The National Currency Exchange (NCX) – a locally controlled cryptocurrency exchange – expects to begin trading early next year.
NCX – headquartered in Perth – will initially allow trades in popular cryptocurrencies Bitcoin and Ethereum with other cryptocurrencies and upcoming ICO’s to be added during 2018.
The exchange differentiates itself from local and global peers by having all of the controlled funds and digital assets managed in Australia, with the majority of NCX controlled digital currency kept in “cold storage”.
The company has recently raised A$750,000 – following a successful private funding round – to fund the Australian exchange and a second exchange in Singapore.
NCX will operate to the highest governance and security standards.
We will also be adhering to best practice and industry standards used in the verification of users ID as part of Know Your Customer (KYC),” said NCX CEO Tommy Shin.
“We have also implemented real time reconciliation and best practice accounting processes in place to ensure transparency,” he added.
NCX fiat funds will also be held with local Australian banks at all times.
The company will generate revenue from trading fees and Fiat transfer fees and in future also expects to generate revenue from listing additional digital assets.
The Exchange is backed by Lateral Pty Ltd, a more than 30-year-old technology company providing expertise to securely manage infrastructure and develop customer engaging mobile applications.
One of the world’s leading experts in blockchain and cryptocurrency and CEO of DigitalX (ASX: DCC) Leigh Travers is advising on setup and management of exchange.
Looking ahead, NCX plans to open exchanges – using the proprietary NCX technology but with local ownership – in Singapore, Malaysia, Indonesia, Croatia and other Asian countries in 2018/19.
