Isle of Man embraces NXT in cryptocurrency drive

As regulators and business owners recognise the benefits of digital money, new cryptocurrency NXT is well-placed to drive innovation and enterprise on the Isle of Man through a series of ground-breaking developments.

Second generation cryptocurrency NXT is poised to deliver unprecedented benefits to the financial services industry on the Isle of Man.

Cryptocurrencies are a suite of revolutionary new technologies that allow users to send money directly to each other over the internet, anywhere in the world, quickly and almost for free. NXT’s speed and versatility make it the ideal choice for a wide range of applications beyond money transfer, providing the backbone of a far-reaching digital economy.

Introducing NXT
Local business, banking and government representatives are invited to attend NXT Seminar at the Forum, Mt Havelock, Douglas at 5pm on 1 July, which will introduce NXT to a wider audience and explain how this powerful technology can be integrated into new and existing applications. The seminar will be delivered by Lee Gibson Grant, NXT entrepreneur and founder of TXT Coins Now.

The TXT Coins Now platform was built back in 2010 as bolt-on service for mobile operators and financial institutions that required an off-the-peg solution for their customers. The company has adopted NXT Coin as its default currency. Their platform is highly scalable and its use in real-world financial services applications will allow its users easier access to NXT Coin, too.

TXT Coins Now is a merger of Micropayment, Western Union, Escrow and PayPal for both the Fiat and Crypto Sectors. The business leverages NXT to allow customers to send funds anywhere on the planet via a simple text message or voice call, without any internet connection or further applications. Additionally, its verification step protects merchants by establishing that the transaction is legitimate.

Merchant benefits
ATM providers and POS providers will be able to link to the network via its merchant facilities, enabling merchant outlets to accept both fiat and crypto. This gives NXT Coin a cutting edge real-time financial network that bridges the NXT and fiat marketplaces.

‘Many jurisdictions have been sceptical or slow to move on cryptocurrency,’ Lee Gibson Grant comments. ‘But platforms like NXT can bring immense benefits to businesses and customers – reducing costs, delays and security risks to near zero. It’s enormously encouraging that the Isle of Man recognises this and is at the forefront of the cryptocurrency movement.’

Famed for its eGaming regulation and pro-enterprise culture, the Isle of Man is the ideal location for cryptocurrency and finance businesses to come together. The island recently positioned itself as a cryptocurrency hub, and in the coming days and weeks a series of initiatives will bring NXT and its developers into the mainstream.

World’s first regulated cryptocurrency exchange
NXT are in discussions to be listed on CoinCorner, a new exchange due to launch shortly, which aims to be the world’s first cryptocurrency exchange registered with a financial regulator – namely the Isle of Man FSC. CoinCorner will allow users to exchange crypto for GBP with no deposit fees and has been built by a team of seasoned programmers and cryptocurrency miners. Bitcoin has seen a number of high-profile thefts and scandals in its short history resulting from the proliferation of unregulated exchanges, and such a step is vital in allowing the public to buy and sell NXT and other digital currencies quickly, easily and securely. 

Additionally, there are a number of financial bureaux actively considering incorporating NXT into their business models. NXT will also be included as a payment option at the Java Express Coffee Shop and Noodle Bar on Prospect Hill in Douglas. At the NXT Seminar on 1 July, NXT coins equal to the value of a cup of coffee will be distributed for use in Java so that delegates can see how easy and safe it is to use NXT Coin and TXT Coins Now.

During a visit by members of the NXT community to the Isle of Man over the past two weeks, numerous meetings have been held with Manx service providers such as Dixcart, Manx Telecom and Capital Invest, along with many others who are interested in cryptocurrencies and would like to discover more about the benefits that NXT, its community and developers offer for the legal and regulated services they would like to launch. Meetings with government officials and local lawyers have also been held to gather as much information as possible to position the Isle of Man and NXT Coin for the up and coming crypto boom.