The currency is fundamentally different from bitcoin in the way that it is issued and funded
A fintech start-up has launched a beta of a digital currency that will be used for global foreign exchange trading and asset management.
Hong Kong-based NetCurrency.com rolled out Neco as a geo-political neutral digital currency portfolio monetary system. NetCurrency founder Tong Li explained that Neco is fundamentally different from a cryptocurrency such as bitcoin in the way that it is issued and funded.
Tong said the currency is not issued by any central bank nor generated by computer algorithms. It is instead being powered by a community of users. The currency consists of a portfolio of underlying world sovereign currencies, with percentages of each currency agreed upon its members.
Additionally, Tong said Neco brings together the stability and liquidity of the world sovereign currency and the speed of the internet. He added that this mechanism enables user communities to reduce the risk of currency fluctuation and discourage currency speculation.
"By introducing peer-to-peer community model and currency basket concept, supported by our proprietary Redstar Block Chain technology that offers fastest response time required by real-time financial transactions, Neco is leading a new era for global forex and asset management market with efficiency, fairness, and completeness," Tong said.
He explained that Neco aims to propose a collaborative fintech standard which can be used by any financial institution, bank, or community across the globe.
For more of Wealth Professional's latest industry news, click here.
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Fintech firm launches new cryptocurrency offering
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Hong Kong-based NetCurrency.com rolled out Neco as a geo-political neutral digital currency portfolio monetary system. NetCurrency founder Tong Li explained that Neco is fundamentally different from a cryptocurrency such as bitcoin in the way that it is issued and funded.
Tong said the currency is not issued by any central bank nor generated by computer algorithms. It is instead being powered by a community of users. The currency consists of a portfolio of underlying world sovereign currencies, with percentages of each currency agreed upon its members.
Additionally, Tong said Neco brings together the stability and liquidity of the world sovereign currency and the speed of the internet. He added that this mechanism enables user communities to reduce the risk of currency fluctuation and discourage currency speculation.
"By introducing peer-to-peer community model and currency basket concept, supported by our proprietary Redstar Block Chain technology that offers fastest response time required by real-time financial transactions, Neco is leading a new era for global forex and asset management market with efficiency, fairness, and completeness," Tong said.
He explained that Neco aims to propose a collaborative fintech standard which can be used by any financial institution, bank, or community across the globe.
For more of Wealth Professional's latest industry news, click here.
Related stories:
Fintech firm launches new cryptocurrency offering
Global fintech firms to set up cryptocurrency exchange in Canada
