Southeast Asia- and Australia-based Fatfish Internet Group (FFG) has agreed to invest US$1 million seed capital in Kryptos-X, a yet-to-be launched online cryptocurrency exchange in Singapore.
Kryptos-X is being founded well-known Australian entrepreneur Tony Mackay, who has earlier founded Chi-X Europe and Global, two alternative stock-trading platforms with operations across Europe, Australia, Canada, and Japan.
The proposed transaction will see FFG and Mackay enter into a joint venture arrangement. FFG will be issued with preference shares in the capital of the holding company, which will own and operate the online exchange and marketplace.
Following the investment, Mackay will be appointed as a Non-Executive Director to FFG to advise and assist FFG in developing further applications of blockchain and cryptocurrency technology in the global financial market.
Kryptos-X is being established as a marketplace for high-volume and high-frequency trading of bitcoin and other major virtual currencies online. The operations will initially be based in Singapore and open to Singapore citizens and residents, in accordance with the regulatory framework for digital token offerings. The strategy is to expand into other jurisdictions where the regulatory frameworks permits the trading of cryptocurrencies online.
Image Credit: dimarik16 / 123RF Stock Photo