Bitcoin exchange set to open in Perth

03/01/2018 - 13:43

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A new Perth-based cryptocurrency exchange is aiming to be in operation in the first quarter of 2018 after the company recently raised $750,000 in private funding.

Bitcoin exchange set to open in Perth
Tommy Shin is also chairman at Lateral.

A new Perth-based cryptocurrency exchange is aiming to be in operation in the first quarter of 2018 after the company recently raised $750,000 in private funding.

National Currency eXchange, led by former Business News  40under40 winner Tommy Shin, will initially trade in popular cryptocurrencies Bitcoin and Ethereum with plans to expand its offering throughout 2018.

NCX is backed by software company Lateral, where Mr Shin is non-executive chairman, and the exchange will be advised by blockchain technology company DigitalX chief executive Leigh Travers.

The exchange will focus on providing high quality security and governance, according to Mr Shin.

“We will be adhering to best practice and industry standards used in the verification of users ID as part of Know Your Customer,” he said.

“We have also implemented real time reconciliation and best practice accounting processes in place to ensure transparency.”

Patrick Ng, who founded telecommunications carrier Global Dial and is also a former 40under40 winner, is the company’s executive director.

NCX fiat funds will be held with local Australian banks and the exchange will generate revenue from trading fees and fiat transfer fees.

The company also expects to generate revenue from listing additional digital assets further down the track.

Following launch of the Perth exchange NCX plans to open exchanges in Singapore, Malaysia, Indonesia, Croatia and other Asian countries over the next two years.

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