AAX’s Strategy Update Report

AAX just announced an improvement to its community, handling a vision that pushes for the acceptance of bitcoin and the crypto market as a whole.

AAX aims to be more than just a crypto trading platform as it offers a list of financial services and products to all people, like entrepreneurs, the unbanked, to elite traders. Their main aim is to be a cryptocurrency hub for everyone. The new update shows how the exchange is going ahead with plans to support the advancing adoption of cryptocurrency while assessing the conditions of the digital asset globally.

AAX’s main aim is to become a catalyst for the adoption of cryptocurrency, which they hope will shape better and more inclusive world economies. AAX intends to make crypto accessible to about 96.1% of the worlds unbanked population.

According to AAX, cryptocurrency has no frontiers. However, it can be exchanged for everyone by providing products and awareness that aid the integration of cryptocurrency into people’s lives around the globe. 

New AAX Leadership

Thor Chan announced that he has stepped down from the role of CEO and will continue to work with the exchange as a Board of Director member.

I am honoured to have been the CEO for AAX, which has achieved so much since our launch in November 2019, We built a community of more than two million users in over 100 countries and became the world’s first cryptocurrency exchange to be powered by LSEG technology, as well as the first to make the switch to the Satoshi Standard (SATS) to drive the adoption of Bitcoin forward.”

Currently, the Board is searching for its new CEO to spearhead the next phase of AAX’s development. Accordingly, it provides directions to the current management until the next CEO takes office.

AAX’s Expansion Plan

AAX is exploring operations in new places. It has also identified a leader for its Singapore establishment and will make this information public soon. In addition, AAX announced in February 2021 that its Singapore affiliate had been accorded immunity under the Payment Services Act by the Monetary Authority of Singapore (MAS). The immunity allows AAX to offer cryptocurrency-to-cryptocurrency services to clients in the country after they apply for a Payment Service License. The application is currently underway.

AAX is also looking to take its operations to other regions like Europe. In addition, they announced that they are in the process of registering a new entity and setting up a new office. AAX will update the community with the progress as soon as they are ready. 

AAX intends to grow by tripling its global users in 2022, and it is open to candidates interested in cryptocurrency, regardless of their professional experience and background. In addition, they are committed to building the expertise of talented people via professional development programs.

AAX’s strategy for growth

AAX growth strategy is rooted in the belief that the adoption of digital assets like Bitcoin can help create a chance to build a more inclusive and fair economy. It aims to be an exchange for all people. Therefore, it believes that cryptocurrency is made universally accessible. That means putting in the work of finding areas to connect with the majority of people who are not familiar with digital assets.

Head of Research and Strategy at AAX, Ben Caselin said;

More than a technology or a new asset class, we see Bitcoin as a driver of change that proposes a different set of principles around ownership, agency, borderlessness and sound monetary policy. As an exchange, aside from offering a full suite of financial products and services, it also means we need to engage in public discourse and help shape the narrative around Bitcoin and the wider crypto markets.”

Caselin also added that

We’re driving adoption by being part of the conversation about how changing concepts of money and value intersect with culture across areas including art, gaming, music, philosophy, and sports. This is how we believe a new paradigm can find its way to the masses. From artists to the unbanked, from savvy traders to overseas workers, the addressable market encompasses everyone.

How AAX has grown

AAX believes in offering investors easy reach to a wide range of good digital assets. It is run by LSEG technology and is the first cryptocurrency exchange to provide Bitcoin using Satoshi Standard (SATS). As a result, investors can now buy a unit of Bitcoin for as little as US$0.10. AAX also provides fiat on- and off-ramps and high yield token-based savings products for 25 currencies.

 Ben Caselin said;

We are passionate about the qualities of Bitcoin: permissionless, immutable, intrinsically scarce, But we also list a wide spectrum of tokens on AAX, giving investors the opportunity to express different views about the future of digital assets and learn about the asset class.”

AAX demonstrated its commitment to educating its larger audience about digital assets, which will help them make informed decisions in early November as one of the main sponsors of the Hong Kong FinTech Week. They commissioned 5 NFTs that demonstrated the impact of the crypto celebrities in the markets. In addition, attendants had the chance to participate in creating an NFT that was composed during the week.

AAX and Forkast news also hosted Bitcoin and Beyond, a virtual summit attended by the influential crypto voices to chart a course for a digital economy. 

How AAX intends to maintain its commitment

AAX will integrate layer two  scalable solutions to boost the crypto infrastructure that is available to its users

As an exchange for all, AAX embraces infrastructure development for many users, including those who use the Lightning Network wallets for cheap and fast Bitcoin transfers. In addition, AAX was the first cryptocurrency exchange to be linked with wrapped Ether (wETH), hence offering miners cheap real-time settlement using Polygon Network.

AAX maintains its support for crypto education by leading conversations about the link between finance and culture. In addition, it works with the leading players to present several Bitcoin and Beyond events like the leading annual conference this coming year.

Early 2022, AAX will partner with an auction house to sell the NFTs showcased in Hong Kong during FinTech Week. It also intends to launch an NFT marketplace.