Sep 08 2017 . 3 min read

NICCE Exchange is Solving the Needs of an Unbanked Industry Today

NICCE Exchange is Solving the Needs of an Unbanked Industry Today

The NICCE Exchange uses the future of financial technology to solve the banking problem of the cannabis industry, today. NICCE, which stands for Nevada In-State Crypto-Commodity Exchange, is a digital asset exchange for trading blockchain commodities known as Nevada In-State Crypto-Commodity (NICC).

NICC is a custom crypto-commodity that is based on one of the largest enterprise blockchain systems called ONLI®. According to Goldman Sachs, the technology “has the potential to redefine transactions” and can change “everything.” The important thing to understand is that it has nothing to do with bitcoin. ONLI was built specifically for financial institutions and central banks to configure it so they can conform to regulatory frameworks. It’s different from the ground up.

NICCs have many features that no other digital system has. NICCs are in-state only, meaning they only work in the state of Nevada. NICCs are private but not anonymous like Bitcoin. NICC is a commodity, not a currency, meaning its value cannot disappear like most other crypto-currencies, whose value depends on many people trading it back and forth. The NICCE Exchange is a B2B payment system, not consumer based. Some of the largest cannabis and non-cannabis businesses already accept it. Because it is digital, the fees are substantially less than traditional banking fees.

Convenient and easy to use, when you need to get your money out, you sell your commodities on the exchange much like you would any commodity, such as gold or copper. The proceeds from the sale of a commodity are wired from the buyer directly to the seller. Confirmation and processing are nearly instant, which is unlike most crypto-coins and even conventional financial systems. Think of NICC as Nevada’s own private state digital money or, even better, like a statewide digital casino chip.

If you are a cannabis related company, you must first obtain a compliance ID to purchase NICCs for cash. As one of the leaders in marijuana banking compliance auditing, ICS provides customized BSA software for major banks and is designed to meet heightened FinCEN guidelines. ICS integrates with all major seed-to-sale software. Once you have a compliance ID you may become a member of the NICCE Digital Exchange and purchase NICCs for cash. As a B2B platform, you can use NICC to transfer commodities to pay landlords, vendors, wholesalers, growers, payroll and even utilities. Because NICC liquidity is guaranteed, the proceeds from the first sale of the commodity are held in trust so that in the event there isn’t a buyer for the commodity on the exchange, any member can redeem the commodities at any time for those proceeds.

NICCE Digital Exchange is a unique combination of features and technology that solve the banking problem and still fit within regulatory frameworks. The NICCE Exchange is using the future of financial technologies to leap ahead and solve the needs of an unbanked industry today.