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.
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."



Do you like the content of this article?
COMMENT

More people flee after eruption of Indonesia's Mount Semeru

Rescuers evacuated more people Monday from nearby villages after the eruption of Indonesia's Mount Semeru, with officials warning of danger from cooling lava despite less activity from the volcano.

15:06

Ex-Wirecard CEO goes on trial over 'unparalleled' fraud

FRANKFURT, Germany: Ex-Wirecard CEO Markus Braun goes on trial in Munich this week for his role in the collapse of the once-celebrated payments firm, brought down by the biggest accounting fraud scandal in German corporate history.

14:45

Indonesia set to pass new criminal code that will ban sex outside marriage

JAKARTA: Indonesia is expected to ratify sweeping changes to its criminal code on Tuesday, senior officials confirmed, in a legal overhaul that critics say could wind back hard-won democratic freedoms and police morality in the Southeast Asian nation.

13:51