Australia to open National Crypto Currency Exchange

A tech firm from Australia plans to open National Currency Exchange which will trade Bitcoin and Ethereum, with other cryptocurrencies and Initial Coin Offerings to be added later in 2018
25 December 2017   1025

As the Australian media resource The West have reported, Australian tech firm from Perth is planning to open a national cryptocurrency exchange early in 2018. At first, National Currency Exchange will be trading Bitcoin and Ethereum, but later more cryptocoins and the upcoming ICO tokens will be added too.

The CEO of National Currency Exchange, Tommy Shin, has stated that $750,000 were raised to fund the cryptocurrency exchange along with a second exchange in Singapore.

We will also be adhering to best practice and industry standards used in the verification of users’ ID as part of Know Your Customer. We have also implemented real-time reconciliation and best practice accounting processes in place to ensure transparency.

Tommy Shin

Chief Executive Officer, NCX

The exchange is supported by Subiaco’s Lateral, a technology company which provides expertise to securely manage infrastructure and develop customer-engaging mobile applications.

Apart from Australia, NCX is planning to open exchanges in Singapore, Malaysia, Indonesia, Croatia and other Asian countries during next two years.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   67

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.