabligan explained that one major advantage of UDAX is its global collaboration effort with an exponentially growing community of cryptocurrency traders and token holders, users and buyers through AceClub – an online community which provides members with access to genuine blockchain-related projects, taking out the guesswork and reducing the risks that are usually associated with inferior initiatives and avoiding scam projects altogether.
He added that AceClub gives the members free access to one or several or all pre-qualified blockchain-related projects. While every project has its risks, AceClub endeavors to only support blockchain-related projects that have a real and capable team behind them and which have projects that are useful, impactful and that they contribute real value to the larger ecosystem of the global economy. UDAX has created loyalty by providing continuous education and protection of its AceClub community members. It supports almost every ICO (initial coin offering) introduced through UDAX platform.”
AceClub provides UDAX with a fast-growing global crowd of crypto enthusiasts, Tabligan added, AceClub community grew from a few thousand to more than 20,000 subscribers in two months.
At the same time, Tabligan said UDAX is in talks with a leading international credit card provider for a debit card where fiat currencies can be accessed via ATM, utilizing a UDAX-specific cryptocurrency.
He added that UDAX’s Copycash would start the Forex Copy trading using an artificial intelligence engine next month. The results on the ROI (return on investment) accomplished over 48 days of field testing with real trading have been very good, averaging about 15 percent profit per month.
“The fees earned by UDAX was over 10 percent on average. Only holders of UDAX issued tokens will be granted the option to access trades by this specific AI engine. This will pump up the value of UDAX Tokens because it will only accept UDAX Tokens (UDT) for transaction fees in trading on the UDAX exchange network,” he added.
The next project in the UDAX pipeline is the DBOS (decentralized blockchain operating system) which will not only be faster than current blockchain technology and more secure, but will also disrupt the Apps OS eco system by using its fourth-generation blockchain technology architecture to make it easy for the global development of decentralized app (DApps) development.
The vision is to make it so simple to build a fast, secure DApp such that everyone can write their own DApp on DBOS, he said
Unlike many exchanges, UDAX has strong advisors who can take ICOs to IPO as well. That is one area where UDAX will be differentiating itself from other major exchanges as it works into the top ten.
Finally, Tabligan said, “A platform similar to the escrow services Remitano and Localbitcoins will be made available soon!”