The National Currency Exchange (NCX), an Australian owned and operated cryptocurrency exchange based in Perth, Western Australia, will commence operations in Q1 2018.
The launch follows a successful private funding round that saw NCX raise approximately AUD$750,000 for the Australian and second exchange in Singapore.
National Currency Exchange, which will initially allow trading in popular cryptocurrencies Bitcoin and thereum before expanding the digital asset suite throughout 2018, differentiates itself from local and global peers by having 100% of controlled funds and digital assets managed in
Australia, with the majority of NCX controlled digital currency kept in “cold storage”.
In addition, NCX plans to operate to the highest governance and security standards.
It is provisionally compliant with the Australian Digital Commerce Association (ADCA) code of conduct and intends to work alongside AUSTRAC best practice guidelines so as to be compliant with Anti Money Laundering (AML), Counter Terrorism Financing (CTF) and Fraud Prevention regulations.
“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.
Read Also: China Warns Bitcoin Exchanges
National Currency Exchange fiat funds will also be held with local Australian banks at all times. It 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 +30 year old technology company providing expertise to securely manage infrastructure and develop customer engaging mobile applications.
In addition, Leigh Travers, CEO of DigitalX (ASX: DCC), who is recognised as one of the world’s leading experts in Blockchain & Cryptocurrency is providing corporate advisory services to consult on setup & management of exchange.
The exchange will have a strong focus on providing high level customer support processes across multiple platforms run by the experienced NCX customer service team.
Following launch of the Australian exchange, NCX plans to open exchanges, utilizing the proprietary NCX technology but with local ownership, in Singapore, Malaysia, Indonesia, Croatia and other Asian countries in 2018/19. – BusinessNewsAsia.com
Read Also:
Bitcoin Exchange Mt. Gox CEO Reportedly Arrested in Japan
Goldman’s Investment To Boost Bitcoin’s Credibility