12:18:30 EST Mon 05 Dec 2022
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INX Digital Company Inc (The)
Symbol INXD
Shares Issued 204,120,650
Close 2022-06-27 C$ 0.28
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INX Digital, SICPA sign CBDC product creation MOU

2022-06-28 10:47 ET - News Release

Mr. Itai Avneri reports


The INX Digital Company Inc. has signed a non-binding memorandum of understanding (MOU) with SICPA, a global Swiss company and 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 (gross domestic product). The two companies plan to expand interoperability between different stakeholders across borders through this joint venture.

A long-standing trusted partner and adviser 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 chief executive officer and COO (chief operating officer), 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, chief executive officer 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."

Said Shy Datika, INX's chief executive officer: "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 (Securities Exchange Commission) and FINRA (Financial Industry Regulatory Authority). 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 -- ILS Brokers -- will soon offer non-deliverable cryptocurrency forwards to leading global banks.

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