In an attempt to facilitate easier entry to the crypto market for both consumers and businesses, the first Southeast Asian fiat-to-crypto exchange EurekaPro launches in Singapore. The exchange has already launched an open public beta in which 8,000 users reportedly signed up in the first week itself.
EurekaPro will enable users to purchase cryptocurrencies with different Asian fiat currencies such as the Malaysian ringgit, Indonesian rupiah, Singapore dollar and other alike. This Singapore-based fiat-to-crypto exchange which is led by Douglas Gan, Junus Eu and Kin-Wai Lau announced its entry into the Southeast Asian blockchain market on October 8, in a press release.
Crypto exchange EurekaPro intends to bridge the gap that exists between the blockchain space and an increasingly tech-savvy population by enabling unprecedented ease of transaction between fiat and cryptocurrency. With a rapidly growing middle class and a population of 655 million, Southeast Asia presents endless opportunities for the blockchain space.
The exchange started as Overswitch, a company based out of Sweden. The firm with an international team based in Sweden, Malaysia and Singapore is poised to be a fiat-to-crypto hub for the burgeoning Southeast Asian market.
The Singapore Monetary Authority partnered recently with NASDAQ, Deloitte and Anquan to develop solutions for simultaneous exchange and final settlement of cryptocurrencies and security assets.
Thailand also recently made strong moves towards regulating the crypto space, classifying virtual currencies as both currencies and securities depending on their intended purpose. The country also introduced detailed regulations for ICOs mandating them to abide by stringent pre-determined rules and have a minimum base capital of 5 million baht, as reported on Bitcoinist.
Crypto exchange EurekaPro co-founder and CEO, Junus Eu said that the platform presents a unique proposition for the blockchain space in Southeast Asia, by reducing entry barriers to the crypto market that may otherwise prevent customers from adopting the blockchain technology, as reported on Finews Asia.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]