Singapore’s Cryptology plans ‘next generation’ cryptocurrency exchange

July 04, 2018
Chris Wheal

Singapore.

Cryptology has extended operations beyond its Singapore base: Shutterstock.

Singapore-based cryptocurrency exchange platform Cryptology is building a “next generation” exchange, which would be among the few that combine crypto and fiat transactions on a user-friendly platform, reports Cointelegraph.

Cryptology aims to make crypto transactions simpler and cheaper and offers the additional option of a mobile app. The company also expects to have an edge over rivals by partnering with a payment system that will help seamlessly integrate fiat and crypto transactions and lower fees for users.

The company describes the web version of the platform as user-friendly and “absolutely intuitive.” Trading operations are “secure and easy to carry out both for experts and newbies”, while verification is quick with a support team available 24/7.

Cryptology launched iOS and Android versions of its mobile app in March, ahead of the desktop website. The company says the app can ensure verification of bank cards in 30 seconds, allowing users to top up their wallets and start trading within minutes.

The company has support for Visa and MasterCard for fiat transactions. Deposits into crypto accounts can be made from both cards, but withdrawals will be supported only in Europe through bank transfers. Cryptology plans to add several other methods of converting from fiat to crypto and vice versa. Margin trading could potentially be added, once an ongoing risk assessment and securing of financing is completed.

Global ambitions

Cryptology, which already serves the European markets, has global ambitions and is working on plans to launch in the Japanese and US markets.

Initially, the platform supports Bitcoin, Ethereum, Bitcoin Cash and Litecoin and is negotiating to add other cryptocurrencies over time. Among fiat currencies, Cryptology transacts US dollars and euros. Tokens listed on the platform are based on the Ethereum Request for Comments (ERC)-20 framework.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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