Key Points:
- National Currency Exchange (NCX) to launch in Jan/Feb 2018
- NCX is Australian owned and operated and will be headquartered in Perth, Western Australia
- Business is backed by a +30 year old technology business, with executives and advisors with significant technical and blockchain/ cryptocurrency experience
- Initially NCX will allow trades in Bitcoin and Ethereum, with other cryptocurrencies and upcoming ICO’s to be added during 2018
- Approx. AUD$750,000 has been raised privately in recent months to fund NCX
- Following launch of Australian exchange, NCX plans to open exchanges Singapore, Malaysia, Indonesia, Croatia and other countries in 2018/19
The National Currency Exchange (NCX), an Australian owned and operated cryptocurrency exchange based in Perth, Western Australia, will commence operations in Q1 2018 following a successful private funding round that saw it raise approx. AUD$750,000 for the Australian and second exchange in Singapore.
NCX, which will initially allow trading in popular cryptocurrencies Bitcoin and Ethereum 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, Mr 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.
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, Mr Leigh Travers, CEO of DigitalX (ASX: DCC), who is recognised as one of the world’s leading experts in Blockchain & Cryptocurrency is advising 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, utilising the proprietary NCX technology but with local ownership, in Singapore, Malaysia, Indonesia, Croatia and other Asian countries in 2018/19.
