Malaysia’s digital asset marketplace MX Global will receive immense support from the world’s largest crypto exchange Binance, and a local business solutions provider Cuscapi.
The South-Eastern countries of Asia were under threat of being heavily restricted by regulators. However, the region managed to flourish with blockchain innovations and is currently regarded as the global crypto hub.
Based on the official announcement by MX Global, the crypto trading platform has received a strategic investment from the global leader in the cryptocurrency market Binance. Not only that, Malaysia’s business management solution platform Cuscapi chimed in with an RCPS investment into the company.
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MX Global is a fintech startup, operating in the capital of Malaysia, and offers trading, purchasing, and selling options of cryptocurrencies for local users. The platform currently supports only Bitcoin and Ethereum.
In fact, the Malaysian crypto exchange is one of four Recognized Market Operator-Digital Asset Exchange (RMO-DAX) approved platforms. It is given out by Malaysia’s Securities Commission to crypto companies that have proper user protection, anti-money laundering assurances, and conducts safe trading practices.
With the strategic investment, MX Global looks to bring more customers to the platform, improve its ecosystem, and hire more personnel to work on the exchange.
Dato’ Fadzli Shah, who is the CEO of MX Global, spoke on the strategic investment conducted by the two financial companies, stating:
"MX Global aspires to be the preferred liquidity platform for digital asset or cryptocurrency investors and token issuers locally and internationally. The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy and real digital asset ecosystem for our customers."
Likewise, the founder and CEO of Binance Changpeng Zhao highlighted the "potential in Malaysia given its respected and innovative blockchain community." He stated that the partnership with MX Global will be highly successful and beneficial for Malaysia’s digital asset market.
More than that, the Executive Chairman of Cuscapi Berhad Datuk Jayakumar Paneer Selvam hopes that the collaborative efforts will help MX Global to "revolutionize the payment system in Malaysia."
He added that the partnership will bring "synergy between digital assets and payment systems" and help them accelerate in the industry as "blockchain and smart contracts get increasingly incorporated into our lives."
