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Article first published here in The Straits Times SINGAPORE - When the pandemic hit last year and left Mr Ng Yu Jie stuck at home without a job, a seemingly improbable solution popped into his head - dabble in cryptocurrency to generate some income. Mr Ng's first step was to invest $350 in Ripple (XRP) on trading platform Torque when each unit cost about 20 US cents or 27 Singapore cents. The price rose steadily to 60 US cents: "My $350 became $1,000 so I cashed out," recalled 26-year-old Mr Ng, who has a diploma in mechanical engineering and used to work as a guide for pub crawlers. "I saw an opportunity for passive income. I felt that the prices were quite stable and I could get some money without having to work for it. The greed in me grew and I wanted to put in more to get more returns." Mr Ng, who spends eight hours a day reading news about cryptocurrencies and analysing the prices of digital coins, opened more trading accounts with Torque and increased his investments over time to about $10,000. Torque was then suddenly shut in February and he was unable to withdraw his crypto assets, which had appreciated to about $20,000. "I felt that I should really use crypto to recover what I lost in Torque," Mr Ng said. "So in June, I opened an account with Binance and started trading with $2,000." In three months, he made a profit of $10,000 from crypto trading. "I feel that my strategy works, unless there is a change to the regulation, like MAS (Monetary Authority of Singapore) banning more platforms for Singapore users. Then I may need to start looking for a job," said Mr Ng. "For now, crypto trading is my main source of income. If I stop, my income will stop too." Mr Don Guo, co-founder and chief executive of fintech solutions provider Broctagon Fintech Group, has a different take on cryptocurrencies. Mr Don Guo does not view cryptocurrency tokens as a viable short-term investment product.ST PHOTO: CHONG JUN LIANG; Mr Guo, 37, bought 300 Ether (ETH) at US$700 each in 2017 - an outlay of US$210,000. "Over time, I did liquidate some of them and bought into some other altcoins and Bitcoin as well," said Mr Guo, who still has about 10 ETH. "It wasn't actually meant to be an investment at that point in time, even though there was a lot of speculation about how it could rise." Mr Guo had bought Ether to use for payments and business purposes and, even now, he does not view cryptocurrency tokens as a viable short-term investment product despite having benefited from the rise in value. "As we all know, most cryptocurrencies are rather volatile, and if you were to just jump in and out of it on every piece of information you get, you would be so busy. "I don't think many people can (do that), unless they are really professional traders." Mr Guo said he is mentally prepared to lose whatever he has put into cryptocurrency trading: "It's not money that I need to use for more important purposes, like to pay for my house or (sustain) my livelihood."
Naijacrypto is a premier cryptocurrency exchange platform that offers digital asset trading services such as trading tools and leverage trading.
Fasset is a regulated, multi-country Digital Asset Gateway that aims to connect the next billion to buy, sell, send and store digital assets such as Bitcoin and Real World Asset Tokens.
BITLEVEX revolutionizes investment platforms by offering leveraged options priced according to traditional Black & Scholes mathematical models.
Broctagon Prime participated in iFX EXPO International 2021 during the period of 4 - 6 October. A three-day event, the expo was one of the first large-scale in-person events that have been scheduled in Limassol, Cyprus in two years. As we rubbed shoulders with industry giants like SAXO Bank, Swissquote Bank, and MetaQuotes, the expo was charged with a certain fervor as many brokers looked for new opportunities to expand and improve their businesses. The Main Attraction A few products of ours in particular stole the limelight: Liquidity, especially our Crypto CFDs liquidity with our winning combination of 24/7 trading and an extensive symbols list; full MT4/5 white label solutions where our CRM suite particularly impressed clients with its sophisticated multi-tier affiliate system, availability in more than 10 languages, and deployability within 1 business day. NEXUS 2.0, our spot crypto liquidity hub, also garnered a lot of attention from exchanges that are looking to break into the market and offer enhanced services that can compete with the bigger names in crypto. We also took the opportunity to introduce the NEXUS WorldBook to the participants, a movement aimed at introducing a universal, inter-exchange liquidity standard for digital assets. A Roaring Success We would like to extend our gratitude to everyone that has dropped by our booth, especially towards the many new partnerships that were forged during these three days. We truly appreciate your trust in us. With the event being a great success, we look forward to seeing you next year in iFX Expo 2022!
“While a huge driver of its growth, shib's status as a memecoin may very well also be its bane," said Don Guo, the chief executive of trading technology company Broctagon, said in emailed comments, adding he believes it's "impossible" that shiba inu could ever reach $1.
Article was first published here in The Financial Times Singapore’s cryptocurrencies approach shouldn’t be seen as controversial (“Singapore faces fight for Asia crypto crown”, Report, October 1). Recent regulatory clampdowns may have raised questions about Singapore’s open approach to crypto businesses, but the regulators here have got it right. Whether or not the region’s “big bet” pays off, banning cryptocurrency trading makes no sense. The industry remains a “wild west” because there is no consistency on standards to make it stable and secure for investors. Trading, in particular, remains fractured and illiquid, which contributes to the wild price swings. If it’s a matter of taking a balanced approach, the only way you can be sure you are getting it wrong is by banning them entirely. Financial authorities, such as those in China, have been all too quick to ban elements of crypto, which only puts investors at greater risk of fraud, such as initial coin offering scams. People will continue to use cryptocurrencies so this will only push activity underground or elsewhere. Just look at the number of start-ups and talent piling into the sector. The way we see it in Singapore, it is much better to find out how to solve these problems and benefit from being part of the crypto journey. Done correctly, regulation can be very productive and foster crypto development in a healthy way by working with the industry to improve standards and prevent illicit activity. Plenty of businesses out there want to help create that framework. It’s about time the US and other leading markets caught up and took steps to establishcollective frameworks so investors can operate safely and business can thrive. Increasingly, for Singapore, the financial competition in the region is a game of fintech innovation, so I don’t see how we could exclude cryptocurrencies. Our approach to crypto regulation has created an environment that fosters innovation while setting up frameworks for security and stability. Now that Singapore’s crypto start-ups are gaining momentum, its mainstream financial institutions are learning about the technology and global blockchain businesses are setting up in the region. Don GuoChief Executive, Broctagon Fintech Group, Singapore
“Named the Boba Network, the project is a layer-2 solution that allows crypto to have payment processing speeds that rival payment heavyweights like Visa and Mastercard,” Don Guo, CEO of Broctagon, said. “Game-changers like these, much like the NEXUS WorldBook movement, which is an inter-exchange liquidity network for digital assets, can create greater visibility and trust for crypto as a whole.”
Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes.
In a momentous occasion for the fintech community, Broctagon Fintech Group signed memorandum of understanding (MoU) on Tuesday, 30th April.
Broctagon Fintech Group, the leading provider in forex and crypto solutions, is pleased to announce that it has attained technology partner status in the Amazon Web Services (AWS) Partner Network.
Broctagon would be working alongside trading technology firm TradAir to provide cryptocurrency liquidity akin to the foreign exchange (FX) market. | Finance Magnates
Broctagon Fintech Group, an all-in-one provider for forex and blockchain solutions, is proud to be a new member of the Singapore FinTech Association (SFA).