- Byte Power Group (BPG) subsidiary will launch its cryptocurrency exchange on December 31, 2019
- Subsidiary, Byte Power X Singapore, will launch 10 cryptocurrencies
- The cryptocurrency exchange will have fiat pairings with the Australian, Singapore and U.S. dollars
- Byte Power Group shares have been suspended by the ASX for over two years and last traded for 0.9 cents apiece
Byte Power Group (BPG) subsidiary, Byte Power X Singapore, will launch its cryptocurrency exchange in Singapore tomorrow.
Byte Power X Singapore will launch ten cryptocurrencies on December 31, 2019.
The exchange will have fiat pairings with the Australian, Singapore and U.S. dollars.
Byte Power Group’s Chairman and CEO Alvin Phua described Singapore as one of the most progressive regulatory environments in the cryptocurrency market.
"We have seen that jurisdictions with favourable regulations usually give rise to greater acceptance of cryptocurrency and an increase in demand."
"We therefore see our expansion into Singapore as a strategic opportunity to operate in one of the most progressive environments in Asia and indeed globally," he said.
"In the past two years, Singapore has seen a noticeable inflow of crypto and blockchain-related companies due to its favourable regulatory frameworks," he continued.
While the company is expanding in Singapore, in Australia Byte Power faces the possibility of being removed from the ASX official list.
The ASX suspended Byte Power securities over two years ago on December 22, 2017.
Byte Power issued a statement on December 9, 2019 which said if a resolution is not reached the company could be removed on February 3, 2020.
"The Board of BPG has determined that it is unlikely to reach a resolution with the ASX to have the suspension lifted on or before the close of trading on 31 January, 2020."
"Unless the suspension of BPG’s securities is lifted by the close of trading on 31 January 2020, the entity will be automatically removed from the Official List."
In addition, the ASX referred Byte Power to ASIC who issued a $33,000 fine for failing to meet its continuous disclosure obligations.
Shares last traded on the ASX on December 22, 2017 for 0.9 cents apiece.