A Truly Global Cryptocurrency Exchange
WWX is developing a means of making worldwide compliance feasible for token issuers and secondary market traders. Additionally, WWX will seek to address the problem of liquidity fragmentation across the globe and work towards setting a new security standard for digital assets exchange.
The Future of WWX
The following features will not be included at the launch of the WWX, but they are the features that we plan to design and develop going forward. WWX’s plans are dynamic and subject to change but the improvement of KYC and the introduction of smart contracts to developing markets as a means of ensuring legal compliance are just a few of the plans that are on the horizon.
Potential Future Features
01.Implementation of World Wide Smart Contracts
By implementing global smart contracts, WWX will be able to automatically connect and ensure the adherence to all pertinent KYC and other legal regulations anywhere in the world.
02. Application of Global Standards in Countries with Underdeveloped Legal Infrastructure through Smart Contracts
Underdeveloped nations often have more volatile economies and regulatory structures, which greatly increases the risk of doing business. Via the application of global standards through smart contracts, we intend to provide a stronger avenue for investment in developing countries via the application of global standards through smart contracts.
03.Expansion into new Financial Markets via Local Accelerators
Just as investors shy away from investing in developing countries due to fear of an uncertain regulatory environment, businesses in such countries are often precluded from expanding into foreign financial markets for the same reason. WWX intends to help these kinds of businesses enter more established financial markets via the digital assets exchange.
A Truly Global and Compliant Digital Assets Platform and Exchange
The Wowoo Exchange (WWX) is a Singapore-based digital assets exchange that is being built to approach compliance from a global perspective. The Wowoo Exchange shares its parent company with the Wowoo ICO Platform, which aims to build a virtual community and sustainable ecosystem.
WWX’s approach to compliance is pragmatic. The platform is built to be a full-service digital assets exchange. By gradually acquiring licensing and regulatory approvals in many global jurisdictions through the form of joint ventures or franchises, and by building partnerships with exchanges that already have approval in specific jurisdictions, WWX will ultimately give users the ability to trade all the standard pairings of digital assets in an easy and cost-effective manner.
WWX will apply a number of strategies to address the challenges of liquidity. As a primary strategy, WWX will address fragmentation of liquidity worldwide by building a network of compliant exchanges and other liquidity sources (such as market makers), and aggregating their order books, making it possible for users to make an order with just about any fiat currency or digital asset.
As an exchange platform, WWX will be unparalleled in its ease-of-use. Thanks to WWX’s partnerships with financial service providers and electronic money institutions, users will have many options for making payments to the platform. The user interface will be adaptable to the needs of all kinds of traders, whether beginners or experts. In addition, multilingual support will be available via chat and email.
WWX's KYC protocol will be the core of its fully compliant blockchain-based identity verification system. Using blockchain technology and smart contracts, we aim to build a system that will offer regulatory compliance services to users, while keeping the process of KYC/AML compliance stress-free, secure, and expeditious.
Ultimately, WWX aims to build a KYC protocol that will not just be a speedy gateway to access the exchange platform, but also used to access various investment platforms, ICOs, and other financial products and services in applicable jurisdictions. Similarly, WWX will introduce a comprehensive due diligence process for all listed digital assets.
Perhaps the most innovative aspect of WWX’s KYC protocol will be how it will make regulatory compliance a more efficient and cost-effective process. With the help of external consultants and lawyers from the relevant jurisdictions, WWX aims to provide a “Global KYC platform” which will provide a secure, one-stop KYC process based on best practices in AML/KYC, while adhering to data privacy laws in different countries.
A Truly Global Exchange
By forming partnerships with exchanges that have already been licensed in other jurisdictions, WWX aims to address the liquidity fragmentation problem across different markets. By connecting the order books of the members of this extensive global network, wider liquidity will be achieved. With additional partnerships with other kinds of liquidity providers, such as market makers, one single, worldwide order book, under the Wowoo brand, can be established.
WWX aims to establish itself as a compliant worldwide exchange. WWX has engaged law firms to conduct research on the legal requirements in various major jurisdictions of the world, starting in Singapore, then moving on to the United Kingdom, Thailand, Malaysia, and other Asian and European countries. WWX is exploring obtaining licenses in these other countries, including the possibility of setting up a platform to offer security tokens.
A major part of the business’ expansion, and of the expansion of the worldwide orderbook, will be in making franchise agreements with companies who want to operate exchange businesses in these places but have no applicable expertise or experience.
An important part of exchange compliance is ensuring that all digital assets listed are issued by companies that are themselves committed to transparent and compliant practices. To this end, WWX aims to set up an assessment framework for all listed digital assets. The listing process will be split into two courses of review, where the following criteria will be considered by the WWX board: features of the digital asset blockchain and platform, use cases for the digital asset, market value and security.
Cutting Edge Digital Asset Trading
As described above, on the backend, WWX aims to introduce a consistent approach to conduct compliance to enhance liquidity for digital asset issuers and investors alike. On the front end, WWX will present itself as users' top choice for streamlined, user-friendly, and efficient digital assets trading.
The digital assets trading platform will include the following features:
Full customizability based on the trader’s skill level:
Safeguards, tutorials, and other kinds of support will be available to beginners. Advanced users will be able to adjust settings to meet their needs and make the user experience convenient according to their particular trading preferences.
Support for a wide range of digital assets:
The WWX exchange is projected to support the trading of a great number of popular digital assets, many of which originate from the Wowoo Platform. See Table 1 below for an initial projection of supported tokens.
Projected digital assets support
|WWB||Four Nine (F9G)|
|NEP5 tokens||FANBETTING Token|
Further details will be announced in due course
Email and live chat support will be built into the user interface:
Particularly during KYC onboarding, new users can be guided through the process stepby-step.
Flexible payment and payout options:
WWX will form partnerships with compliant payment platforms located in all jurisdictions in which WWX and its network operate. Ultimately, we aim to provide as many crypto-fiat or crypto-crypto pairings on the platform as permitted by regulations.
The WWX wallet will be available for iOS and Android. Users will also have the option of using the Wowoo Platform wallet.
Integration with the Wowoo Platform:
Users will be able to quickly access and invest in any Wowoo project.
|Issuance Amount||2,385,399,570.98 WWX|
|Particulars||NEP-5 (NEO based token)|