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Asia Blockchain and Crypto Association (ABACA) Partners with CoolBitX for Custodial Services for Security Tokens
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ABACA, the regulatory organization of the Cagayan Economic Zone Authority, has enlisted CoolBitX to create cold storage options for security tokens in Southeast Asia. CoolBitX is the creator of the first bluetooth mobile hardware wallet for cryptocurrencies.
In January, we reported on the Asia Blockchain and Crypto Association (ABACA) launching CEZEX, Asia’s first security token trading platform. The exchange is based in the Phillipines, specifically the country’s Cagayan Economic Zone Authority. The exchange is in direct competition with Binance, but now has an advantage over the world’s largest exchange by supporting security tokens.
CEZEX is now taking this a step further by enlisting CoolBitX to help them with custodial services.
ABACA’s Expansion
ABACA has grown to include many fintech giants in the area, many of them licensed by CEZA. Formosa Financial, from Taiwan, is one of them. CoolBitX is coming on board to better fit the services in line with CEZA’s expanding Rules and Regulations.
CoolBitX has a close relationship with Taiwan’s efforts to expand their crypto-asset services. For example, Taiwan legislator and congressman Jason Hsu commented on the partnership enthusiastically.
“We officially kicked off the partnership between Taiwan and ABACA, which is why I’m delighted to see ABACA also moving forward with a partnershipw ith CoolBitX. Cool BitX is one of Taiwan’s most innovative startups, spearheading the creation of the first mobile hardware wallet on the market today and becoming an industry leader in the security and compliance best practices. I fully support the CoolBitX-ABACA partnership and hope more Taiwanese blockchain startups will follow suit and invest in the Southeast Asia Market.”
ABACA director, Mel Songco, said that he hopes the partnership will allow for the building of a “more compliant and secure business environment which will appeal to all of our stakeholders.”
What do you think of the partnership? Will CEZEX ever eclipse Binance? Let us know your thoughts in the comments.
Image courtesy of CoolBitX.
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Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
