Wowoo Exchange Singapore June 2019 Updates
We are opening at the end of this month. The number of users will be limited to start and the platform will have limited features and access to ensure security and stability. Shortly after go live, we will gradually increase the number of users and fully open to the public after the platform is stable. Initially, BTC and ETH will be supported. WWX support will follow in October 2019. Our partners, Cynopsis will work on satisfying all Know Your Customers (KYC) requirements while Onchain Custodian and other custody providers will be responsible for safekeeping all funds. Our dedicated customer service centre will also be ready to serve you should you need any assistance.
|Tokens||BTC, ETH (WWX to start in October)|
|Users||200 users at opening with gradual increase until October. Platform open to all new users in October.|
|KYC||Fully supported in partnership with Cynopsis|
|Deposits||Fully supported in|
|Withdrawals||Fully supported in|
|Custody||Fully supported in partnership with Onchain Custodian and other custody providers.|
|Wallets||Fully supported in|
|Wowoo, NEON, Infinito and O3||Available|
There have been many developments in the last year and it has taken us some additional time to adapt to the changes in the industry.
- The regulatory landscape has evolved, and we are improving our processes and platform to align with increased regulations around the world. We have taken additional steps to ensure we are compliant.
- Following a series of high-profile hacks and scams in the cryptocurrency space, we have increased focus on security to mitigate the risks of any potential hacks.
Because we decided to focus on security and system stability, and considering the recent hacks and scams, we are preparing to make WWX tokens available in October 2019. Our priority after the exchange opens on 30 June is to monitor and analyze trading performance and operations. This will help ensure conformance to regulations and improve the platform. This is also the approach taken by other major exchanges who listed their own exchange tokens after opening and stabilizing their exchange operations.
In spite of the challenges, we want to highlight several important milestones that are complete:
We have completed a full Know Your Customer (KYC) review for all investors to satisfy anticipated regulatory requirements.
Higher level of communication and engagement
In addition to our Bali meet up in March, we have established and started to use social media channels (Twitter, Telegram) and newsletters for more effective and regular communication. Additionally, we have revamped our website with a sign-up section, news and updates, etc.
WWX tokens were issued following the meetup in March 2019.
We have partnered with a number of reputable companies to ensure the exchange we are building meets a high standard for security and regulatory compliance.
Based in the Philippines, the Customer Service centre has been set up, for both our customers and external organisations. We have already started serving our first client at the centre.
Building our brand awareness
We have started to grow our presence and build brand awareness through in fintech and technology conferences.
To the Future
In terms of expansion, we are pursuing licenses in the Philippines, Singapore and Hong Kong. In all three markets, we are focused on building a strong team with diverse backgrounds in specific expertise in legal, compliance, technology, operations and marketing.
To further strengthen our compliance, we are also deploying transaction monitoring tools. Transaction monitoring has increasingly become a focus area for regulators as regulators are constantly trying to prevent money laundering. The Singapore regulator just issued a paper highlighting the importance of transaction monitoring. Also, considering the very recent news about anticipated new FATF guidelines regarding cryptocurrencies, we accelerated our plan to include transaction monitoring for all tokens, including WWB and WWX tokens. However, building these monitoring tools will take time as WWB and WWX tokens were uniquely developed for our ecosystem.
Moving forward, we will continue to strengthen our brand in the cryptocurrency space with participation in reputable conferences including Seamless Summit 2019. We will also continue our ongoing collaborations with regulators and stakeholders across our key markets. We are planning more exciting marketing campaigns as part of brand awareness and social media engagement with our community.
Finally, we continue to think about how to continuously improve our exchange after go-live. Additional features under consideration include fiat deposits and withdrawals, platform enhancements to improve usability and the user experience, additional token listings, etc.
Thank you for your continued support.