XSpring unveils digital asset platform for trading

XSpring unveils digital asset platform for trading

XSpring unveils digital asset platform for trading
Executives at the platform launch include Sanjay Popli, left, chief executive of Cryptomind, Mr Tanasak, second left, and Ms Varangkana, third left.

XSpring Capital Plc (XPG) is launching a fully integrated digital asset platform as it makes a bid for a top-three market ranking by 2025.

Through its subsidy XSpring Digital (XD), the platform facilitates trading and investing in digital assets, said XPG president Varangkana Artkarasatapon.

XD connects the financial market with the digital asset market, which is popular with investors of all generations, she said. The platform facilitates digital asset investment using a secure blockchain technology system.

The goal of XD is to provide comprehensive financial services in order to become a gateway to greater wealth for investors, said Ms Varangkana.

XPG wants XD to become a one-stop service provider for digital assets, capturing one-third of the Thai digital asset market within three years, she said.

"Although the digital asset market is not very active at the moment, investment in almost every asset is weak as a result of the global inflation crisis, said Ms Varangkana.

XPG is preparing a plan for XD that encompasses all types of digital investments, including cryptocurrencies and digital tokens, as the group owns four digital asset licences issued by the Finance Ministry, she said.

Tanasak Krishnasreni, XD's deputy chief executive, said the company is equipped for the future considering its capital strength as a subsidiary of XPG.

XD has an experienced management team and staff in the financial markets, he said, and uses a secure, modern and efficient blockchain system to support transaction systems on its platform.

XD has four digital asset licences: cryptocurrency brokerage, digital token brokerage, cryptocurrency dealing and digital token dealing. In addition, XD operates as an initial coin offering (ICO) portal.

The company said it has leveraged blockchain technology to unlock efficient automation through smart contracts by providing an ICO system where investors can subscribe to digital tokens in the primary market on the same platform.

The company offers 23 cryptocurrencies for trading.

The digital asset brokerage and ICO service, in which XD has expertise, represent two additional revenue streams beyond its platform, enhancing the company's financial stability and competitiveness in the digital asset market, said Mr Tanasak.

"Although all investments involve some level of risk, we as the operator have to take all reasonable steps to ensure the system is secure and reliable so investors are not worried about risk from our system," he said.

"In addition, we have been granted operating licences and are supervised by the Securities and Exchange Commission."

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