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NEW SOUTH WALES, AUSTRALIA, Feb. 16, 2023 (GLOBE NEWSWIRE) —
Despite the ongoing bear market, the JPEX exchange continues to expand its territories of operations, and constantly upgrades and optimizes its website functions so that desktop and mobile users can enjoy better technological resources.
To ensure that clients’ funds are safe, JPEX followed in the footsteps of other mainstream cryptocurrency exchanges by providing PROOF OF CAPITAL RESERVES to allay the fears of traders that the platform will not head in the direction of bankrupt exchange FTX. The On-Chain Data on JPEXs official website shows that two wallet addresses belonging to the exchange have about 9,000 Bitcoins (BTC) in reserve which is equivalent to around $150 million, per current market rates. Additionally, there are several assets locked in different cold pockets (currently going through a third-party audit stage). Once the auditing phase is complete, details of the assets will be disclosed in a future official announcement in addition to a more detailed audit report.
About JPEX Exchange
The full name of the exchange is JP-EX CRYPTO ASSET PLATFORM PTY LTD. and its operating headquarters is located in Dubai, United Arab Emirates (UAE). JPEX is supervised by Dubai’s Virtual Assets Regulatory Authority (VARA) and it’s fully compliant with regulatory measures in all the jurisdictions it operates. With a primary focus on blockchain technology and cryptocurrency, JPEX has more than $2 billion in global assets and technology under its management and tags itself as a capital-rich exchange.
The business activities of JPEX cover Hong Kong, Malaysia, and Australia. The company uses the cryptocurrency market as its base point and spreads its resources across various industries. A great example of this can be attributed to JPEX spending more than HK $40 million on advertisements in Hong Kong which included contracting a Hong Kong celebrity as a Brand Ambassador. Moreover, JPEX launched an exclusive non-fungible token (NFT) “J-BALL” with Australian Football League (AFL) club Western Sydney Wanderers.
About JPEX Relevant Licenses
Since its establishment, JPEX has been constantly applying for the relevant licenses associated with the operation of virtual assets which includes cryptocurrencies. The exchange currently holds licenses from the appropriate regulatory bodies in Canada, Australia, and the United States of America.
In Canada, JPEX holds the Canadian MSB Fintrac License which regulates currency trading and currency exchange service enterprises.
In the United States of America (USA), JPEX holds the FinCEN MSB financial license which is issued by the Financial Crimes Enforcement Bureau (it falls under the Department of Treasury). Services performed under the license include foreign exchange, international remittance, and currency trading and transfer which includes virtual or digital currency, issuance of initial coin offering (the cryptocurrency version of an initial public offering for centralized companies), advance payment provision, and traveler’s checks issuance.
In Australia, JPEX holds an operating license from the Australian Securities and Investments Commission (ASIC).
Aside from Asia and North America, JPEX has also entered the European cryptocurrency market.
JPEX has applied for the Lithuanian cryptocurrency exchange and wallet operator registration license. As one of the few countries that operate within the European Union and European Economic Area, Lithuania is a member state of the Virtual Asset Service Providers (VASP) and is recognized as a traditional financial jurisdiction in Europe for payment and electronic money licensing.
On the functioning of our website and mobile applications powered by iOS and Android, JPEX introduced functions such as a multi-signature cold wallet, insurance mechanism, VISA Signature Financial Card, and the metaverse game JP Planet to bolster the interest of existing and potential customers.
About the JPEX Exchange Insurance Mechanism
To allay all forms of fear of customers, JPEX introduced the user funds insurance mechanism. Due to the waning crypto market and extreme volatility in addition to complexities surrounding the use of crypto wallets, should a JPEX customer lose funds on legitimate grounds, JPEX can pay every user a maximum of 75,000 United States Dollar Tether (USDT) in protection money. The figure stated and reserved as insurance covers 90% of potential fund losses and falls within the international financial requirements designed to safeguard the funds of traders across the globe. While 75,000 USDT is available to all customers, those seeking a part of the insurance package must have completed the exchange’s Knowing Your Customer (KYC) verification process.
About JPEX Exchange Multiple Signature Cold Wallet
With hackers making off with billions of dollars in stolen money through the compromising of crypto wallets, JPEX has maximized security on the storage of cryptocurrencies using multiple signature cold wallet technology. Generally, in crypto, cold wallets are paired with a set of private keys or passcodes, and it is not available online. As a result, hackers and cybercriminals do not have access to the contents of a particular wallet. The same holds for multi-signature cold wallets but they come with more than a single set of private keys which also guarantees security. This technology helps JPEX maximize the protection of customer assets.
About JPEX Exchange ‘Best Staking Platform’ Title
JPEX has been a major force in the cryptocurrency industry since its establishment in 2020. Since that time, JPEX has headlined many activities in the decentralized finance and blockchain technology sector which includes serving as a Sponsor of the Blockchain FEST in Singapore as well as a Crypto EXPO in Dubai. Such involvement has transitioned JPEX from being seen as an EMERGING exchange to a more mature and ESTABLISHED exchange.
About JPEX Exchange VISA Payment Financial Card Function
In the first half of 2022, JPEX and Simplex by Nuvei co-launched JPEXxSimplex Visa Transaction Financial Card to help the growing number of cryptocurrency users convert virtual and fiat currency.
The card is currently available free of charge through the JPEX website, with the physical cards issued before the end of 2022.
Some users have already received physical cards by the end of 2022.
The JPEX Visa Card has been made available to European customers first, initially covering France, Germany, Italy and Lithuania.
About JPEX Exchange JP Planet Metaverse Game
JP Planet is JPEX’s first metaverse game and the first phase is expected to launch in mid-February 2023. YAMI will be the first NFT series of JPP ecology with 888 characters. Each YAMI will be presented in a unique style and its props and rarity will vary according to character level.
To provide users with the ultimate trading experience, JPEX launched an integrated comprehensive trading mechanism including spot trading, contract trading, and copy trading.
For the spot trading section, JPEX gathered the world’s mainstream 100 cryptocurrencies with the largest market capitalization and trading volume and it comes with the lowest fee of 0.04%.
For the contract trading section, JPEX screened 30 types of high liquidity coins, with the highest leverage of 200 times. At the same time, JPEX gives a minimum 50% discount on transaction fees and 30 USDT contract experience gold benefits.
For copy trading boards, JPEX strictly audits the trader qualifications. Users can choose the right trader according to risk tolerance, principal, return and other parameters to fully automatically copy or semi-manual semi-automatic copy, and pay 10% of the revenue as copy fee.
In response to the financial needs of users with different risk tolerance, JPEX launched three (3) types of financial services and they are demand finance, DEFI finance and liquid finance which involve 36 currencies in addition to stablecoins.
About Demand Finance
It includes BTC, Ethereum (ETH), USDT, United States Dollar Coin (USDC) and other mainstream cryptocurrencies. It provides interest returns ranging from 10% to 23%, and users can choose to deposit 1, 7, 15, and 30 days to receive the corresponding remuneration. JPEX finance earnings come from JPEX EARN’s automatic arbitrage technology.
About DeFi Finance
Decentralized finance has taken the world by storm with above-average interest rates. Through JPEX, users can choose a good DeFi platform to pour liquidity and receive consistent passive income while reducing the risk of losses related to personal and professional resources. Due to the uncertainty of engaging with the crypto market, the insurance mechanism is put in place by JPEX to protect customer funds.
About Mobile Banking
Mobile banking refers to the user depositing cryptocurrencies to provide liquidity to the trading system. JPEX provides additional incentives to reward these liquidity providers (LPs).
JPEX also officially launched the platform’s currency JPC in September 2022 which has a maximum supply of 10 trillion tokens and reached an all-time high (ATH) price of $0.01049 on Feb.2, 2023.
In addition to having many functions, holding JPC comes with many perks such as enjoying a significant reduction in transaction fees, and having access to the first subscription offer for newly listed items. To remain competitive in a market whereby more than 20,000 crypto assets search for buyers, JPC continues to carry out periodical token-burning exercises to reduce the number of coins available to JPC holders. In the process, JPC as a token will function as a currency due to its scarcity attribute.
JPEX launched LAUNCHPAD to repay the exchange’s loyal users. Users can subscribe with JPC or USDT for the lottery. In the USDT lottery, users who win will exchange the corresponding percentage of new coins, and if they don’t win, they will be returned in the same way.
To give back to users, JPEX has slated the period January 15, 2023, 00:00 – April 15, 2023, 00:00 (GMT +8) for the YEAR OF THE RABBIT CONTRACT ROYALTY CONTEST. Prizes will be given out to the number of trading profits of USDT local contract trading. The top three (3) leaders in the contract profits will share a total of 150 million JPCs as long as they have fully completed the Know Your Customer (KYC) phase of verification.
First Place: 75 million JPC
Second Place: 45 million JPC
Third Place: 30 million JPC.
Along with the introduction of cryptocurrency-related regulations in various countries, the crypto market is gradually accepted by more retail investors and institutions.
JPEX always grasps the trend, constantly improves its functions and services from a development perspective, developing new technologies to provide the ultimate trading services for global traders, and strives to become the industry pioneer.