Chad Pankewitz: Ruxum, Bitcoin and Namecoin

Chad Pankewitz sees an opportunity in the new digital currency opportunities provided by Bitcoin and fork, Namecoin.  Bitcoin has been in the news lately and has focuses new attention on virtual fiat currencies.  Chad’s background as the head of eBusiness for Citigroup Private Bank seems to be a good sign for his ability to lend credibility and security to the nascent currency platforms.

With its fast rise to mainstream type awareness, Bitcoin had some issues.  The main trading platform MT Gox went down, people got accounts hacked and the general instability of Bitcoin valuations cause many people to wonder if it was done before it really got started.

Enter Ruxum: “Ruxum makes it dead simple to buy, sell and trade Bitcoin. We are dedicated to building the best, most secure and easiest to use multi-currency Bitcoin trading platform on the planet.

We are a small (but growing) multidisciplinary team of 16 and we bring both our passion and our experience to be able to build you the best solutions for virtual goods, both offline and online. In the past, we have built Internet banking, trading and other secure, complex and scalable solutions for fortune 500 companies on three continents.”

Ruxum Exchange makes it dead simple to buy and sell virtual goods.

From Techcrunch:

“Today, Ruxum is launching into private beta with a new exchange that will allow users to buy, sell and trade both Bitcoin and Namecoin. Namecoin, for those unfamiliar, is a fork of the Bitcoin project, which uses the P2P network to, instead, build a decentralized domain name system that is less vulnerable to downages. For more on Namecoin, click here.

Ruxum will accept real money deposits, with cash payments being made by bank or wire transfers from nearly anywhere in the world. Currently, USD, EUR, GBP and JPY are accepted currencies, with six more coming in the near future, according to the Ruxum founder. Payments to Bitcoin and Namecoin addresses can be made anytime via a user’s Ruxum account.”

Two factor authentication: ” Ruxum offers an optional two factor authentication security solution for your account.  This means that you need your regular username/password combination + an additional unique authentication.  If both are not provided, access to the account is denied.

We use Yubikey to give your Bitcoin trading account the extra security of two factor authentication.  Yubikey is a hardware USB key that is registered to your account and physically required for the authentication.  Each key is totally unique and you will need your particular Yubikey to enter your account.”
More on Yubico’s solution:

Designed to be small in size and low in weight, the trays enable safe, easy and cost efficient transportation of any number of YubiKeys. For example, up to three YubiKeys can be sent with the postal service, using a standard envelope and stamp. A box of 5,000 YubiKeys (100 trays) weighs around 20 kilos.

About Daniel Davenport

Daniel is a digital media executive with internet and broadcast experience. Daniel is currently the executive strategy director at THINK Interactive.

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