A new cryptocurrency exchange based in Perth will start its operation in the first quarter of this year. The company has raised $750,000 in private funding.
The initial trading will be in popular crypto currencies i.e. Bitcoin and Ethereum, led by Mr. Tommy Shin, a former Business New 40under40 winner. National Currency Exchange (NCX) is planning to expand its offering throughout this year. NCX is Australian owned and operated crypto currency exchange.
Lateral Pty Ltd, a 30+ years old software company is providing its expertise to NCX. Mr. Tommy Shin is a non-executive chairman. Mr. Leigh Travers, chief executive of block chain technology company DigitalX will develop the mobile application which will engage customers. He will provide his expertise to securely manage and maintain infrastructure.
According to Mr. Tommy Shin, the exchange will focus on providing governance and high-quality security.
He further said that as part of Know Your Customer (KYC) they will stick fast to best practice and maintain excellent quality as per industry norms.
Mr. Tommy Shin further ensured that they will be using the best accounting practices for ensuring transparency and will execute in real-time reconciliation.
A former 40under40 winner Mr. Patrick Ng, of Global Dial, telecommunication carrier, will be company’s executive director.
Fiat funds of NCX will be maintained by local Australian banks. Revenue generated from fiat transfer fee and the trading fee will be hold by local Australian banks.
In future, NCX expects to generate revenue by listing additional digital assets.
NCX is also planning to open further exchanges in Singapore, Croatia, Indonesia, Malaysia, and few Asian countries within coming two years.
Bitcoin is still in its initial phase but the block chain technology which uses for Bitcoin will have many other applications in future for different industries in Australia. Through Bitcoin, one can make hassle-free and quick payments without involving third parties. It plays a big role in its popularity.