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Newly Announced Crypto Exchange Uses Satellites to Grant Blockchain Access for the Unconnected Users

Originally published on: CoinSpeaker
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January 14, 2019

Photo: SupremeCrypX Exchange

Photo: SupremeCrypX Exchange

SupremeCrypX, a new cryptocurrency exchange launched by Supreme Global Holdings (SGH), has plans to bring blockchain infrastructure to space using its associate company — a satellite operator — SupremeSAT.

The exchange intends to provide services that range from crypto-fiat pairs to blockchain-based products and even a virtual card meant to make spending cryptocurrency easier.

SupremeSAT already has one satellite in orbit (namely SupremeSAT-I) that provides communication services in the Middle East, Australia, South Asia and Central Asia, alongside plans to launch two more.

The exchange also disclosed plans to utilize the SupremeSAT’s ground infrastructure as data centers and mining hubs, backing its Supreme Coin with the permission of the company’s chairman.

Supreme Global Holdings describes itself on its website as “a leading player in South Asia’s commodity trading” and shipping industry and “an active investor with a primary focus on emerging markets.” In the past, the company partnered with Alibaba’s tourist-industry company named Friggy, proving positive relations with the Chinese e-commerce giant and payment processor.

The objective of this endeavor is reportedly to bring the opportunity of cryptocurrency mining and usage to people without access to broadband internet connections. A member of the executive team of the exchange Ramasamy Muthusamy Manivannan declared that one of the aims of the project is to help developing countries since he knows that they are often refused access to the latest technologies.

The exchange will be based out of Malta, which has been recognized as the global hub of the crypto industry after its parliament approved three bills that ensure regulatory clarity for crypto businesses on the island. Manivannan said that this decision grants SupremeCrypX “the reassurance of operating under a regulated jurisdiction” with the added benefit of operating inside the European Union.

R.M. Manivannan also announced plans for the exchange to “join hands with the forward-thinking Maltese government to promote cryptocurrency usage in the world.”

The recognition of the Maltese government being forward-thinking when it comes to new technology is backed by recent news. After tackling blockchain and cryptocurrency regulation, the government reportedly started working on an “artificial intelligence (AI) strategy” as well.

Junior minister for financial services, digital economy and innovation, Silvio Schembri, stated that the country aims to become a top AI nation. He intends to help obtain this objective with a friendly regulatory environment, collaborating with SingularityNET, a decentralized AI service market.

The ultimate aim is to “explore a citizenship test for robots in the process of drafting new regulation for AI.”

The TrustToken CEO, Rafael Cosma, said that stablecoins “are one of the keys to bringing the benefits of cryptocurrencies to everyday people,” which may be the reason why this exchange reportedly intends to promote their adoption.

SupremeCrypX has intention not only to list stablecoins but also to use the SGH mining resources to “provide the exchange the possibility of introducing and promoting several asset-backed cryptocurrencies to everyday people.”

Lastly, R. M. Manivannan declared that the exchange gives 0.000001 BTC (equivalent to $0.0038 at press time) in free Bitcoin wallets to its users, hoping to raise the number of people familiar with the cryptocurrency.

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