Business & Economy Startups JFX inks MOU with Kinesis Money and ABX for Indonesian blockchain project

JFX inks MOU with Kinesis Money and ABX for Indonesian blockchain project




- Advertisement -

The digital currencies will use Kinesis and ABX’s real assets of gold and silver monetary system

Jakarta Future Exchange (JFX) has entered into an official agreement with both Australia-based Kinesis Money and Allocated Bullion Exchange (ABX) to develop a blockchain exchange using Kinesis technologies in Indonesia

The partnership is part of JFX’s plan to create blockchain solutions in addition to the existing financial infrastructure. This will allow investors to get alternative options for investments that are simpler, faster, and more secure, as reported by U Today.

“With this partnership with Kinesis and ABX, we can create a secure and transparent blockchain network that will be a reliable alternative to existing exchange systems,” said JFX president director Stephanus Paulus Lumintang.

- Advertisement -

Also Read: KASKUS makes strategic investment into digital legal service KontrakHukum

Using Kinesis and ABX’s real assets of gold and silver monetary system as digital currencies, the exchange will be on the Star Network. Besides the digital currencies, this system is designed to be integrated with mobile banking as well as fiat currency exchange services.

“We believe that the integration of physical precious metals and distributed ledger technology is of great value to the Indonesian market with its dual interest in gold and blockchain. We look forward to continuing our partnership with JFX to bring this to an end,” said CEO of Kinesis and ABX Thomas Coughlin.

Also Read: Singapore’s CoinPip launches crypto to fiat service

This is not the first partnership the involved parties have forged. ABX, the global electronic institutional exchange for physical precious metals, has a history of working with JFX to expand gold investment opportunities in Indonesia.

“The exchange version of blockchain currencies based on gold, thanks to the cooperation with Kinesis and ABX, is a natural continuation of the vision of JFX and the Indonesian government. The extended partnership between JFX, Kinesis, and ABX provides for an Indonesian blockchain exchange based on the technical achievements of the Kinesis blockchain exchange,” the joint statement of the partners says.

Photo by Arga Aditya on Unsplash

The post JFX inks MOU with Kinesis Money and ABX for Indonesian blockchain project appeared first on e27.

Source: E27

Send in your scoop to 

- Advertisement -

😊 – Rest of the word = Smiley and happy: 😊 – Singapore= Symbol of anarchy

  I just saw a news clip in the Today newspaper, which said that Mr Louise Ng, the Member of Parliament (MP) for Nee Soon Group Representation Constituency (GRC), was being investigated by the police for holding up a “smiley face”, encouraging...

Actor seen on Mediacorp’s Vasantham accused by budding artiste of wanting to sleep with him after “private show”

Update as of Mar 4:   In response to TISG’s queries, Selva said: “There have been troubling allegations surfacing recently. I simply wish to say, I did not send any inappropriate message via Facebook. I believe my account was hacked before this incident, which...

Mixed reactions to Shanmugam’s promise to install ‘many more’ police cameras across Singapore

Singapore—Home Affairs and Law Minister K Shanmugam said in Parliament on Monday (March 1) that many more cameras will be installed in Singapore in addition to the 90,000 already located in public places such as car parks, neighbourhood centres and Housing...

Send in your scoop to