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Dawn of the official digital currency? Westpac Online
The interview with the Reserve Bank of Australia, founder of NYDAX.com (Yousef Hosseini) and a Sydney based fund manager, discusses the use of cash being declining around the world amid the rise of mobile payments and cryptocurrencies.
A Sydney based entrepreneur who is creating a global crypto exchange he calls the New York Digital Asset Exchange ixp.nydax.com is in the process of launching a platform which is not only an exchange for crypto currencies, but a way to effectively securitise the value of intellectual property (IP) through digitisation.
“We are trying to change the rules around the funding of innovation and research," says Hosseini, a computer engineer and solutions architect who has worked with Accenture, PwC and Deloitte.
“We want to combine a crowd funding approach with the issuing of tokens to really democratise research and create a new liquid market."
Changing the Game of Money, CDO Trends, Digital Insights for Business Leaders, (January 2019
Digitization is driving new forms of what we have traditionally called money. Beyond cryptocurrencies and digital versions of established units, there is the monetization and developing concepts around the “tokenization” of assets, which according to one Australian entrepreneur Yousef Hosseini is the next wave of disruption. A computer engineer and solutions architect who has worked with Accenture, PwC and Deloitte, Hosseini and his colleagues are in the process of launching a platform which is not only an exchange for cryptocurrencies but a way to effectively securitize the value of intellectual property (IP) through digitization. Called the New York Digital Asset Exchange (NYDAX) the project will launch as a cryptocurrency exchange and then quickly move to the model of tokenizing IP, such as technology research, and offer this to investors both as a way of funding research and also giving investors fresh opportunities. “Right now, people can’t invest in patents, it is just too difficult,” he said. “Tokenization of IP is a way to create an accessible and liquid market. If you bring innovation into this space and tokenize it through technology using a crowdfunding system, then this provides liquidity for a small startup."