Singapore gets new cryptocurrency exchange

James Ju, the former Huobi CTO, isn’t at all concerned about the present state of the crypto market, because he’s managed to persuade a group of investors to fund a new crypto exchange.

Ju made an announcement this week, saying that the exchange would open by the end of 2018. It will be called BHEX and has already raised $15 million in equity, including from Ju’s former employer Huobi as well as OKex. It also held a token round, which garnered strong support from some high profile funds, including Genesis Capital, BlockVC, DHVC and Dfund.

The press release indicates that Beacon technologies will introduce the new BHEX and points out that Ju has already brought X Financial (XYF) to a New York Stock Exchange listing. He is joined at BHEX by a former Huobi colleage, Tyle Wu, who will be the exchange’s Global Managing Director. Tyler specialises in exchange operations, and he is leading established BHEX offices in Singapore, US and UK, with the intent of making BHEX a globally operated business. Furthermore, BHEX core founding members come from first-tier technology and financial companies including Google, Alibaba, Tencent, Baidu, Barclays Capital, and Société Générale, all big names that will ensure BHEX has the advantage of being a competitive global player.

BHEX is introducing groundbreaking, technology-governed concepts and crypto-graphical design into cryptocurrency trading fields and will significantly change the existing trading platform model from centralised exchanges to decentralised exchanges. In addition to this, BHEX is committed to provide crypto assets as well as custody and clearing infrastructure services. It also aims to standardise the industry ecosystem and achieve truly decentralised blockchain asset circulation. Ju has also stated that Bluehelix technology will be an open source project after it has been completely developed, and that with Bluehelix technology, BHEX will be able to construct an independent asset custody and clearing platform that is completely managed by the community.