Fintech and Blockchain Mavens Launch International Digital Asset Exchange Council
2018 Davos conclave marked the official launch of IDAXC, the international Council charged with overseeing the emergent field of marrying and optimizing cryptocurrencies to quantifiable assets.
The launch of IDAXC at “Blockchain Central” — a Blockchain-themed hub established in Davos by the Global Blockchain Business Council, GBBCouncil.org — signalled a clear point of demarcation between the emerging ‘asset-backed’ cryptocurrency market (“Blockchain 3.0”) and the older, un-anchored, non-asset-backed cryptocurrencies. Constituted as a not-for-profit, IDAXC is mandated to promote industry adoption; asset-tokenisation standards; and best regulatory practise in both asset-digitization, and asset-exchange, globally.
The founders believe that 2018 marks the beginning of an important maturation phase in the heady and often volatile cryptocurrency markets. If successful, IDAXC will empower the owners of any kind of real asset to rapidly ‘tokenise,’ and subsequently hypothecate or trade that asset — while complying with all regional regulations, including KYC and AML standards.
IDAXC’s founding Chair is well-known UK Fintech figure Eric Van der Kleij, creator of London’s Level39 Fintech hub and previously CEO of the U.K. government’s Tech City initiative. Eric was also one of the initiators behind the creation of the U.K. Fintech trade body Innovate Finance, so he is no stranger to both supporting Fintech innovation and feeding into policy. His company, Centre for Digital Revolution (C4DR.com), is active in Fintech and Blockchain projects in the U.K. and Switzerland; and will become a founding member of IDAXC, alongside a number of interested parties, such as China’s ACChain, and Hong Kong-based Courage Investment Group Ltd. (HK1145) and Ink Blockchain Co. Ltd.
Also joining the council board as Head of Policy is David White, former Director of Innovation at RBS, and founder of Fintech companies import.io and Kusiri (now sold to PwC.)
Eric Van der Kleij observed “Today we are sharing the aims and ambitions of IDAXC, and also seeking feedback from a small group of interested parties representing startups, banks, academia, and some of the most experienced people active in the emerging field of Real-Asset Digitization. The growth of ordinary cryptocurrencies is admittedly huge, with a combined market cap of $500Bn (Coinmarketcap) in an industry that simply wasn’t there just a few years ago. However, when you take the power of cryptocurrencies built on the decentralised Blockchain, and underpin them with trusted Real Asset Digitization delivered via shared standards set by a worldwide community of members, the potential is just so much larger. We believe this final stage of the Blockchain revolution — coins anchored by real assets — will finally trigger established financial services players and regulators to support and even participate in the cryptocurrency markets.”