Greencoinx Cryptocurrency Ecosystem Launches

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GreenCoinX has developed a whole new ecosystem which was launched last week. It is designed to resolve the identity problems of cryptocurrencies like Bitcoin, while making improvements that encourage adoption by consumers and acceptance by governments and regulators. GreenCoinX was developed by GreenBank Capital Inc a Canadian public company, and is the world’s first and only cryptocurrency that requires all users to be identified. Below is our interview with Danny Wettreich, the CEO of GreenBank and GreenCoinX.

Q: What problems do you see in the current cryptocurrency landscape, and how do you plan to solve them?

A: The biggest problem that has plagued cryptocurrency is anonymity. All cryptocurrencies, other than GreenCoinX, are based on anonymity…the users are unidentified. If users can hide from governments then illegal activities are encouraged. From a consumer perspective, the reputation that bitcoin has of being a method for drug dealers and terrorists to finance their activities has discouraged adoption by law abiding citizens. The reality is that no anonymous cryptocurrency will ever be acceptable as a worldwide medium of exchange. The promise of cryptocurrency was always the fast and inexpensive transfer of funds worldwide, while bypassing the costs and delays of the banking system. Until now this has been impeded by identity concerns. Now GreenCoinX has made this promise a reality by its “Know Your Customer’ or KYC capability. In sharp contrast to bitcoin and all other cryptocurrencies, the KYC standard of GreenCoinX alleviates the concerns of both governments and users. All GreenCoinX users have to be fully identified before usage, so bad actors will not use GreenCoinX

GreenCoinx has also addressed other cryptocurrency problems that have prevented widespread adoption of digital currency, such as Blockchain Longevity, Currency Stability, and Exchange Safety.

Q: Could you explain the function and advantages of GreenCoinX?

A: The function is simple…it is the worldwide movement of funds outside the banking system in a fast and inexpensive way. The advantage that GreenCoinx has is that it has addressed the logistical and reputational problems of cryptocurrency that has discouraged usage.

Most importantly GreenCoinX has KYC identification. That is the future of cryptocurrency. GreenCoinX is simple to use, and funds can be transferred using an email address. No long string of characters to remember. Passwords are encrypted phrases in any language that are meaningful to the user, which also make it easier to remember. To use GreenCoinX there is a free online wallet at XGCwallet.org.

GreenCoinX has the advantage of resolving cryptocurrency logistical issues. For example, Bitcoin has no answer to the problem of what happens when all the bitcoin has been mined. Bitcoin miners would then stop mining as there would no longer be miner rewards, and the blockchain would cease to function. GreenCoinX has resolved blockchain longevity. In order to ensure that the GreenCoinX blockchain continues to function smoothly over the next 145 years, GreenCoinX has developed a unique capability. To continue to provide long term incentives to miners even when all the GreenCoinX have been created, a non-profit foundation called the Digital Foundation has been established. The Digital Foundation owns 20% of all the XGC that can ever be created, and it’s only purpose is to distribute those XGC to miners by way of a sophisticated software program that resolves the problem of blockchain longevity.

Another advantage is that GreenCoinX country restrictions are implemented to international standards. So GreenCoinX complies with the need to prevent terrorist nations from using cryptocurrency. Bitcoin does not have that capability.

A significant advantage is that governments will welcome GreenCoinX…the first being the Isle of Man government. Individual countries can collect transaction taxes, such as sales or VAT taxes, for GreenCoinX transactions that occur in their jurisdictions. In those circumstances taxes will be remitted directly to the government tax server on a transaction by transaction basis. Bitcoin does not have that capability.

Other advantages are detailed currency stability programs designed to provide transactional certainty to users, and an affiliated free and safe online exchange.

Q: You’ve recently announced the launch of SiiCrypto cryptocurrency exchange; tell us something more?

A: SiiCrypto is the GreenCoinX affiliated cryptocurrency exchange and is the main way that GreenCoinX will be traded. It charges no commission for trades. It is very secure to use as all client fiat funds are held by a third party, ILS Fiduciaries (Switzerland) Sarl, the Swiss branch of ILS World, a global provider of independent fiduciary services. Cryptocurrency held by SiiCrypto cannot be accessed without client approval. Unlike other online exchanges, SiiCrypto cannot use clients’ cryptocurrency or fiat funds as a float or for any other purpose. Every user of SiiCrypto is identified to the same KYC standards as exists in the banking system. SiiCrypto is a unique cryptocurrency exchange that represents the way all exchanges should function. SiiCrypto clients have a very high level of security because client assets cannot be accessed without client sign off.

SiiCrypto clients can trade GreenCoinX for US Dollar, Euro, Canadian Dollar, Sterling and Bitcoin. Bitcoin users need to complete KYC identification in order to open a SiiCrypto account. Anonymous Bitcoin owners who decline to be identified to KYC standards will not be able to use SiiCrypto.
The cost of providing the services of ILS Fiduciaries (Switzerland) is passed on to SiiCrypto clients with a small fiduciary transaction fee of 1/5th of one percent. That is a negligible price to pay for security and client peace of mind.

Q: What makes GreenCoinX a good choice?

A: GreenCoinX is the acceptable face of cryptocurrency. With a comprehensive ecosystem comprised of the world’s only cryptocurrency that requires user KYC identification, (GreenCoinX) a free and easy to use online wallet (XGCwallet), and a commission free and secure online cryptocurrency exchange (SiiCrypto), it will become the cryptocurrency of choice for the world of commerce.

Q: What can we expect from GreenBank Capital in next six months? What are your plans?

A: Our goal is widespread adoption of GreenCoinX so that the advantages and cost savings associated with cryptocurrency are available on a worldwide basis. We have just completed the GreenCoinX ecosystem, and will be launching it over the next six months. The GreenCoinX development team is a part of GreenBank Capital Inc a Canadian public company (trading in Canada under symbol CSE:GBC and in the USA under symbol OTCMKTS:GRNBF) and that enables the investment community to participate directly in our future prospects.

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