Invest
The cryptocurrency ‘gunning’ to disrupt the market
As the crypto-sphere comes to terms with last Friday’s extraordinary theft, a new coin describing itself as “next-gen” hopes to boost trust and transparency.
The cryptocurrency ‘gunning’ to disrupt the market
As the crypto-sphere comes to terms with last Friday’s extraordinary theft, a new coin describing itself as “next-gen” hopes to boost trust and transparency.
According to its backers, ivyKoin is a decentralised payments platform and cryptocurrency which has been designed to give businesses “faster, cheaper and more transparent” options for making payments and transfers.
Its backers include the CEO of ASX-listed fintech Change Financial, Ash Shilkin and the former CEO of PayPal Australia and Japan, Andrew Pipolo.
Targeting those making transactions of more than $10,000, an ivyKoin spokesperson said it will challenge the value of cryptocurrencies’ and blockchains’ key attractions – their anonymity.
“It was created for the purpose of making cryptocurrency payments acceptable to more business merchants and financial institutions; by bringing verifiable cryptocurrency payments that are “Know Your Customer” (KYC), “Know Your Transaction” (KYT) and “Anti-Money Laundering” (AML) compliant available to the market,” ivyKoin said.
“While ivyKoin has the same characteristics as competing cryptocurrencies such as bitcoin and ripple, it is differentiated by its ability to “turn on and off” the type and amount of data and information it wishes to share about a payment transaction.
“Data and information could come in the form of ID verification to other supporting documents, such as invoices, images or PDFs.”
Its New York-based chief technology officer, Michael Beck said the cryptocurrency has a potential to disrupt the $10 trillion daily global payments market.
He argued that it offers a “real-world solution” to what he considers one of the main hurdles to widespread adoption of cryptocurrency, the anonymity of transactions.
“This issue is limiting businesses to realise the potential of using cryptocurrencies in cost savings, speed and convenience,” Mr Beck continued.
“With ivyKoin, we’re giving business owners and financial institutions that rely on bank-based transactions a level of certainty and trust for moving, storing and transacting with cryptocurrencies.”
Internationally, ivyKoin’s team also includes the former CEO of Westpac Bank New Zealand, Peter Clare as well as the former CEO of Intel Capital, Feroz Sanaulla.
Currently, ivyKoin is looking to raise $18 million in a pre-sale of tokens until 9 February 2018, and is hoping to meet a circulating supply market cap of $103 million by the end of its capital raising campaign.
ivyKoin’s push for funds comes days after what appears to be the world’s largest cryptocurrency theft.
Last week, major Japanese cryptocurrency exchange CoinCheck announced that it had suffered a theft of about 58 billion yen, or $660 million, affecting about 260,000 users.
The second-largest theft, known as the Mt. Gox hack cost the Japanese Mt. Gox bitcoin exchange 48 billion yen in 2014.
RELATED ARTICLES
Cryptocurrency
New survey reveals high crypto adoption in Australia amid housing affordability concerns
A new survey by Protocol Theory, in partnership with cryptocurrency exchange Easy Crypto, has found that nearly 50% of Australians have bought or are considering buying cryptocurrency in the next ...Read more
Cryptocurrency
Investing in digital assets: A new avenue for earning
The digital age has introduced a plethora of new investment opportunities, ranging from cryptocurrencies and blockchain technology to digital art and tokenized assets. For investors in Australia ...Read more
Cryptocurrency
Navigating the crypto landscape: A beginner's guide to investing in Australia
Cryptocurrency has taken the world by storm, offering an innovative platform for digital assets and investments. In Australia, the crypto market has seen substantial growth, attracting both seasoned ...Read more
Cryptocurrency
Cryptocurrency losses mount as hacks and scams continue to plague the industry
The cryptocurrency industry has lost over $400 million to hacks in 2024 so far, with the decentralized finance (DeFi) sector being the most vulnerable, according to research by experts at Smart ...Read more
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
Cryptocurrency
New survey reveals high crypto adoption in Australia amid housing affordability concerns
A new survey by Protocol Theory, in partnership with cryptocurrency exchange Easy Crypto, has found that nearly 50% of Australians have bought or are considering buying cryptocurrency in the next ...Read more
Cryptocurrency
Investing in digital assets: A new avenue for earning
The digital age has introduced a plethora of new investment opportunities, ranging from cryptocurrencies and blockchain technology to digital art and tokenized assets. For investors in Australia ...Read more
Cryptocurrency
Navigating the crypto landscape: A beginner's guide to investing in Australia
Cryptocurrency has taken the world by storm, offering an innovative platform for digital assets and investments. In Australia, the crypto market has seen substantial growth, attracting both seasoned ...Read more
Cryptocurrency
Cryptocurrency losses mount as hacks and scams continue to plague the industry
The cryptocurrency industry has lost over $400 million to hacks in 2024 so far, with the decentralized finance (DeFi) sector being the most vulnerable, according to research by experts at Smart ...Read more
Cryptocurrency
Institutional investors bolster cryptocurrency allocations amidst growing confidence
A recent study by London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund, has revealed a significant shift in the mindset of institutional investors and wealth ...Read more
Cryptocurrency
Institutional investors set sights on expanding crypto portfolios in the coming year
New research from London-based Nickel Digital Asset Management, a leading regulated digital assets hedge fund manager, indicates a significant positive shift in institutional investors' attitudes ...Read more
Cryptocurrency
BingX reports significant growth and innovation in 2023 amidst industry challenges
BingX, a prominent crypto exchange, has disclosed notable achievements in 2023, amidst a backdrop of global economic uncertainty and sector-specific turbulence. The company has managed to double its ...Read more
Cryptocurrency
Altcoin interest skyrockets as Bitcoin and Ethereum boost market optimism, study finds
Interest in altcoins and other digital assets is on the rise, propelled by growing confidence in the performance of Bitcoin and Ethereum, according to a new study conducted by Nickel Digital Asset ...Read more
