The world’s first successfully valuated cryptocurrency, UCX by Grant Thornton accounting firm and Yonsei University Industry-Academic Cooperation Foundation will start trading in January 2019. UCX token is introduced by GBC Korea.
“The direction of the domestic blockchain policy is more important than the speed,” said Ko Jong-moon, CEO of GBC Korea, in an interview with Financial News. “The growth of the cryptocurrency market has been incredible, yet, regulatory authorities seem to be reluctant to introduce it due to transaction stability. We wanted to verify not only the stability of cryptocurrency transaction but also growth potential and future value.”
“The demand throughout the investors for a credible cryptocurrency trade and the ability to leverage the future potential of the cryptocurrency is huge.This is how we had the globally renowned accounting firm Grant Thornton’s affiliate accounting firm DaeJu Accounting Corporation evaluate UCX.”
In order to evaluate the value of UCX, DaeJu Accounting Corporation commissioned to Yonsei University Industry-Academic Cooperation Foundation, where it was simulated several thousands times via formula combining physics and mathematics.
“The price of UCX is estimated to be between $25.6 and $35.8 per year depending on the size of platforms that we are introducing and the rate of increase in cryptocurrency markets.” said CEO Ko.
In Korea, which is not yet allowed for Initial Coin Offerings (ICO), the emergence of cryptocurrency with stability will be a big move in the Korean market since that is what the government is demanding making UPX the pioneer.
The market for cryptocurrency, which was worth 1.6 billion dollars in 2013, has grown to 253.8 billion dollars as of August 5 in 2018.
“It is important for the private sectors to work on the valuation of the ICOs,” he said. “For investors, the value of the future is guaranteed. Through this, I hope that it will be a chance to recognize cryptocurrency as a stable trading means. “
“The idea is that even a cryptocurrency with a transaction stability in this growing cryptocurrency market should have a bill that allows ICOs and to have private companies to do the valuation work,” he said. “For investors, I hope that it would allow cryptocurrencies to be recognize as a stable means of trading/income. “
Meanwhile, GBC Korea has developed the world’s first blockchain platform for individuals to easily access to mergers and acquisitions deals through blockchain. Currently, stock transfer transactions are conducted only in the field, such as preliminary inspection, selection of preferred dealers, and due diligence. However, the platform developed by GBC Korea in conjunction with TechCoins in Silicon Valley, USA, solves the complex and inefficient problems of merger and acquisition, and also has the advantage of eliminating vulnerabilities such as hacking.
This means that all parties, investors, and managers within the platform understand and authenticate the progress of the business in real time, so that the transaction procedure is simple and there is no leakage of personal information. The UCX token is an ERC-20 based encryption token. It is used for asset acquisition, platform operation and development, and serves as a basic medium for exchanging economic value between trading partners.
Reporter Kyung-ah Kim / email@example.com