Singapore based crypto exchange Fmall announced on Wednesday that it would receive a strategic investment from Crypto Capital, a crypto finance company. The announcement comes days after the exchange was relaunched globally following its second major upgrade.
— Fmall (@FmallExchange) March 10, 2020
The company made an official announcement via a post of Medium, in which it stated that it had received credit endorsements from 50 head media and 15 professional capitals. It further added,
“Fmall always adheres to the user’s interests first, and is committed to providing a secure, fair, open and efficient blockchain digital asset trading environment, so that everyone is free to trade in a safety way and benefit from the Blockchain Times.”
Singapore is one of the fastest-growing crypto-blockchain hubs in Southeast Asia, and the country is one of the major hotspots for start-ups. However, Fmall Exchange, being a novice cryptocurrency exchange with no established name in its management team, will find it difficult to strengthen its foothold in the market, especially at a time when the market is experiencing a slump.
Moreover, Crypto Capital itself has had a bit shady background, which won’t make things easy for Fmall. Crypto Capital Principal Oz Joseph was indicted by the U.S. Attorney’s Office of the Southern District of New York on conspiracy to commit bank fraud and operating an unlicensed money transmitting business.