Ibinex, a company that specializes in white-label versions of cryptocurrency software, has announced that it is joining the Australian Digital Commerce Association (ADCA) as it launches the second iteration of its platform.
The company’s white-label platform offers a third-party opportunity for financial institutions to work in cryptocurrency trading and includes mainstream currency pairings as well as Initial Coin Offerings (ICOs). Ibinex is also the first of its kind to be under the regulation of the Financial Commission (FinaCom).
The core philosophy behind Ibinex is to allow “your own EU-licensed private Crypto Exchange in three weeks”. It advertises the idea that companies who choose to use its service can add in their own branding and marketing facets.
Aimed at existing financial companies that already work in this sector, Ibinex calls what it offers an “exchange-to-exchange ecosystem”.
Continuing its expansion outside Europe, Ibinex has recently received an invitation to join the ADCA, which positions itself as an advocacy service for non-profit blockchain mechanisms. Its core mission is to use existing knowledge of participating organizations to help Australia move toward being one of the leading economies in blockchain.
There have already been developments along this front in recent months, with the World Bank enlisting the Commonwealth Bank of Australia (CBA) to help facilitate blockchain transactions from shipments sent across the world. Interest should already be in place for Australia to develop further in these endeavors.
The ADCA states on its website that it already has 58 members. Its focus is on attracting businesses that are “directly implementing blockchain or distributed ledger technology” and those that are simply planning to do so.
Ibinex will join a growing group that includes two well-known multinational corporations: IBM and Johnson & Johnson.
Simon Grunfield, Founder and Executive Director of Ibinex, said that his newly released updated version of the company’s platform now includes a fully implemented Customer Relationship Management (CRM) system that will collate better data for all customer exchanges. It will also enable better liquidity connections, improve its KYC/AML compliance structure and deliver a better interface.
Grunfield also said the new version aims to deliver the level of transparency expected from those interacting with a technology such as blockchain, where the key aspect is fully trackable transaction histories. This transparency includes publishing Ibinex’s full management structure as well as its new three-year roadmap.
According to Grunfield, Ibinex came on board with the ADCA because it wants to “join groups focused on the responsible adoption of blockchain technology”. He added that membership is part of the company’s strategy to help achieve this aim. The new version of Ibinex’s platform and the added transparency will also help in its quest for “innovations across all sectors of the crypto economy”.
Ibinex registered with FinaCom in 2015, and it now offers clients a 30-day ICO launch on its platform. Grunfield also leads FinaCom’s ICO Certification Committee.
Earlier this year, Ibinex launched a white paper detailing its aim to reach out to more regulated markets – it has the US and Asia in its sights. At present, Ibinex only has an operating license granted by Estonia, alongside memberships with the ADCA and FinaCom (which enables a self-regulating process).
Ibinex’s Estonian license means that it is under the full regulation of the EU, which covers all aspects of banking, exchange and wallet approvals.