Ben Ingram, the director of digital strategy at Price Waterhouse Coopers (PwC), has been appointed as the CEO of cryptocurrency exchange Bitcoin.com.au. Business Insider Australia reported that Ingram will be responsible for improving the functionality of the platform and introducing crypto products in the financial sector, including superannuation.
Rather than a full exchange, the company offers more of a gateway service. It provides people one of the easiest ways to get into bitcoin — and importantly, get back out of bitcoin. That includes same-day settlement, so cash back into your account as at the date of the transaction.
Users can currently buy Bitcoin and Ethereum, and sell the former cryptocurrency. The company also offers desktop, mobile and cold wallets for both cryptocurrencies. Ingram said that there are no “tangible” investment products for cryptocurrencies, hence, Bitcoin.com.au will focus on filling this gap in the crypto industry.
Furthermore, Ingram explained that auditing cryptocurrencies is an easy task, owing to the transparency provided by blockchain technology. “We’re in the early-stage development of a new protocol. I think the core premise of distributed ledger technology (DLT) has very obvious widespread appeal. Even if the tech capabilities at present aren’t capable, I think humans will prevail,” said Ingram.
Ingram concluded his interview by stating that the new technology gradually developing; there is a proper “path” that shows no signs of ending. In 2017, the company raised $815,000 in Series A funding from firms such as Alium Cpital and Dominet Venture Partners.
Last month, Dr Tony Richards, head of payments policy at Reserve Bank of Australia (RBA), said that since the Australian dollar is stable, “the likelihood that we’d have significant adoption of an alternative currency seems to be pretty low”. He added that banks and financial institutions are more secure, so it is unlikely that Australians would want to turn towards cryptocurrencies.