Malaysian crypto exchange BitNicX Exchange announced their plans to integrate a peer-to-peer technology into their platform where users can buy and sell cryptocurrencies without any capital deposit.
According to the report, it is a historic venture as BitNicX will be the first Malaysian Exchange to escrow peer-to-peer cryptocurrency exchange. It is set to launch on 1 March 2019. The company is founded by twins Johny and Douglas Bong of Bong Technology Sdn Bhd. The company offers a crypto exchange in local currency Ringgit easily and securely.
“BitNicx will be bridging the future of money with the twin focus on user experience and security. Transacting online for the first time can be daunting, so we made sure the platform is as user-friendly as possible and safe to trade. As I see it, Bitcoin and cryptocurrency, in general, are going to revolutionize the way monetary transactions are performed not only in Malaysia but also around the world. And Bitnicx is ready for this,” Douglas Bong told the reporters. Douglas is the Director of Blockchain Academy Asia Area and a Certified Bitcoin Professional by CryptoCurrency Certification Consortium (C4).
In order to ensure smoothness and convenience for the user in the transaction at the decentralized P2P marketplace, the platform integrates 24/7 friendly local customer support navigating the platform or solve any disputes through instant live chat. Concerning safety, the exchange is encrypted with military-grade security which includes two-factor authentication, multi-signature, and the highest level of encryption so that users can transact with confidence.
BitNicX has also seen to it that they have regulatory compliance with Bank Negara of Malaysia (BNM), becoming a reporting institution to BNM. According to the report, every user will need to authenticate their IDs and accounts through personal identification details/documents as a Know Your Customer (KYC) requirement before being allowed to do any transactions.
The twins have a vision for their company to become the largest cryptocurrency platform in Southeast Asia.
“The crypto market is one of the most misunderstood markets. And hence, bad actors have been taking advantage of this. Besides setting our goals to establish the largest cryptocurrency exchange in Southeast Asia, BitNicx will also be focusing on educating the public. We have signed a MoU with Blockchain Academy Asia and Crypto Valley Malaysia to spearhead public awareness on the use of cryptocurrency and blockchain in the state of Sarawak to start,” says Johnny Bong, the Crypto Valley Malaysia Youth Director and Certified Blockchain Expert by Blockchain Council.