Digital currencies are a somewhat polarizing topic. Proponents of digital currencies see the technology as the wave of the future, with security as a primary reason to trust in the future of digital money. But critics abound, and so we are going straight to the source to hear arguments for why certain digital currencies may be worth your time and investment. Worst case scenario, you learn a bit more about the state of digital currencies.
In this interview we speak with Cameron Chell, founder of ICOx Innovations, to understand how his company is leveraging blockchain technology to deliver branded digital currencies for its clients.
1. What’s the story behind ICOx Innovations? Why and how did you begin?
CC: We began investing in blockchain platforms, seeing the far reaching potential of this now decade-old technology. We also saw the rise of cryptocurrencies. 2000 coins issued. But no brands. In our past experience from the dot com boom and Dotcom bust, we knew that sustainable projects are platforms with customers. We saw the opportunity to bring in brands to the blockchain environment, with their own branded digital currencies. We began this with our KodakONE venture in partnership with Eastman Kodak.
2. Please describe how ICOx Innovations leverages blockchain:
CC: ICOx develops and manages branded digital currencies for established companies to optimise their B2C channels. Our designs enable brands to benefit from significantly reduced transaction costs, having greater control over their customers' transactional data and new models for loyalty and rewards programs all possible with blockchain efficiencies.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
CC: The largest outdoors equipment and firearms marketplace in the US has 4.7M registered customers and does over $650M in annual transactions on their site. Despite full regulatory compliance, GunBroker.com is not able to get PayPal, Venmo or reasonably priced credit card processing. ICOx designed FreedomCoin, a stable coin branded digital currency designed for retail transactions, and we also developed BitRail, a compliant payment infrastructure company for regulated digital currencies. With money transfer licensing in each state, full Know-your-customer (KYC) and Anti-money laundering systems in place, Gunbroker.com will deliver lower cost and instant transactions that meet or exceed all regulatory requirements. This win-win, lower costs, faster payments and regulatory compliance – is only possible with the ICOx FreedomCoin / BitRail blockchain solution.
4. What’s the future of branded digital currencies?
CC: Branded digital currencies are a significant development, not only in blockchain but across e-commerce retail. Facebook's Project Libra is the beginning of a powerful wave. The credibility and solid use case for JP Morgan's JPM Coin for international bank-to-bank settlements, Starbuck's recent blockchain announcements, all support this coming wave. We expect many more announcements in the coming months from companies embracing the branded digital currency opportunity.
5. Where will ICOx Innovations be in five years?
CC: ICOx will continue to build and manage branded digital currencies for the Fortune 5000. It is very early days in this cycle but we are well positioned to help brands deliver on the blockchain promise to revolutionise retail e-commerce with their own digital currencies. As a public company with corporate governance and regulatory compliance at our heart, ICOx is well positioned for the long run in this high growth and transformative sector.