AAX Provides Strategy Updates to its Community

AAX today provided an update to its community, outlining a forward-looking vision for driving the adoption of Bitcoin and the wider cryptocurrency market.

• Thor Chan, the former AAX CEO, becomes a member of the Board of Directors
• Board will oversee company operations during its search for a new CEO 
• AAX reiterates that it is seeking a license from the Monetary Authority of Singapore
• Expansion into European markets planned for 2022
• Outlines vision to become an exchange for everyone, emphasizing mission of driving cryptocurrency adoption by helping the 96% of people yet to hold digital assets

More than a trading platform, AAX offers a full suite of financial products and services to everyone, from NFT artists and entrepreneurs to savvy traders and the unbanked, actively engaging in public discourse and positioning itself as a cryptocurrency hub for everyone. 

The update reveals how the exchange is moving forward with an expansion plan that will enable it to support the accelerating adoption of cryptocurrency. At the same time, it continues to assess the environment for digital assets globally.

AAX is driven by its mission to be a catalyst for crypto adoption, which can shape better and more inclusive global economies. In its quest to fulfill this vision, AAX aims to make crypto more accessible to an estimated 96.1% of people worldwide who do not hold digital assets. 

AAX believes that cryptocurrency has no frontiers – and seeks to be an exchange for everyone by offering insights and products that support the integration of cryptocurrency into the daily lives of people around the world. 

Leadership

Thor Chan has stepped down as the CEO of AAX and will continue to support the exchange as a member of the Board of Directors. 

“I am honored to have been the CEO for AAX, which has achieved so much since our launch in November 2019,” said Thor. “We built a community of more than two million users in over 100 countries and became the world’s first cryptocurrency exchange to be powered by LSEG technology, as well as the first to make the switch to the Satoshi Standard (SATS) to drive the adoption of Bitcoin forward.”

The Board is undergoing a search for a new CEO to lead the next stage of AAX’s development and it is there to provide guidance to the management team until the next talent is appointed. 

Expansion plan

Exploring operations in new territories and attracting talent.

AAX has also identified leadership for its Singapore entity and will share more news about this soon. In February 2021, AAX announced that its Singapore affiliate entity had been granted an exemption under the Payment Services Act by the Monetary Authority of Singapore (MAS). This exemption allows it to provide cryptocurrency-to-cryptocurrency services to customers in the country, following an application for a Payment Services License, which is currently in process. 

AAX is also exploring opportunities to expand its operations to new regions, including markets in Europe. We are in the process of establishing our operations in new markets including registering as an entity, setting up an office, and executing our hiring plan. We will update the community with more progress on this aspect soon.

AAX also aims to support its growth strategy by tripling its global headcount over the course of 2022. In line with its ambition to be an exchange for everyone, AAX is open to all candidates with an interest in crypto, regardless of their background or professional experience. The exchange is committed to building the technical skills of talented people through professional development programs. 

Growth strategy

Products and insights to develop an exchange for everyone.

AAX’s growth strategy reflects its belief that the adoption of Bitcoin and other digital assets can help create opportunities and build fairer and more inclusive economies. Its ambition to be an exchange for everyone is therefore grounded in its conviction that crypto should be made accessible to all. That means working to find points of connection with the vast majority of people who do not yet hold crypto and are not familiar with digital assets. 

“More than a technology or a new asset class, we see Bitcoin as a driver of change that proposes a different set of principles around ownership, agency, borderlessness, and sound monetary policy. As an exchange, aside from offering a full suite of financial products and services, it also means we need to engage in public discourse and help shape the narrative around Bitcoin and the wider crypto markets,” said Ben Caselin, Head of Research and Strategy at AAX. 

“We’re driving adoption by being part of the conversation about how changing concepts of money and value intersect with culture across areas including art, gaming, music, philosophy, and sports,” added Caselin. “This is how we believe a new paradigm can find its way to the masses. From artists to the unbanked, from savvy traders to overseas workers, the addressable market encompasses everyone.” 

How AAX has evolved

Products and insights that bring cryptocurrency to everyone.

AAX is committed to driving the global adoption of Bitcoin – and also believes in providing investors with access to a wider range of quality digital assets. Powered by LSEG technology, AAX is the first crypto exchange to offer Bitcoin using the Satoshi Standard (SATS) this year, which means that investors can buy a unit of Bitcoin for as little as US$0.10. In addition to expanding access to crypto for a broader range of investors, AAX also offers high-yield token-based savings products and fiat on- and off-ramps for 25 currencies.

“We are passionate about the qualities of Bitcoin: permissionless, immutable, intrinsically scarce,” continued Ben Caselin. “But we also list a wide spectrum of tokens on AAX, giving investors the opportunity to express different views about the future of digital assets and learn about the asset class.”

AAX is passionate about educating a broad audience about digital assets, enabling them to make informed choices about how to engage with the future of finance. AAX demonstrated this commitment in early November as a Diamond Sponsor of the Hong Kong FinTech Week. 

AAX used the high-profile event as an opportunity to explore how the intersection between physical and virtual worlds is changing, and also seized the chance to engage with visitors face-to-face. The exchange commissioned five NFTs that played with the idea of crypto celebrity ‘gods’ and their impact in the market – and visitors also had the chance to be part of an NFT that was composed during the week. 

Also in November, AAX and Forkast.news co-hosted Bitcoin and Beyond, a one-day virtual summit that brought together the most influential voices in crypto to discuss how to chart a course for a new digital economy after a historic year for digital assets. As AAX seeks to connect with non-crypto natives, Ben Caselin, Head of Research and Strategy at AAX, also provided market insight to leading mainstream media including Bloomberg, Reuters, and Fortune.

AAX’s exhibition area at Hong Kong FinTech Week, including the cryptocurrency gods NFTs.

How AAX will maintain its commitment

Doubling down on bringing cryptocurrency to everyone.

AAX will continue to match its commitment to championing cryptocurrency adoption with a product set that enables everyone to access the market. The exchange will continue to integrate new layer 2 scalable solutions to enhance the crypto infrastructure available to users. 

As an exchange for everyone, AAX supports the development of infrastructure for a range of users. This includes users who want to use Lightning Network wallets for fast and cheap Bitcoin transfers. It also includes miners: AAX is the first and only crypto exchange to be integrated with wrapped Ether (wETH), offering miners low-cost and real-time settlement via Polygon Network. 

AAX also remains committed to cryptocurrency education and to lead a conversation about the relationship between culture and finance. Working with partners, the exchange will present a series of Bitcoin & Beyond events – including the main annual conference – during the coming year.

During the first quarter of 2022, the exchange will partner with an auction house to sell the ‘crypto gods’ NFTs showcased at the Hong Kong FinTech Week. As it has previously shared, AAX also has plans to launch an NFT marketplace. 

AAX welcomes feedback from its community about this strategy update. Please join the discussion on Telegram and Twitter.