Digital token trader ERX to launch Thai trading platform by yearend
ERX, a digital token trading service provider, will launch its digital trading platform in Thailand by the end of the year.
Pinpraaj Chakkphak, ERX chief executive officer, said the Finance Ministry and the Securities and Exchange Commission (SEC) gave the company approval for trading digital assets in July this year, and the company has allowed certain customers to open a trading account since October 1.
He said ERX is currently talking to some potential customers who want to use their assets, such as property, to raise funds in the form of digital tokens. The firm expects to get three assets by the end of this year.
Pinpraaj added that the company has negotiated with three security companies to help boost investor’s interest in digital tokens.
"ERX’s strongest point is its major shareholder is Elevated Returns, an American company that specialises in digital assets and is experienced in issuing Aspen Coins, a token that is linked to the assets of the St Regis Aspen Resort with a funding value of US$18 million," he said.
He added that ERX aims to first create a platform in Thailand before expanding further in rest of Asia.
“We have decided to start in Thailand because many Thais use smartphones and the SEC has the potential of improving its regulations in line with changes in technology. Also, Thai financial institutions are ready to invest in this form of assets,” he said.
Pinpraaj went on to say that the strongest point of digital tokens is that it gives investors a chance to get high returns by investing in assets they would not have access to otherwise, like properties that that sell investment units at Bt100 million.
"It also enables asset owners to raise funds at a far lower cost than they would if they were raising funds via the Stock Exchange of Thailand,” he added.
