Singapore-based cryptocurrency exchange platform Wowoo Exchange will officially be launched on June 30, initially supporting BTC and ETH.
Wowoo Exchange CEO Willie Chang said in the company’s blog that the exchange will initially be made available to 200 users, then to a wider audience until October, which is also when WWX tokens will be introduced.
Wowoo Exchange will spend the next four months observing and analyzing trading performance and operations on the platform before listing its own exchange token.
The firm will take advantage of its partnerships to conduct necessary measures for the exchange: Cynopsis Solutions will provide its software-as-a-service offerings to meet know-your-customer requirements, while Onchain Custodian and other custody providers will help protect funds.
Chang noted that the company is focusing on improving its processes and platform to meet increased regulations around the world, as well as boosting security measures to prevent risks of hacking.
He added that Wowoo Exchange is pursuing licenses, as well as recruiting people who specialize in legal, compliance, technology, operations, and marketing matters in the Philippines, Singapore, and Hong Kong.
Other approaches Wowoo Exchange is taking include deploying transaction monitoring tools for all tokens to further comply to regulations against money laundering.
In order to expand its position in the cryptocurrency space, the Singaporean firm will attend conferences, sustain collaborations and regulators and stakeholders, and conduct more marketing campaigns as part of its brand awareness and social media engagement with its community.
“Finally, we continue to think about how to continuously improve our exchange after go-live,” Chang said, “Additional features under consideration include fiat deposits and withdrawals, platform enhancements to improve usability and the user experience, additional token listings, etc.”