In a new effort to bring the cryptocurrencies bitcoin and litecoin into the mainstream arena Singapore has released a new exchange known as the CRXzone, which will be the country’s first platform to allow trades to take place using litecoin and bitcoin.
The introduction of the new CRXzone exchange is expected to show the significant benefits that are offered by Singapore for new and developing businesses. With a unique set of options available for payments and funding it should also show how viable both litecoin and bitcoin are as an alternative form of currency, both now and in the future.
It is often too easy for the commonly used digital transactions made over networks and alternative currencies like litecoin and bitcoin to become confusing to the general public. CRXzone does, however, seems keen to offer a wide selection of payment methods including PerfectMoney, OKPAY and Egopay in an effort to bring in as wide a customer base as possible, although it does lay them out as clearly as possible for users of the service.
Even though it has seen a sizeable dip in recent months with drops sometimes taking it below the $5 mark the litecoin is still seen as one of the major selling points for CRXzone. Both the bitcoin and its altcoin companion both boast considerable popularity for many traders due to their decentralised nature and the speed with which transactions can be made.
From a trading point of view a number of expert believe that the current downward spiral of the litecoin will be shortlived and once there is a lull in leverage trading it is likely to start rising again although this is clearly just speculation.
Another of the big benefit of the CRXzone being touted is the fact that although the various payment methods take a fee from the transactions the actual exchange itself takes no charges at all which makes the overall fees a lot lower.
In an effort to put customers minds at rest following a number of very high-profile reports of bitcoin thefts and huge numbers of bitcoins going missing CRXzone has also implemented a number of security features to ensure the risks are absolutely minimal.
One such measure is for customers funds to be held in offline storage facilities with only a small percentage of funds being kept in what are known as ‘hot wallets’. Extra checks such as withdrawals being processed by actual people rather than with automated transaction provide an additional level of security but depositing is still an automated process.
For Singapore it seems that the introduction of the new CRXzone exchange and its relatively lax financial regulation is set to give it a firm foothold in the altcoin marketplace. Even though the US is still the predominant bitcoin market worldwide Singapore does seem to be gaining ground fast when the CRXzone is combined with ACCESS, its digital currency group for industry, and a range of bitcoin ATM and bitcoin payment processors.