UDAX stands for United Digital Assets Exchange and is a network of licensed crypto exchanges.
Many hardcore crypto enthusiasts believe that crypto shall be totally decentralized and free from regulations, governmental interference etc. I agree to a certain point. If crypto would be 100% controlled, centralized and regulated it would lose most of its purpose. But, now when we are in crypto space early days there are too many "bad fishes" in the pond with bad interests. Just to scam people for their money. That is sad, but that is how it is in anything where the bad fishes can get hold of other peoples hard earned money. Enough about that.
This is why I think that UDAX's approach to get licensed in every country they open a new exchange in is very good. Most countries have different laws and regulations, so it is very hard to comply to all countries regulations with just 1 set of Terms & Conditions. Several crypto exchanges has been shut down due to not following the regulations. A lot of users have then been scared away from crypto which is not good when all of us enthusiasts wants massadoption. When UDAX follows the country's regulations in each country I believe that the risk of being shut down is significantly less and the users will feel much more safe.
On 30th of June UDAX Korea opened and on 30th of July UDAX Hong Kong opened.
Within 6 months UDAX will open in up to 10 countries. Countries that has been mentioned is Japan, Australia and Singapore. In time we will see which countries it will be.
UDAX is not just another crypto exchange. UDAX offers many more services.
This is another reason why I think UDAX can be successful. They do not only relay on traders using their platform to trade cryptos. When creating Tokens, ICOs etc. for companies and organizations they create customers to their exchanges. There is already a media platform with 10M users that signed a contract with UDAX to create their own Token. Talks are being held with a martial art community with 200M members about creating their own Token.
UDAX has their own Token, UDT.
Until the end of August 2018 it is possible to purchase the UDT for $0.30 in a private placement. When Binance opened and launched their own Token, BNB, that Token made an incredible journey the first year. Around 135x the value. What UDT will do in 1 year we will see next year, but, it for sure has potential.
The Tokens will be released 10% per month from October. I think that is a good way to distribute the Tokens so that investors with a lot of Tokens can sell everything on the first day after distribution which would lead to a big drop in price.
Let us hope that UDAX will be a successful project with great service to their customers and investors.