It has been a difficult task to regulate virtual currency exchanges and crypto-related companies. In the last years, several exchanges have been involved in different fraudulent activities. If the cryptocurrency market wants to improve, exchanges will have to be more transparent.

This is what CoinJax is trying to do in the market. The cryptocurrency exchange CoinJax, announced in a press release on October 10 that it has received a seed funding from Asia Focus Group – which is a venture builder in Asia.

This investor validation of the model presented by CoinJax is very important since there is a very hard competition in the cryptocurrency market. The creation of new exchanges could help face the challenges and demands related to the crypto industry.

On the matter, CoinJax founder, Lee Jing Chuan, said:

“There is no better time than now to introduce a highly compliant and transparent cryptocurrency exchange with a strong focus on security. We invite early users to participate in this potentially high growth phase of our exchange.”

The co-founders of CoinJax are the serial entrepreneurs Jeremy Khoo, Christopher Low and Lee Jing Chuan. The founders have also participated in the funding round. The exchange will feature a community voting and democratization of decision making using an access token. In this way, the exchange located in Singapore would be able to disrupt the way in which crypto exchanges are operated.

The exchange would allow users not to only trade, but also participate in different functions such as democratized actions that include coin/listing voting, platform improvement and strategic direction voting, among other things.

Jensen Yee, the Managing Partner of Asia Focus Group, said that they strongly believe that the exchange is able to deliver one of the best platforms in the market. The exchange is expected to launch during October 2018.

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