AAX Exchange Adds Bank Transfers and Support for 11 Fiat Currencies
December 10, 2020 8:13 am,
AAX has revealed that it is to roll out support for 11 fiat currencies this month, allowing users to deposit and withdraw funds via bank transfer. At the same time, it’s integrated the newly added currencies into its multi-currency wallet alongside USDT. The news will be welcomed by AAX users who have lacked a direct onramp up until now, and will bolster the platform’s efforts to onboard another half a million users.
The currencies that AAX has declared support for are among the most popular in the world, and are the de facto fiat pipelines that fund the cryptosphere. The exchange has announced that it will presently support the Australian Dollar (AUD), Canadian Dollar (CAD), Chinese Yuan (CNH), Swiss Franc (CHF), Euro (EUR), and British Pound (GBP). In addition, it will add support for the Hong Kong Dollar (HKD), New Zealand Dollar (NZD), Singapore Dollar (SGD), and US Dollar (USD).
Uniting the Crypto and Fiat Realms
While it was the rising price of crypto assets, and the explosion of decentralized finance (defi), that caught the headlines this year, behind the scenes, there was more enduring progress being made. Since the bear market that began in 2018, crypto exchanges, wallets, and brokers have been quietly improving their fiat on- and offramps, recognizing the need for better rails that connect to the world of traditional finance.
Some exchanges have directly added their own infrastructure to support bank transfers and credit card purchases, while others have partnered with fiat-crypto payment gateways. In the case of AAX, the exchange has promised to keep withdrawal fees low for bank transfers, at just 0.3%. This will enable it to compete against other leading spot and futures exchanges. It’s also enabling free deposits for bank transfers of over $1,000, while transactions under that threshold will incur a $25 fee.
From Stock Exchange to Cryptocurrency Exchange
AAX was founded by a team with deep knowledge of traditional markets, and is one of the first exchanges to be part of the London Stock Exchange Group (LSEG) Partner Platform. It uses the same low latency trading engine, making it suitable to pro traders as well as to retail users. In addition to spot and futures, which can be traded with up to 100x leverage, AAX offers an OTC service. This allows HNW buyers to acquire – or sell – large amounts of BTC in privacy, and without moving the markets.
The exchange has also caught onto the trend of aggregating financial services for a range of crypto applications, including those that were once the preserve of defi. For example, its AAX Savings platform provides an APY that is around 50% higher than the market average. CEO Thor Chan has spoken extensively about decentralized finance, positing that for all its innovation, the craze for yield – and the risks it compels some speculators to take – is unsavory. As a consequence, he’s overseen the implementation of AAX with a focus on making it palatable to newcomers taking their first steps in the world of crypto.