DAEX is a decentralized settlement and clearing ecosystem. Following the Thai SEC’s approval, DAEX has made public its first official exchange partner, SEADEX (Southeast Asia Digital Exchange) and will work hard to expand DAEX customer base in Thailand’s burgeoning cryptocurrency market. In exchange for SEADEX’s effort, DAEX will provide the all-important financial and technical support to SEADEX. Over time, the two partners will create a mutually beneficial relationship.
Also, the partners will support each other in a number of ways apart from the above-mentioned ones. The collaboration will lead to consulting services, use of DAEX wallet, the development of SEADEX trading software, and more. According to the partnership, SEADEX will use DAEX tokens for paying custody fees and clearing on the platform.
Thai SEC Approves SEADEX
On September 6th, 2018, Thailand’s Securities and Exchange Commission (SEC) issued SEADEX an official go-ahead. Indeed, it’s a morale booster for DAEX as it will leverage SEADEX government support and its robust local customer base. Sure, SEADEX customer base will grow, given that it has gotten the all-important regulatory approval.
Noteworthy is the fact that SEADEX is the first exchange to offer cryptocurrency trading in Thailand. So, DAEX’s support will enable it to enhance its functionalities.
How They Will Function
Based on the partnership agreement, the two firms have agreed on several key commitments. After SEADEX, DAEX Wallet will go online in the hopes of getting more partner exchanges this month. The Wallet provides clearing and settlement solutions to organizations, individuals, and exchanges. The Wallet acts as the transactional gateway to DAEX’s clearing platform.
However, the use of public clearing chain ensures that all the transactions made through the wallet remain open and transparent. With DAEX Wallet, users can be sure that they can store multiple virtual currencies. Indeed, it supports the trade and store of major digital currencies across public exchanges and the ones listed on exchanges.
Exchanges that switch to using the DAEX Wallet will enable their customers to access the exchange using their wallet accounts. While the customers are accessing the exchange, it will be quick, easy, and convenient. The underlying protocols of the exchange enable withdrawals and deposits, guaranteeing good user experience.
DAEX is Expanding
Without doubt, DAEX has over time expanded into important global markets. Some of the markets include Australia, Russia, and numerous Asian markets. The company has put in the necessary improvements and is expected to serve an estimated 10,000 customers in 2019. It also hopes to expand its horizons to capture more exchanges and funds in the 2019 customer-base expansion projection. DAEX also plans work with over 60 investment companies around the world in building a clearing and trading ecosystem.