XPG aims high as it diversifies into digital asset services in second quarter

XSpring Capital Plc (XPG) announced its ground-breaking move to commence comprehensive services in the digital asset market on Thursday.

The announcement concerns its subsidiary, XSpring Digital Co Ltd, a digital token trading platform provider, as it has received “Licence Activation” from the Securities and Exchange Commission (SEC) on February 18, which grants the company official status as a digital asset broker and dealer.

XSpring Digital is fully committed to this latest undertaking in the digital asset market, asserting three strengths for Thai investors as Thailand’s first one-stop service provider, in partnership with large capital funds to offer global liquidity and better investment opportunities.

The company aims to win one-third of Thailand’s digital asset market share, which will in turn become the main source of revenue for XPG Group.

XPG president Varangkana Artkarasatapon said the company sees potential and opportunities in the digital asset market, which is one of the most popular asset classes among both short-term and long-term investors.

She added that the company is constantly seeking new opportunities for all kinds of investments for investors through accessible platforms.

She explained that last year, XSpring Digital, which oversees the digital asset business, achieved great success as Thailand’s first digital token system provider and ICO portal approved by the SEC with ‘SiriHub Token’, Thailand’s first real estate-backed ICO, raising 2.4 billion baht.

In addition, XSpring Digital is among a few Thai digital asset service providers that have received four licences from the Finance Ministry, namely cryptocurrency broker, digital token brokerage, cryptocurrency dealer, and digital token dealer, she added.

"Today, XSpring Digital has reached the next stage, having officially obtained ‘License Activation’ from the SEC," she said,

"Now, the company can conduct these four businesses with a platform that supports all ranges of investors in a legal and more comprehensive manner, and is ready to become ’Thailand’s first digital financial and investment One-Stop Service provider’.”

XSpring Digital highlights three competitive strengths:

Partnership: XSpring Digital has fostered collaborations with many partners from various businesses to enhance the all-inclusive financial ecosystem and offer superior benefits to all investors.

Global liquidity: XSpring Digital connects local investors to the global digital asset market through Coinbase, a global online platform for buying and selling digital currencies. The collaboration will enable investors to trade in high liquidity and high volume at global prices, which will truly unlock boundless offshore opportunities for local investors.

Convergent Digital Asset Trading Platform: XSpring Digital offers a world-class digital asset trading platform that is easy to use and secure with a KYC system, allowing a convenient but highly secured account opening approval. In addition, investors can transact in Thai baht without currency exchange. Investors can trade on both XSpring Digital’s website and XSpring application 24 hours a day.

“XSpring Digital takes great pride in becoming Thailand’s first comprehensive digital financial and investment one-stop service provider where investors can trade both cryptocurrencies and digital tokens in the same platform, supporting both primary and secondary markets with seamless domestic and foreign exchanges," Varangkana said.

She added that the company targets one-third of market share and remains committed to their strength of an all-inclusive financial ecosystem to maximise the development of the Thai digital asset market and expand it to regional and global levels.

"The company will further expand into other high-potential products in the future. We believe XSpring Digital will become a core business that contributes a large amount of revenue to XPG Group by 2022,” she concluded.

XSpring Digital is expected to be ready to launch the digital asset trading platform in the second quarter of this year through XSpring Digital website and XSpring application, supporting both Android and iOS operating systems.