Digitex Futures are planning a push into the Asian market in 2019, with the aim of gaining significant market penetration for their products in South Korea, Japan, and China.
Digitex plan to incorporate elements of a decentralised exchange with the successful elements of a centralised exchange, offering traders security, speed, and an attractive user interface.
With almost 650K now signed up on the #Digitex early access waitlist & a ton of interest coming from Asia, we decided to shine light on the market conditions in the Far East, particularly #SouthKorea #Cryptocurrency @christinacomben shares her report… https://t.co/s0hz9GLuc9
— Digitex (@DigitexFutures) December 17, 2018
Their coin went on a huge bull run earlier in the year, growing in price by an unbelievable 2,800% in Q3. Those numbers haven’t been sustainable, which is to be expected in the current climate, but the DGTX (the native token of the exchange) is still holding strong as a top 100 currency.
Coin Rivet recently brought you the exclusive story from Digitex Futures CEO Adam Todd, who revealed that his company aims to compete with major cryptocurrency exchange BitMEX following a planned Beta launch in December. Its “commission-free” futures exchange will be “huge” for the cryptocurrency space moving into 2019, he claimed.
The exchange still plans to launch in Q1 of 2019 and will be offering up to 100 times leverage on the futures platform. At the time of writing, the project’s native token (DGTX) has seen a price rise of over 40% in the last week, with a market cap currently over $40 million.
Uncertainty in Europe
Digitex did point out that even within the European Union, there is no single policy on crypto. Estonia is becoming widely known as the blockchain nation (with E-residency and verified online identities) and Switzerland has also been busy building a “Crypto Valley,” with the help of financial regulators FINMA taking a flexible stance on ICOs.
“Digitex is getting more and more interest from Asian countries like South Korea, and we plan to take full advantage,” said Digitrex.
They will begin by translating the website and newly launched exchange into Korean, before looking to target Japanese and Chinese-speaking markets.
“Cryptocurrencies are not illegal, but they are regulated – all exchanges in these countries have to carry out KYC on their customers.”
Crypto-friendly South Korea
In their blog post, the Digitex team went on to outline a few reasons that make the South Korean market so attractive to the exchange.
The reasons include the exchange infrastructure, the fact that a number of leading blockchain projects are situated there (despite an ICO ban), and the people are seen as crypto-friendly.
Digitex stated: “Once our futures trading exchange is launched to the public, we have new markets in our sights, and South Korea is going to be a huge one for us!”