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President of Bit-X Financial Corp. (OTCQB: BITXF) Talks About Pending Launch of Company's Bitcoin Exchange and How Bitcoin Is Gaining Recognition in Major Financial Circles
President of Bit-X Financial Corp. (OTCQB: BITXF) Talks About Pending Launch of Company's Bitcoin Exchange and How Bitcoin Is Gaining Recognition in Major Financial Circles
InvestorIdeas.com; Bit-X Financial Corp.
POINT ROBERTS, WA and NEW YORK, NY--(Marketwired - May 28, 2015) - Investorideas.com, a global news source covering leading sectors including Bitcoin and payment technology issues an exclusive interview with Mr. Brad Moynes, President of Bit-X Financial Corp. (OTCQB: BITXF).
As one of the few publicly traded companies in the space, Brad talks about the future of Bitcoin as a digital currency and how his company is posturing to be part of the evolution of currency.
Interview:
Q: investorideas.com
Brad, can you start by giving us a brief history of your company and why you decided to participate in the Bitcoin market?
A: Brad Moynes, President of Bit-X Financial
After several years of evaluating various technology start-up opportunities, in 2012 I became aware of Bitcoin and the Blockchain. It was exactly what I wanted to get involved with; a new decentralized technology that combined finance, currency, trading and the ability to transfer a store of value (money) between end users instantly, with no intermediaries, at a very low cost. This was also a brand new segment of innovation that is positioned for massive growth, unlike other stagnant industry sectors like traditional banking. This seemed like a really good idea -- world changing potential -- and I became fascinated with the technology and its potential, whereby anyone could become their own bank.
Q: investorideas.com
For investors unfamiliar with the technology behind Bitcoin can you explain what Blockchain is and how significant it is? I have heard quotes that it is considered "as important of an opportunity as the creation of the Internet itself."
A: Brad Moynes, President of Bit-X Financial
The Blockchain (created 2009) is very powerful invention and could become as big as the internet itself. It is a public ledger of all Bitcoin transactions that have ever been executed. It is constantly growing as "completed" blocks are added to it with a new set of recordings. The blocks are added to the Blockchain in a linear, chronological order. Bitcoin is the financial application of the Blockchain and the most important.
Q: investorideas.com
The New York Stock Exchange launched a Bitcoin index last week. Nasdaq Stock Exchange, Goldman Sachs, Richard Branson and other big names in the financial markets are all getting on board with Bitcoin. What does that mean for a company like yours and the industry overall?
A: Brad Moynes, President of Bit-X Financial
Many of these large institutions including the Nasdaq, NYSE and Goldman provide awareness about Bitcoin to the masses. It validates the technology and says to the market, "pay attention, there is something special here." A start-up such as Bit-X Financial stands to gain tremendously from these endorsements and large-scale investments into the Bitcoin ecosystem, as it can lead to price increases in Bitcoin and overall consumer awareness.
BITXF is a digital exchange whereby users can buy & sell Bitcoin and other crypto-currencies. Blue chip participants will become a catalyst for BITXF to launch successfully and become universally acceptable.
Q: investorideas.com
You are about to launch your Bitcoin exchange in June. What can users expect to see once it's live in terms of service features?
A: Brad Moynes, President of Bit-X Financial
Some of the service features of the proprietary trading and matching engine have been pioneered from the ground up, leveraging the skills of experienced developers with respected and long-standing careers working for low latency software development firms. It is designed to manage high volume, high throughput, and low latency trading and was modeled on the same LMAX pattern now also leveraged by the world's largest Investment Banks.
This investment grade trading platform has a simple and user-friendly UI for users to buy and sell all major crypto currencies. It also features one consolidated shared order book for blended multi-currency settlement in addition to real time FX pricing and risk management.
The order engine delivers pre-scan indicative pricing and users can choose to either fix the quantity of Bitcoins or fix the price paid for every order. Lock in a guaranteed execution or alternatively lock in the ultimate price you're prepared to pay for your order; the choice remains yours. And this all relies on an order engine that achieves low latency performance along with the reliability of an exchange that has been verified in supporting millions of daily transactions.
At the start, our platform will offer trading in Bitcoin, Litecoin, Dogecoin, Stellar and Ripple. As we grow, we will earn listing fees to other crypto-assets who are seeking access to a trading platform and liquidity.
Q: investorideas.com
For any users concerned about security, how is your exchange addressing this issue?
A: Brad Moynes, President of Bit-X Financial
BITXF takes security very seriously. Security is the cornerstone of the platform which is the most secure on the market today. We provide a 3-level login verification that includes a 2-step process to login, 3 levels of verification for withdrawals. This provides our users extra protection to prevent accounts from unauthorized access. Other than your regular password, you will be asked to enter a real-time password generated by Google Authenticator. To provide you an extra level of security, when you withdraw, you will need to activate a link on the verification email to complete the request.
SSL ENCRYPTION
We use 128-bit encryption to encrypt all communication between you and our website. This is the highest encryption available and is used as the gold standard for all secure communication on the net.
DDOS PROTECTION
We leverage one of the world's strongest forms of protection against Distributed Denial of Service attacks. We do not pretend to do this by ourselves and partner with multiple third-parties who have proven to mitigate some of the largest DDOS attacks in Internet history.
PASSWORDS
We do not use MD5 hashing to encrypt your password. To avoid common weaknesses, our proprietary procedures are designed to provide you, our valued clients, with the peace of mind that comes from our Next Level security implementation.
DB SECURITY
Our databases are encrypted and protected against SQL injection attacks. We also do hourly backups where we send the backups off-site to multiple locations.
STATE OF THE ART INFRASTRUCTURE
The platform is hosted in Tier 3+ ISO 27001/9001 compliant data centers. Digital currencies are not stored with cloud providers.
MULTI-FIREWALL PROTECTION
We closely monitor all incoming and outgoing traffic in a very stringent manner to ensure we prevent our network from malicious attack and injection as well as data threats.
BUSINESS CONTINUITY PLANNING
We have process and controls in place to deal with outages or attacks. Emails will be sent out to notify you of alternative ways to get back into our site. Our site and funds are totally segregated so you can be assured your funds are safe with us.
REGULAR STRESS & SOAK TESTING
Our technology is immediately scalable. Our regular stress testing has proven it achieves low latency processing and we've soak-tested to over 10 million transactions within a 24 hour period. Translation: our engine and underlying infrastructure can handle load, and lots of it.
COMPLIANCE FRAMEWORK
We insist on a comprehensive and thorough KYC (Know-Your-Customer) and AML (Anti Money Laundering) compliance framework. This includes the monitoring of suspicious transactions and obligatory reporting to local regulators and other compliance bodies.
Our AML and KYC policies differ depending on the country of origin of which our clients are located, and furthermore recorded through the BITXF registration process. Our specific policies are detailed within our Terms of Use and which you must accept as per the new user registration process. Our robust compliance framework ensures that regulatory requirements are being adhered to at both a local and global level, providing the highest levels of trust and ensuring the Site continues to operate reliably for the long term.
Q: investorideas.com
Can you tell us about the significance of your Exclusive Bitcoin Exchange and Services Agreement with Hong Kong based ANX, announced in April? Will the coin exchange be called Bit-X Financial or will there be a different trade name and branding concept?
A: Brad Moynes, President of Bit-X Financial
Partnering with ANX, a Bitcoin Exchange industry leader, will provide BITXF and our shareholders a turn-key solution to gain immediate exposure to Bitcoin while leveraging the ANX technical and support assets as we prepare to go live.
Among the many initiatives occurring with our Company at the moment we have yet to announce what the exchange trade name and branding will be. We want to be original and come up with something unique, something that has not been done before and we plan to release that in the upcoming weeks prior to our go-live date. The public company (BITXF) will be the parent company that owns 100% of the newly branded exchange.
Q: investorideas.com
In closing what are your goals following the launch and roll out of the site in June and how do you see your company playing an integral role in the future of Bitcoin?
A: Brad Moynes, President of Bit-X Financial
Our go-live date is on track and we fully expect to launch our world-class proprietary trading platform and provide our users a simple efficient way to trade Bitcoin. Our goals following the launch will be to provide our users a safe, secure and fully compliant Bitcoin exchange experience at a low cost. We are a customer service orientated company and we expect to be the best when it comes to customer support responses and solutions.
We are also in the planning and development stage of a new Blockchain technology concept that may see BITXF become the first public company to offer such a technology and offer it to third parties worldwide. More details regarding this excited new concept will be provided as they materialize.
About BIT-X: (OTCQB: BITXF) Bit-X Financial Corp is a Vancouver; British Columbia based Company listed on the OTCQB under the trading symbol BITXF. Bit-X Financial Corp is a reporting issuer in the Province of British Columbia, Canada with the British Columbia Securities Commission "BCSC" and in the United States with the Securities Exchange Commission "SEC." www.bitxfin.com
