Ookami and National Currency eXchange to share IP, produce new digital asset technology

Ookami ASX OOK National Currency eXchange NCX

Ookami (ASX: OOK) has edged further into the cryptocurrency space after securing a collaboration agreement with National Currency eXchange Group, with the duo to share intellectual property to develop new synergies and technologies.

According to Ookami, the collaborative agreement complements its business model to develop technological solutions that encompass blockchain technologies, smart contracts, anti-money laundering, identity management and verification, data markets, digital asset wallets and exchange platforms, security and encryption, among others.

The National Currency eXchange is a platform for investors to trade cryptocurrencies such as Bitcoin and Ethereum.

As part of the collaboration, Ookami and National Currency eXchange will create a “preferred” client model which enables people to use Ookami’s various technology and products offerings such as Akela.

Akela is Ookami’s flagship investment and provides software as a service technologies and financial services software to boost efficiency and accuracy in public and private capital raisings.

Akela also delivers an integrated investment platform that allows its clientele to access offers and raisings that normally only industry professionals can participate in.

The collaboration between Ookami and National Currency eXchange aims to give Akela users access to integrated digital asset payment solutions for use in traditional equity offerings.

According to Ookami, once operational, the model will eradicate unnecessary processes such as clients needing to sell digital assets on a third-party exchange, then transfer to a third-party digital party wallet, then bank, and then alter to fiat to participate in an Akela offering.

The company claims the seamless integration will eliminate unnecessary layers and transactions fees that would be incurred from moving digital assets out of wallets multiple times and additional bank fees. The process would also reduce time delays.

Ookami and National Currency eXchange will also explore opportunities for further integration and co-development.

In mid-December last year, Ookami unveiled its plan to purchase an 18.23% stake in blockchain company Brontech for around A$1 million.

Brontech has created a data market place using blockchain technology for users to sell anonymous data on themselves to third parties.

Ookami shares rocketed more than 30% on the news to sit at A$0.073 in mid-afternoon trade.

Lorna has more than 10 years experience as a finance journalist and editor. She has written for an array of industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has covered a myriad of small and large cap ASX and dual-listed stocks.