Innovators Form the First Gold Commodities Market and Gold-Backed Crypto-Currency in The Caribbean

ST. CROIX, Virgin Islands, U.S. - July 18, 2018 - PRLog -- The St. Croix Economic Development Initiative (SEDI) is pleased to announce it has entered into a Memorandum of Understanding (MOU) to create the first regional gold commodity - cryptocurrency exchange, capital market formation and world-class technology hub in the USVI and Caribbean. SEDI held a press conference on Monday, July 16, 2018, 12:30 pm at WSTX Radio Station in Gallows Bay (St. Croix) to introduce members of Silicon Island Exchange, Foster Trade Inc. and IYAP d/b/a Liquid Cash.

SEDI, a macroeconomic and public policy think tank based in the US Virgin Islands; Foster Trading, Inc., a gold mineral supplier/trader based in Antigua and Barbuda; and IYAP d/b/a Liquid Cash, Fintech Developers based in Atlanta, Georgia; have entered into a MOU to establish the Silicon Island Exchange (SIX) - a collaborative technology hub development project with Liquid Cash Exchange's (LCX) cryptocurrency. The parties have agreed to develop the first gold commodity exchange and cryptocurrency collateralized by gold in the Caribbean. This MOU will also establish a new concept referred to as the Caribbean-Americas Single Economy or CASE, which integrates capital market strategies within the Caribbean/Latin American region.  Additionally, this venture will create a seamless network for trading gold and crypto-currency between Africa, the Middle East, the United States and Latin America/Caribbean. The collaborative project will leverage the CenturyLink Fiber-Optic Network in St. Croix to trade outside of the USVI to facilitate a market for gold and cryptocurrency worldwide. SEDI's legal counsel, Attorney Scot McChain of the Law Offices of McChain Nissman, is the lead attorney representing the collaborative venture.

The Silicon Island Exchange and Caribbean-Americas Single Economy is the culmination of previously proposed Virgin Islands Stock Exchange/Governor Stock Exchange Taskforce initially initiated by an executive order signed by former Governor Charles Turnbull and supported by the 24th USVI Legislature.  The SEDI - Silicon Island Exchange is also undergirded by proposed and pending legislation sponsored by Senator Sammuel Sanes (primary sponsor) and other Senators of the 32nd Legislature Majority Caucus (co-sponsors) with reference to the Start-Up V.I. Bill and the adoption of the Delaware General Corporation Act Bill.

On a recent trip to New York City, SEDI's Managing Director, Anthony Weeks, met with his former colleague and investor of the formerly proposed VI Stock Exchange (2006) and Principal of NextTrade, Mr. Josef Schaible.  Mr. Schaible is currently the Chief Operating Officer of Templum/Liquid Markets Group.  Templum will serve as the strategic collaborative partner responsible for trading and vetting prospective ICOs and TAOs for digital, blockchain, cryptocurrency and other securities/commodities by the Silicon Island Exchange.

Templum is the only SEC-approved ATS (alternative trading system) platform for blockchain digital currency and cryptocurrency ICO/TAO and secondary markets in ALL 50 states and territories.

"Templum is an innovative financial technology company focusing on creating a regulatory compliant marketplace for the primary issuance and secondary trading of digital assets through security tokens. Templum Markets LLC, the captive broker-dealer and alternative trading system ("ATS") registered with the SEC and FINRA, will offer issuers a platform for the initial sale of their tokenized securities and both issuers and investors a centralized platform for secondary trading.

Templum believes that the future of digital assets as demonstrated by the success of ICOs will be based on TAOs that are offered in compliance with the securities laws of the U.S. and other foreign jurisdictions. Templum believes that financial markets can benefit from the increased liquidity, transparency, and investor protection that blockchain technology provides. Templum intends to facilitate the growth and expansion of tokenized securities by implementing standards and best practices for the offering of tokenized securities and their subsequent secondary trading.

Distributed Ledger Technology can bring an unprecedented level of transparency and liquidity to private markets through tokenization, and this technology can be used to benefit private companies across all sectors and stages."    https://www.tradetemplum.com/home

New technologies

Technology innovation is disrupting many sectors and the way gold is traded will likely not be immune. Blockchain technology holds promise in offering a more robust, operationally and cost-efficient mechanism for facilitating the settlement of gold transactions. Notwithstanding a series of challenges, it could enable the move towards true 'delivery vs. payment' spot trading that could eliminate settlement risks and realize other benefits. More broadly, blockchain technology could become an integral component of the gold value chain, facilitating gold tracking from 'mine to consumer' and thereby strengthening the market's chain of integrity. Establishing tamper-proof gold provenance would make the gold market more transparent, efficient and help eliminate illegal practices such as smuggling of conflict-gold.

SEDI, IYAP360 d/b/a Liquid Cash and Foster Trading, Inc. proposed joint venture was formed to establish the Silicon Island Exchange (SIX) Tech Hub & Liquid Cash Exchange (LCX) Coin as the first gold commodities market and gold-backed crypto-currency in the Caribbean/Latin American region.

For further information contact:

Media Relations  or Alvin Merrifield, Founder, iYap USA, LLC.