The services of Singularity-X, a digital asset exchange platform based in the European Union, have started being offered. Initially, only the most popular digital currencies will be made available to clients. These include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Dash (DASH). Customers will be able to conduct both cryptocurrency-to-cryptocurrency trading as well as cryptocurrency-to-fiat currency trading. The trade pairs will be available either in Euros or U.S. dollars. With time, there will be an addition of more tokens and digital currencies. To trade cryptocurrency-to-fiat and vice versa, standard anti-money laundering and know-your-client procedures will apply.
So far, Singularity-X has inked deals with a couple of liquidity providers and miners from around the world. The exchange platform will not rest on its laurels and will keep expanding its liquidity channels. Their goal is to assist clients in accessing the best prices and services available in the market. Singularity-X wants to ensure processed orders are swift and also that clients have issues resolved within hours.
“We take a pro-client approach. That’s why we offer high-quality service and support that listens to our clients and helps,” said CEO of Singularity-X, Peter Vrábel, in a press release.
Match-Trade designed the exchange’s architecture. They possess extensive experience, especially in developing platforms for contract trading, financial derivatives and forex. Match-Trade also focuses on blockchain technologies. Singularity-X’s matching engine has the capacity of processing approximately 20,000 trades every second.
For security reasons, they use both hot and cold wallets. A small portion of digital assets is in hot storage while the rest is in cold storage.
Multiple digital currencies and projects have requested listings, but the digital asset exchange platform will only offer to add cryptocurrencies when it is sure it is in a position to offer customers sufficient asset liquidity.
The unveiling of Singularity-X coincides with the intended launch of the first NASDAQ-powered cryptocurrency exchange, DX.Exchange, next month. The DX.Exchange will use the infrastructure that NASDAQ owns. This including the matching engine deployed by more than 70 exchanges worldwide. Additionally, DX.Exchange will also benefit from the high regulatory standards of the NASDAQ as this will assist in preventing common bugs and errors included in double count trading. As a result, DX.Exchange will be able to avoid phony volumes.