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.
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.
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.