Tagz Exchange emerged as a new Australian-based cryptocurrency exchange last year, but it has quickly gathered the community’s attention with large volumes and stable performance.
CryptoPotato recently had the opportunity to speak with the CEO of Tagz Exchange, Bryan Seiler.
The interview started with a question on the exchange’s unique qualities that can differentiate it from all competitors in the field. Seiler said that “one of the biggest and most attractive features of Tagz is that we’ve come out of the woodwork, since March last year.”
He also emphasized the rising trading volume on the exchange and that they now have “millions and millions of dollars in liquidity.” Moreover, he states that the customers love the product, due to how easy it is to operate and the breakneck speed of completing transactions.
The deposit and withdrawal processes are automated, meaning that they are executed instantly, according to the CEO.
Tagz Australian Regulations
The exchange is based and regulated in Australia, and the interview touched on what this means exactly. Seiler said that “Australia is quite stringent and strict on complying on all government policies surrounding digital currencies and DCE (digital currency exchange). So we have that respective licensing to be able to run that exchange. Also, the Australian Securities and Investment Commission (ASIC), compared to the U.S. SEC, oversee all Australian companies, registrations, licenses, definitely towards crypto and digital currency space as well.”
“We obviously have all that checked off, so we’ve got the registrations and licenses in place. As an added to that, we’ve even got the (AUSTRAC) Australian Transaction Report and Analysis Centre, and they even do more checks on exchanges as well, so we need to report to them on a regular basis to make sure that we are covering all bases.”
He also adds that they have a remittance license, which entitles them to add fiat pairing, such as AUS, USD, EUR, but will add this option later in 2020. Additionally, the transfers will be instantaneously as well, he notes.
Security
Seiler says that they have state-of-the-art security measures, making it hard for anyone to gain access to any code, let alone to any funds. He indicates that the exchange holds only 10% of all funds in hot wallets, meaning that 90% are on cold wallets.
“Hypothetically, even if there was able to be a breach, obviously we need that plan B, C, and D in place that if someone was able to get access, they can really only get 10% which is secured in custody anyway, so technically there are no losses to users.”
He also informs that Tagz has its own AI running in real-time, and if it detects any suspicious activity, it could suspend or freeze that user’s account. In previous cases, the AI has supposedly acted accordingly in minor threats and served its purpose.
Future Plans and Bitcoin in 2030
Tagz’ CEO informs that the exchange is currently running its Beta version and is working on releasing iOS and Android apps, coming up shortly. Later in 2020, they will launch a full-scale platform, including Bitcoin margin trading. They also want to make the Know-Your-Customer (KYC) process more comfortable, as it may take up to 48 hours as of now.
As far as Bitcoin’s future development, Seiler says that people accept it as a store of value now, but they are not too eager to actually spend it. Users buy it with the sole purpose of making money, but overall, he’s very bullish and believes that mass adoption is coming in the upcoming ten years.
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