The PlayChip Foundation, creators of an incentivized, blockchain-enabled, global sports community and gaming ecosystem has been approved as the first cryptocurrency exchange in Australia with its own native token.
Last week the PlayChip Foundation Ltd was registered to provide Digital Currency Exchange services by Australian regulatory body AUSTRAC.
AUSTRAC, the Australian Transaction Reports and Analysis Centre, is Australia’s anti-money laundering and counter-terrorism financing regulator and financial intelligence unit. The registration is pursuant to subsection 76E(2) of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2017 (AML/CTF Act Amendment Act 2017).
The development of the exchange is intended to provide a simple and easy ‘all-in-one’ user experience to PlayChip holders and players, who will have the opportunity to link their credit card, bank account, and cryptocurrency wallets into one unified wallet and exchange.
The registration signals a huge step forward to the Foundation, which will operate a cryptocurrency exchange called the PlayXchange as part of a global payment solution to its more than one million users.
The PlayXchange will allow the instant purchase of, and conversion between, PlayChips and a number of fiat and cryptocurrency pairs. The PlayXchange creates a streamlined process for PlayChip users who can compete, win, and instantly cash out, all via the one interface.
The PlayXchange is also expected to drive massive liquidity to the PlayChip itself. All one million-plus users of the Ecosystem passing KYC would immediately rank the exchange in the top 20 global crypto exchanges by user count.
Once ‘one time’ KYC requirements are met, users will have full access to the expanding suite of gaming and betting products within the PlayChip Ecosystem, in addition to the PlayXchange.
[perfectpullquote align=”full” bordertop=”false” cite=”PlayChip Foundation Board Member, Daniel Simic” link=”” color=”” class=”” size=””]”Our ability to provide exchange services to our customers is important to our strategy to make the PlayChip, and cryptocurrencies as a whole, more accessible to both our users and the general public. The creation of an all-in-one gaming ecosystem with an inbuilt exchange is a massive step forward for the industry. One of the major challenges for the adoption of cryptocurrencies is the lack of ease of use and access. Many people get frustrated by holding several exchanges accounts, multiple KYC processes, private keys, and the process of transferring crypto from one place to another. The PlayXchange solves this problem.”[/perfectpullquote]
The PlayXchange is set for release on December 19, 2018, to coincide with 3rd party exchange listings. A full-featured exchange is anticipated for Q1 2019.