Singapore Startup Launches Exchange to Combine Tokens and Fiat Transactions
A Singapore startup is integrating fiat currencies, credit cards and cryptocurrencies on a single platform, hoping to make crypto transactions easier and cheaper for users.
Singapore-based startup Cryptology is aiming to make crypto transactions simpler and cheaper by building a “next generation” cryptocurrency exchange, which would be among the few that combine crypto and fiat transactions on a user-friendly platform, and offers the additional option of a mobile app. The company also expects to have an edge over rivals by partnering with a payment system that will help seamlessly integrate fiat and crypto transactions and lower fees for users.
Web version and mobile app
The company says that the web version of the platform is comfortable to use and “absolutely intuitive.” All the trading operations are “secure and easy to carry out both for experts and newbies.” Verification is quick with support team available 24/7.
The startup has also focused on developing a mobile app, seeing it as a platform of choice in today’s era. It launched an iOS version and an Android version in March, ahead of the desktop website. It has also optimized the mobile app for seamless performance and additional features. For example, according to Cryptology, the app can ensure verification of bank cards in 30 seconds, allowing users to top up their wallets and start trading in mere minutes.
Cryptology has support for Visa and MasterCard for fiat transactions. Deposits into crypto accounts can be made from both cards, but withdrawals will be supported only in Europe through bank transfers. The company plans to add a number of other methods of converting from fiat to crypto and vice versa.
Margin trading is also in the cards, after the completion of an ongoing risk assessment and securing of financing.
Eyeing the global market
Cryptology has set its sights on the global market. According to the company, it is already serving the European markets and working on plans to launch in the Japanese and U.S. markets.
At the outset, Cryptology is supporting Bitcoin, Ethereum, Bitcoin Cash and Litecoin, with more cryptocurrencies to be added in the future. The company says that it is in talks to list a number of cryptocurrencies on its exchange, broadening options for investors.
Among fiat currencies, Cryptology transacts U.S. dollars and euros. The tokens listed on the platform are based on the ERC-20 framework.
Three verification levels for users
Cryptology has established three verification levels for investors, complying with Know Your Customer procedures in various countries. A basic verification level involves a short questionnaire with personal data. Additionally, the second level requires a photo ID and a selfie — a process that takes a couple of hours. The third level for full verification will need proof of address in addition to the other documents.
Currently, users need to be verified in order to deposit fiat. For higher limits, advanced verification may be required, which includes a photo ID and a selfie.
Trading and service fees
For withdrawals to a user’s bank account, Cryptology will charge a fee of 7 EUR (SEPA). For crypto withdrawals, the fee ranges from 0.002 percent to 0.005. Wire transactions for depositing are available free of charge.
Cryptology has set trading fees at 0.15 percent for makers and 0.25 percent for takers. The minimum order size is $0.01 of fiat currency or the equivalent of $0.01 in cryptocurrency.
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