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Young Singaporeans are keen on crypto adoption: Survey

Young Singaporeans are keen on crypto adoption: Survey

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Results of a recent survey conducted on a sample of 1,000 Singapore residents show that 43% of Singaporeans hold some form of cryptocurrency

A recent poll by the Independent Reserve in Singapore has shown that about half (43%) of citizens own crypto. Consumer insights firm Toluna conducted the survey with Singapore getting a 63 Independent Reserve Cryptocurrency Index (ICRI) score. The result of the poll showed that 46% of Singaporeans plan to get their hands on crypto within the next year, with 25% of them considering the idea seriously.

This percentage stands at 61% when only considering adults below the age of 45. The distribution of crypto acceptance by gender showed that 51% of male respondents owned crypto compared with 35% of female respondents. The younger age group of participants – between 26 and 45 – had the highest rate of adoption of cryptocurrencies, with 66% of them owning crypto compared with 29% among other age groups.

The group also showed the highest level of diversity in crypto, with 58% owning the leading crypto Bitcoin, 38% having stakes in Ethereum, while other available coins are owned by 36% of the participants. The rest of the age groups lacked variety in crypto investment, with their most popular tokens, Bitcoin and Ether, enjoying 22% and 11% ownership respectively.

In terms of awareness, 93% of participants indicated that they had at least heard of crypto, 90% of them having heard of Bitcoin. Out of these respondents, 57% had a preferred crypto coin, and 45% favoured Bitcoin. What users thought of Bitcoin varied, with 25% considering it a store of value, and 40% an investment asset.

Citizens’ trust and belief in crypto was also studied, with 7% of the respondents maintaining that Bitcoin was a scam. The study found that three in every five Singaporeans had confidence that Bitcoin would grow to achieve large-scale adoption. Three quarters of participants revealed that they had seen growth in wealth resulting from crypto ownership. Meanwhile, 7% of participants said they had made a loss from crypto.

The report further highlighted the significant impact of COVID-19, with 21% of users who planned to buy crypto last year, attributing the failure to do so to the pandemic or the uncertainty it brought. The research identified Singapore as a key financial hub in Asia, and the growth seen in the crypto sector was courtesy of the friendly regulatory environment supporting the use and adoption of crypto. The Payment Service Act was cited as a massive contributor to the revolution of crypto licensing and regulations.

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Singapore Exchange Announces Acquisition of MaxxTrader

Singapore Exchange Announces Acquisition of MaxxTrader

Singapore Exchange (SGX), Asia’s leading multi-asset exchange and FX derivatives marketplace, announced today that it has acquired the single source and direct-to-market FX trading platform, MaxxTrader.

According to an official press release shared with Finance Magnates, SGX is planning to expand its reach into the FX over-the-counter (OTC) ecosystem through the latest acquisition of MaxxTrader.

The recent $125 million acquisition is expected to be completed by December 2021. The exchange will acquire MaxxTrader from a multi-asset execution and order management firm, FlexTrade Systems.

Headquartered in Singapore, MaxxTrader provides FX pricing and risk solutions for sell-side institutions including banks and broker-dealers, as well as a multi-dealer platform for hedge funds. MaxxTrader’s current list of clients includes leading global banks, hedge funds and brokers. MaxxTrader’s average daily volume (ADV) has grown substantially in the last few years.

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Commenting on the latest acquisition, Loh Boon Chye, Chief Executive Officer at SGX, said: “Since SGX expanded from FX futures to the global FX OTC market, we continue to cement our footprint in this fast-growing and sizeable US$6.6 trillion-a-day global market. We are excited to acquire MaxxTrader, which further enhances our FX OTC offering and widens our customer base across the sell- and buy-side.”

FX Expansion

In 2020, Singapore Exchange acquired BidFX, a leading cloud-based provider of electronic FX trading solutions. SGX highlighted that a strong sell-side client base of MaxxTrader complements the buy-side clientele of BidFX. The exchange is planning to become a leading platform in international FX OTC through the latest acquisitions.

“We share SGX’s FX vision to offer buy-side and sell-side clients a wide range of FX products and liquidity across OTC and futures globally. With SGX’s strong focus and investments in FX, we expect to accelerate innovation and deliver exciting new solutions for both our clients and liquidity providers,” Manish Kedia, designated Chief Executive Officer at MaxxTrader, commented.

“It has been a true pleasure to see the success and growth of MaxxTrader over the past decade. SGX is committed to invest and innovate in the FX OTC marketplace which will benefit the MaxxTrader product, employees and client base, and enhance the momentum of the business,” Vijay Kedia, President and CEO of FlexTrade Systems, said.

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