HONG KONG, Nov. 1, 2017 /PRNewswire/ -- NetCurrency.com, a fintech startup company based in Hong Kong, announces the beta release of world's first digital currency, dubbed Neco, for global forex trading and asset management, a USD 5 trillion daily market.
Net Currency (Neco, or NTC) is a geo-political neutral digital currency portfolio monetary system, and fundamentally different from crypto-currency or virtual currency such as Bitcoin. Net Currency is not issued by any central bank nor generated by computer algorithms, instead it is issued and funded by a community of users and consists of a portfolio of underlying world sovereign currencies, with percentages of each currency agreed upon by its members.
Net Currency combines the legitimacy, stability, and liquidity of the world sovereign currency, with the speed, connectivity, and innovations of the evolving Internet. Net Currency's built-in equilibrium 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," said Tong Li, founder and CEO of NetCurrency.com.
"Neco is much more than a digital currency, it is proposing a collaborative global fintech standard, which like Visa, can be used by any financial institution, bank, or community, anywhere in the world. We intend to develop it as an open source project," Tong said.
Tong is a MIT trained technology entrepreneur who has worked on quantitative trading systems for Merrill Lynch in New York before its acquisition by Bank of America. Tong is also the founder of two other leading fintech companies in China: Yoopay.cn, China's largest event ecommerce platform, and LanhuHealth.com, China's the first healthcare insurance search engine.
NetCurrency.com is beta-testing the system with launching partners, including banks and financial institutions. The company expects to issue the world's first batch of Neco in January 2018.