Australia’s cryptocurrency moguls will soon have a marketplace to trade and store in, following the announcement of a locally controlled cryptocurrency exchange.
The National Currency Exchange (NCX), to be headquartered in Perth, will have a soft launch in mid-January, with plans to go live between the end of the month and early February.
The platform will allow investors and traders in cryptocurrencies to buy and sell Bitcoin and Ethereum that is locally stored within Australia.
As well as providing a platform for trading cryptocurrencies, NCX will also deliver wallets to assist in the storage of cryptocurrencies and offer users debit cards to facilitate payments.
Backed by custom software development company, Lateral Pty Ltd, the platform recently raised $750,000 in private funding.
The exchange will primarily operate in ‘cold storage’, meaning cryptocurrencies will be kept offline, removing the vulnerabilities associated with being online. Two-factor authentication from multiple parties will also be implemented.
Security risks have historically been synonymous with cryptocurrencies, but the CEO of NCX, Tommy Shin, is looking to ensure users can operate the service with peace of mind.
He explained that the local, cold storage being implemented is central to this.
“While we plan to operate to the highest security standards, if our exchange does get hacked, the majority of the cryptos are safe,” he said. “We are using bank level security procedures.”
“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 Shin.
“We have also implemented real-time reconciliation and best practice accounting processes in place to ensure transparency.”
The launch of the Australian Exchange is set to be the first of many for the National Currency Exchange group, with plans to open through Asia and Europe later in 2018.
The multi-sector platform has been designed to help integrate cryptocurrencies into everyday life.
The linked debit card will allow users to transact cryptocurrencies for everyday payments at any time.
“By linking up people’s crypto securities to an ATM card, people can also start using their crypto anywhere in the world but it will also encourage people to start using them on a daily basis,” said Shin.
“It’s a great way for the mums and dads to get into crypto.”