The constant volatility and Bitcoin price fluctuations have not deterred many investors from joining the “Bitcoin spacecraft to the moon.” Instead, with each passing day, new businesses are springing up in the cryptocurrency ecosystem. Startups and new firms who previously were nowhere near the Blockchain path are now re-engineering their operations to include the technology on a massive scale.
The National Currency Exchange (NCX)
Somewhere in Perth, Australia, another startup has caught the Bitcoin bug and is making massive plans to revolutionize the Australian cryptocurrency market by creating a national exchange.
The NCX is looking to launch an Australian cryptocurrency exchange in 2018. When the project goes live, the exchange will focus on popular cryptos like Bitcoin and Ethereum, but will later integrate many other cryptocurrencies and initial coin offerings.
As reported in The West Australian, the CEO of NCX Tommy Shin, has said that $750,000 has been raised via private investment for the massive Australian project and also an exchange that would be established in Singapore.
The CEO has hinted that the exchange will follow all government rules and security standards to the letter, and would work in compliance with the provisions of the Australian Digital Commerce Association.
The NCX chief executive reiterated that he and his team, “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.”
NCX major backing comes from Subiaco Lateral, a tech firm whose job is providing expert service in securing and managing infrastructure and development of customer-engaging mobile applications.
According to reports, in addition to establishing an Australian national Crypto exchange, the firm would also create bitcoin exchanges in countries like Singapore, Malaysia, Indonesia, Croatia, and an array of Asian countries, within the next two years.
The NCX Asia take-over is a welcomed development in the regional ecosystem especially at a time when Bitcoin exchanges and ICOs have been banned in China. Although at press time, the bitcoin price has taken a dramatic tumble, developments like the NCX government backed bitcoin exchange will undoubtedly contribute positively to the worth of the world’s number one cryptocurrency.