Binance and Cuscapi take strategic stakes in Malaysia’s MX Global
By Digital News Asia March 1, 2022
- Demonstrates sustainable cryptocurrency growth in Southeast Asia
- MX Global poised to be major player in industry, tap larger clientele pool
MX Global Sdn Bhd today announced an undisclosed equity investment from Binance, the world’s largest cryptocurrency and blockchain ecosystem. In addition, MX Global also landed another investment for Redeemable Convertible Preference Shares (RCPS) by Cuscapi Bhd, a digital business solutions provider in Malaysia.
The new capital injections will allow MX Global, a licensed fintech company, to build brand awareness, hire more high-quality talent and develop new features within Malaysia’s regulatory framework. This will also propel it to become the major player in the industry, tapping a much bigger clientele pool.
MX Global is one of the four Recognized Market Operator-Digital Asset Exchange (RMO-DAX) that has been granted full approval by the Securities Commission Malaysia (SC) in July 2021 and complies with the standards and practices to uphold investor protection in conducting safe and secure trading of cryptocurrencies in the country. MX Global offers solutions for users to store and trade cryptocurrencies under compliant and safe cyber-security environments including a regulated local cryptocurrency exchange.
Commenting on the investment, Fadzli Shah, (pic) CEO of MX Global, said “MX Global aspires to be the preferred liquidity platform for digital asset or cryptocurrency investors and token issuers locally and internationally. The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy and real digital asset ecosystem for our customers.”
With this initial effort to support sustainable growth in the cryptocurrency market in Southeast Asia, Binance hopes to work with regional and local partners to drive further collaborations.
Changpeng Zhao (CZ), Founder and CEO of Binance, said: “We see potential in Malaysia given its respected and innovative crypto and blockchain community. We believe that partnering with MX Global will be a springboard to new opportunities, both in Malaysia and the region as a whole as well as across the entire crypto and blockchain ecosystem."
On the Cuscapi investment, Fadzli Shah expressed his excitement in working together with the digital business solutions provider that holds an extensive list of well-known clients. “I believe that this cooperation will not only expand the potential services that MX Global can offer in the future, but it will also allow the company to innovate and revolutionise the payment system in Malaysia.”
Cuscapi Executive Chairman Jayakumar Panneer Selvam (pic) said, “this historic collaboration between digital assets and payment systems will create integration and synergy that will bring together the high potential use of cryptocurrency to conduct commerce. With blockchain and smart contracts being increasingly incorporated into our lives, the potential for this will be massive.”
The strategic cooperation further demonstrates the continuous growth and development of the digital assets industry, which will bolster the cryptocurrency market in Malaysia and Southeast Asia.
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