ABX Bullion Exchange And Kinesis Money Explore New Blockchain Venture With Jakarta Futures In Indonesia
Allocated Bullion Exchange And Kinesis Money Explore Joint Commercial Blockchain Ventures
Allocated Bullion Exchange and Kinesis Money want to explore ways of creating a joint commercial blockchain project. This will be done with the Indonesia Jakarta Futures Exchange (JFX). The JFX is the main futures and derivatives exchange of Indonesia. It recently announced that it had established a MoU with Allocated Bullion Exchange (ABX) and Kinesis Money. The partnership is going to look into the development of a blockchain exchange based in Indonesia that utilizes Kinesis technology.
About The Agreement
ABX and Kinesis created a revolutionary monetary system that uses physical assets of silver and gold as a basis for digital currencies. The currencies are transacted via the Kinesis exchange. The exchange is a fork of Stellar, which is able to facilitate over 3000 transactions a second. It is also integrated with fiat currency services and mobile banking.
ABX is a major online institutional exchange for precious metals. It has worked with JFX to explain the investment opportunities for gold in Indonesia. JFX is a major exchange in the gold futures market. It plans to launch a spot Physical Sharia Gold Contract soon. This partnership is being done in concert with ABX. The deal has already gotten approval from regulators in Indonesia and the National Shariah Board.
The exchange in collaboration with ABX and Kinesis is a continuation of the vision of Indonesia and JFX. This partnership involving ABX, Kinesis, and JFX that envisions a blockchain exchange in Indonesia that is based on the advances made by the Kinesis exchange.
The partnership is part of the future vision of JFX to come up with blockchain solutions besides their existing solutions. It will allow investment alternatives that benefit from better speeds, ease, and transaction security. The future of the partnership will lead to better institutional acceptance of the blockchain tech via sharing concepts, tech solutions, and business models.
What The Leadership Had To Say
The President Director of the Jakarta Futures Exchange said that the exchange is committed to offering solutions and services for the derivatives and futures industry. He added that it had become clear to them that the distributed ledger had major benefits. To him, this technology was going to unlock a lot of value for the people of Indonesia.
According to him, the regulation for the blockchain tech in the nation was still in progress, which is important but difficult. The President of JFX added that the exchange was ready to embrace the blockchain while complying with all legal requirements. The partnership with ABX and Kinesis would make it possible for them to tap into the benefits of the blockchain and create a transparent and secure blockchain. For him, the goal is to create a credible alternative to the existing exchanges.
The CEOs of Kinesis and ABX were also quite positive about the project. They both believe that the integration of the distributed ledger into physical precious metals market was going to provide a lot of value to Indonesians. This would make it possible to transact physical assets fast and at low costs.