Taiwan’s Bitcoin services platform BitoEX raises US$10M to expand to Singapore, Malaysia, India

Sainul Abudheen
Taiwan’s Bitcoin services platform BitoEX raises US$10M to expand to Singapore, Malaysia, India

BitoEX recently launched a digital asset exchange BitoPro to provide crypto-to-crypto, fiat-to-crypto and margin trading services

Taipei-based BitoEX, a Bitcoin services platform, on Wednesday announced that it has raised US$10 million via token sale.

BitoEX, which kicked off its token launch on May 2, sold out a total of 175 million BITO coins to raise the amount.

This funding will help the company to expand its operations to Singapore, Malaysia and India in the near future.

BitoEX integrates Bitcoin with the banking service of remittance, so the users can enjoy their Bitcoin transfers without national borders. It also offers buying and spending Bitcoins in convenience stores 24×7, and a web ATM to buy the cryptocurrency, as well as withdraw local currency.

The firm claims to have over 80 per cent market share in Taiwan.

In March this year, BitoEX launched its own international digital asset exchange BitoPro, which plans to put out crypto-to-crypto, fiat-to-crypto and margin trading services in the near future, providing users with more advanced and sophisticated ways to manage their digital assets.

Also Read: ZPX raises US$1.3M to launch a decentralised cryptocurrency exchange in Singapore

“Wallets and exchanges are the infrastructures of the token economy. BitoPro is in the midst of building the token economy as we were one of the first companies to create a fiat-to-cryptocurrency trading platform, but it was not easy to fit the regulation,” said Titan Cheng, CEO of BitoEX.

With the rise of cryptocurrency demand, BitoEX plans to build a cryptocurrency ecosystem, providing users with all sorts of offers and beneficial interests, connecting different financial services. BITO holders can receive up to 50 per cent discount in transaction fees on BitoPro, have first priority to participate in newly-listed token sales, also use local fiat currency deposit/withdrawal services from cross nation exchanges to arbitrage.

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