Encouraged by the recent approval by the Bangko Sentral ng Pilipinas (BSP) of a cryptocurrency exchange license to Philippine Digital Asset Exchange (PDAX), another digital exchange platform is seeking to enter the growing domestic virtual currency market.
In an interview with the Daily Tribune: Butch Tabligan , a local investor looking at the potential of UDAX United Digital Asset Exchange cryptocurrency exchange platform in the Phils, said, it is now preparing all the necessary requirements to file for a license to open a shop in the Philippines and serve the local market.
“UDAX is like Binance,” Tabligan said. “Its operation is global with local base presence. The aim is to get regulated and compliant with each and every crypto-friendly countries worldwide. At present there is UDAX Korea, Hong Kong, signed up with Malaysia, and soon Singapore, Switzerland and other countries.”
A decision to enter the Philippine market is inevitable because the company is confident of the growing market that is now “ripe for the taking.” This was proven by reliable method of testing the markets by buying the product “and if there are takers, you sell.”
Indeed, there are takers of cryptocurrencies in the Philippines with the number of blockchain and digital currency projects emanating from the country.
Data from the BSP showed the volume of cryptocurrency trading jumped to $40 million monthly average in the first half of this year from between $8M – $10M from a year ago.
At the same time, Tabligan learned that UDAX is in talks with a leading international credit card provider for a debit card where fiat currencies can be accessed via ATM, utilizing a UDAX specific cryptocurrency.
He added UDAX’s Copycash would start the Forex Copy trading using an artificial intelligence engine next month. The results on the ROI (return on investment) accomplished over 48 days of field testing with real trading have been very good, averaging about 15 percent profit per month.
“The fees earned by UDAX was over 10 percent on average. Only holders of UDAX issued tokens will be granted the option to access trades by this specific AI engine. This will pump up the value of UDAX Tokens because it will only accept UDAX Tokens (UDT) for transaction fees in trading on the UDAX exchange network,” he added.
The next project of UDAX is the DBOS (decentralized blockchain operating system) which will not only be faster than current blockchain technology and more secure, but will also disrupt the Apps OS eco system by using its 4th generation blockchain technology architecture to make it easy for global development of decentralized app (DAPPS) development.
The vision is to make it so simple to build a fast, secure DAPP such that everyone can write their own DAPPS on DBOS, he said
Unlike many exchanges, UDAX has strong advisors who can take ICOs to IPO as well. That is one area where UDAX will be differentiating itself from other major exchanges as it works into the top 10.
UDAX is also looking at introducing a platform similar to escrow service Remitano and Localbitcoins that will be made available soon!”