The proposed joint venture will lead the development of blockchain-based technology solutions to create a central bank digital currency ecosystem to help governments digitize their monetary systems.
The INX Digital Company, Inc. (INXS ATS: INX)(NEO: INXD) (“INX” or the “Company”), a broker-dealer, inter-dealer broker, and owner of a digital asset trading platform, announced today that it has signed a non-binding memorandum of understanding (“MOU”) with SICPA, a global Swiss company, leading provider of security inks and identification, traceability and authentication technologies, to help governments digitize their monetary systems.
The Company believes that today, more than ever, governments and central banks around the globe are searching for a path to capitalize on digital currencies. This announcement between INX and SICPA will pave the way for the development of a new, holistic solution for all stakeholders to utilize digital currencies in a secure, scalable environment.
The planned joint venture with SICPA is an integral part of INX’s vision to innovate the future of finance and pioneer the new digital economy. Under the terms of the MOU, the Company will work with SICPA to establish a blockchain solution for Central Bank Digital Currency (CBDC) and the supporting ecosystem to assist clients in bolstering monetary sovereignty and efficiently growing overall country GDP. The two companies plan to expand interoperability between different stakeholders across borders through this joint venture.
A longstanding trusted partner and advisor to central banks around the world, SICPA has robust expertise in identification and security solutions, strong digital capabilities, and extensive knowledge of the use of physical cash that allows for the development of new innovative forgery-proof security features to protect monetary sovereignty.
Through the joint venture, many complex and advanced security features developed by SICPA will find applications in the development of a CBDC ecosystem.
The planned joint venture between INX and SICPA aims to allow governments to expand their access to payments infrastructure, facilitate cross-border payments, maintain sovereign currency control through rigorous regulation, and introduce privacy and safety measures.
“We believe that the unique form of CBDC we are working toward is an ecosystem and not only a tech solution,” says INX’s Deputy CEO and COO, Itai Avneri. “Along with SICPA, our distinguished partner, we harness the power of blockchain (trust, efficiency, cross-border, programmability, compliance, traceability and more) to cultivate a holistic solution that addresses the key requirements for CBDC, which include privacy-preserving, security, financial inclusion, resilience, and more.”
“In line with our purpose of enabling trust, our ambition is to develop with our partners a CBDC solution that is efficient, inclusive and safe, enabling trustworthy and privacy-preserving transactions for all, complementary to the use of cash,“ said Philippe Amon, CEO and Chairman of SICPA. “We look forward to collaborating with INX and leveraging our extensive experience in working with central banks to develop a relevant CBDC solution.”
Shy Datika, INX’s CEO: “We are excited to collaborate with SICPA and utilize our unique solutions and unparalleled experience as pioneers of a new tokenized economy. Through every step, we have committed to working with regulators. INX is the first company in the world to launch and close on an SEC-registered IPO of a blockchain digital security. Our very own INX token is the working use case for automated KYC, whitelisting of wallets, programmable smart contracts, mass distribution, and unparalleled traceability and visibility on the blockchain. These attributes are mandatory when discussing the CBDC ecosystem and will be incorporated in the innovative solution we are now developing.”
About The INX Digital Company, Inc.
The INX Digital Company owns INX Group (INX), which operates regulated trading platforms for digital securities and cryptocurrencies that trade 24/7/365. Founded by Shy Datika in 2017, INX’s vision is to be the preferred global regulated hub for all digital assets on the blockchain. INX is on a mission to help list companies as publicly-traded digital securities on the blockchain in a regulated environment with oversight from the SEC and FINRA. This journey started with the first-ever SEC-registered initial public offering of a security token on the blockchain – the INX Token – in which INX raised $83 million from more than 7,200 retail and institutional investors worldwide.
In addition to operating two regulated trading platforms for blockchain assets, the INX Digital Company’s interdealer broker – I.L.S. Brokers – will soon offer non-deliverable cryptocurrency forwards to leading global banks. For more information about INX, please visit INX.co
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The INX Digital Company, Inc.
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Market leader in security inks and leading provider of secured authentication, identification, traceability and supply chain solutions, SICPA is a long-trusted partner to governments, central banks, high-security printers, and the industry. Every day, governments, companies, and millions of citizens rely on its expertise, which combines material-based covert features and digital technologies, to protect the integrity and value of their currency, personal identity, value documents, e-government services, as well as products and brands. True to its purpose of enabling trust through constant innovation, SICPA aims to further an Economy of Trust worldwide, where transactions, interactions, and products across the physical and digital worlds are based on protected, unforgeable and verifiable data.
Founded in Lausanne in 1927, headquartered in Switzerland, and operating on five continents, SICPA employs about 3000 people.
Cautionary Note Regarding Forward-Looking Information and Other Disclosures
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to entering into a definitive agreement, and the success of the joint venture. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates, and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including with respect to the development of the digital asset industry. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to regulatory developments and general economic conditions. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, or changes in factors affecting such forward-looking information or otherwise.
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