Supreme Global Holdings (SGH) has launched a new cryptocurrency exchange, SupremeCrypX and is partnering it with its satellite operator company SupremeSAT. The objective of this partnership is to provide access to cryptocurrencies — and the ability to mine them — to people without access to the internet.
SupremeSAT is the first and only Sri Lankan satellite operator, and they already have multiple satellites and teleport assets globally. According to SupremeSAT’s chairman, the company will also grant SupremeCrypX the permission to use their ground stations as data centers to establish mining operations which will back its “Supreme Coin.”
Also, the company has plans to not only list but also develop its own asset-backed stablecoins within a limited amount of time, with the funds obtained through mining. This plan — if Rafael Cosma and Vitalik Buterin are right — is in line with the declared objective of the exchange, which is to “strive towards ensuring sustainable and regulated growth of cryptocurrencies for the greater good of mankind.”
Rafael Cosma, CEO of Trust Token, declared that stablecoins “are one of the keys to bringing the benefits of cryptocurrencies to everyday people.” Vitalik Buterin, Ethereum’s co-founder, said that “perhaps the time is ripe for stable-currency or multi-currency systems to take over.”
The exchange intends to offer a range of services such as virtual cards that provide an easy way to spend cryptocurrencies, blockchain-based products, and a fiat currency exchange. Moreover, SupremeCrypX declared that it is working towards “ensuring sustainable and regulated growth of cryptocurrencies for the greater good of mankind.”
The exchange will be based out of Malta. According to the chairman, Ramasamy Muthusamy Manivannan, this grants it “the reassurance of operating under a regulated jurisdiction.” Manivannan announced that the company plans to “join hands with the forward-thinking Maltese government to promote cryptocurrency usage in the world.”
The Maltese government has been acclaimed as the world’s cryptocurrency capital after its parliament passed three bills which grant its jurisdiction clarity, without equals anywhere else in the world when it comes to cryptocurrencies.
The focus on advanced and upcoming technology — and the problems it brings with it — have been demonstrated by the local government, also in the way it deals with artificial intelligence (AI).
The Maltese government reportedly aims to “explore a citizenship test for robots in the process of drafting new regulation for AI.” The ground for these tests is being laid in the form of a collaboration with decentralized AI services marketplace SingularityNET and a friendly regulatory environment.
Supreme Global Holdings is described on the SupremeCrypX website as a “diversified global enterprise with interests in multiple sectors,” while the SGH website claims that it is a “leading player in South Asia’s Commodity Trading, Shipping industry and an investor with [a] primary focus on emerging markets.”
According to R.M. Manivannan, SupremeCrypX also intends to help cryptocurrency adoption by granting free fractions of Bitcoin to its registered users.