Exchanges Need to Adopt a Multi-Faceted Approach to Security: FutureX Pro CEO

The cryptocurrency sector emerges as a strong contender solidifying its role in bringing decentralization and democracy to the Fintech world. This elucidates the demand for DeFi traversing boundaries into the realms of centralized institutions such as crypto exchange platforms. 

FutureX Pro, a decentralized crypto exchange platform is one such venture. In an insightful interview with FutureX Pro’s CEO Alan Ang we explore decentralized crypto trading, regulations, security, Web3 and the overall crypto market. 

Alan Ang discusses the exchange’s vision, how they facilitate user experience, delves into regulatory compliance, and its impact on the crypto sector. With this year marking a crucial period of development in multiple subsets within the industry, join us in understanding how FutureX Pro strives to foster a decentralized user experience for a global audience. 

TheNewsCrypto: Can you tell us briefly about the FutureX Pro’s vision and the unique aspects it brings to the market? 

Alan Ang: FutureX Pro aims to redefine how people engage with digital assets by making the process as seamless and intuitive as possible. Our vision is to create a platform where users can confidently navigate the digital asset space, regardless of their experience level! What sets us apart is our relentless focus on user experience, combined with cutting-edge technology and a commitment to regulatory compliance. We’re creating an ecosystem where trust and innovation coexist.

TNC: During the development and execution stages did you face any challenges, If yes, can you elaborate on it? 

AA: Challenges are part of the journey, and we’ve certainly faced our share. One of the biggest hurdles was integrating a multi-layered security framework that could handle the complexity of global operations. We also had to navigate the diverse regulatory landscapes of over global countries, ensuring compliance while maintaining a user-friendly experience. Each challenge pushed us to innovate, adapt, and ultimately, strengthen our platform.

TNC: FutureX Pro holds an US MSB license, was the regulatory path rocky and can you elaborate on how you managed it?

AA: Glad you asked! Obtaining the US MSB license was indeed a rigorous process. We had to align our operations with stringent regulatory requirements, which involved a lot of back-and-forth with legal experts and regulators. The key to managing this was our proactive approach—anticipating regulatory changes and staying ahead of the trend. It wasn’t easy, but it was necessary to build the trust and credibility we hold today.

TNC: FutureX Pro is currently available in around 200 countries, can you discuss how you manage to diversify services and attract users over the vast region. 

AA: Diversity and localization are indeed at the core of our global strategy. We understand that each market has unique needs and preferences, so we tailor our services accordingly. This includes offering localized support, adjusting our product offerings to fit regional demand, and implementing marketing strategies that resonate with different cultural contexts. Our ability to adapt and stay relevant across diverse regions has been key to our global success.

TNC: Can you provide an introduction to the “Structured Products” that FutureX Pro is preparing to launch? How will it transform the DEFI landscape?

AA: Our upcoming Structured Products are designed to bridge the gap between traditional finance and decentralized finance. These products will offer users exposure to various asset classes within a secure, transparent framework, combining the best of both worlds. We believe this will bring a new level of sophistication to the DeFi space, making it more accessible to a broader audience and enabling users to diversify their portfolios with greater confidence!

TNC: Is FutureX Pro planning any partnerships in the future? If yes, can you hint what kind of collaborations we are looking at? 

AA: Definitely, partnerships are a big part of our growth strategy! While I can’t disclose specific names just yet, I can say we’re looking at collaborations that will enhance our technological capabilities and expand our user base. These could range from partnerships with leading blockchain projects to alliances with fintech companies that share our vision of financial innovation and inclusivity.

TNC: Let’s diverge a little into your personal preferences. What cryptocurrency are you currently bullish on? 

AA: That’s a fun question! I’m particularly excited about the potential of Ethereum. Its transition to Proof of Stake and the ongoing developments in the Ethereum ecosystem make it a strong contender for long-term growth. However, I’m also keeping an eye on projects that are pushing the boundaries of what blockchain technology can do, especially those focused on scalability and interoperability.

TNC: Returning back to the FutureX ecosystem, do you see a Web3 expansion in its future? 

AA: Absolutely. Web3 is the future of the internet, and we’re fully locked-on to integrating Web3 capabilities into the FutureX ecosystem. This means enabling decentralized applications, empowering users with greater control over their data, and fostering a more open, secure digital economy. We’re already working on several initiatives that will bring Web3 to our platform, so stay tuned!

TNC: In the present, security has become a hot topic in the market. The recent WazirX hack has caused quite a stir in the market. How do you think crypto exchanges can enhance security and prevent breaches? 

AA: Security is non-negotiable in this space, and the WazirX incident is a stark reminder of that. Exchanges need to adopt a multi-faceted approach to security, including advanced encryption, continuous monitoring, and regular security audits. We’ve implemented these measures and more, and we’re constantly exploring new technologies to stay ahead of potential threats. Collaboration with white-hat hackers and the broader security community is also crucial in identifying and mitigating vulnerabilities before they can be exploited.

TNC: What are your thoughts on spot ETP products? The US and Hong Kong Spot ETFs have not met market expectations. The recently launched spot ETH ETFs have not seen significant activity either. Do you think this is bound to change in the coming months? 

AA: The lukewarm reception to spot ETPs is a reflection of the broader market sentiment and the regulatory uncertainties surrounding them. However, I believe this will change as the market matures and regulatory frameworks become more defined. Spot ETPs have the potential to bring more institutional capital into the crypto space, and as awareness and understanding grow, we’re likely to see increased activity in these products. Very excited!

TNC: In the present, the global regulatory landscape seems to be spearheading their focus into the crypto sector. Can you elaborate on what this means to crypto-related firms? Specifically, what are your thoughts on the US crypto regulations.

AA: Yes I would love to address this. The heightened regulatory focus is a double-edged sword. On one hand, it brings legitimacy and stability to the industry; on the other, it presents challenges in terms of compliance and operational flexibility. For firms like FutureX Pro, it means being agile and proactive in adapting to these changes. The US crypto regulations, in particular, are setting the tone for the global market, and while they can be stringent, they also offer a framework within which the industry can grow responsibly.

TNC: Is FutureX Pro planning any token launch in the near future? 

AA: We understand the potential launch of a native token would definitely provide additional utility within the FutureX ecosystem. However, any token launch will be done with careful consideration of market conditions and regulatory requirements. At this time, we don’t have any plans to launch a token. Our primary focus is on enhancing our platform, expanding our services, and ensuring that we’re delivering the best possible experience for our users. We believe these goals are where our energy is best spent right now.

TNC: How was the recent Taiwan exhibition and relatedly, can you shed light on the marketing strategies of the platform to attract users? 
AA: The Taiwan exhibition was a fantastic experience and a great opportunity to connect with our community and showcase what we’re building. Our marketing strategies are focused on engagement and education. We’re leveraging a mix of content marketing, influencer partnerships, and targeted campaigns to reach different segments of our audience. The goal is to build a brand that users trust and want to be a part of.

Disclaimer: The information provided in this interview article is for informational purposes only. It is not intended to be, nor should it be construed as, investment advice, financial guidance, or a recommendation to make any specific decisions. Readers are encouraged to conduct their own research.