The West Coast’s first cryptocurrency will be revealed in Greymouth tonight.
Cryptocurrency is a type of digital currency created from code. It functions outside of traditional banking and government systems.
A Westport-based online specialist company has spent three years setting one up, including extensive work with lawyers and the Financial Markets Authority.
The result, they say, is "even safer than the banknotes in your pocket".
The currency, rather than operating in dollars, operates in RUBIES, and also operates as a reward system.
Natasha Barnes Dellaca, of EPIC Westport, explained it with this comparison: Buy a coffee and earn your reward (in this case a RUBY). You can either use it, or hold on to it.
Those who bought the international cryptocurrency Bitcoin early on made huge gains, and some who invested as little as $US100 ($NZ141) in the early days of Bitcoin now have currency worth $US48million.
Ms Dellaca said you may instead decide to cash them out — a bit like selling shares, but simpler.
The currency itself was safe, she said.
"It’s very had to hack it. Each transaction is logged and registered in time. There are a lot of benefits over traditional currency, which can be stolen or hacked. It’s the next step forward."
Initially, the West Coast’s first RUBY currency will be linked to games —its founders are already established in gaming with numerous games in the United States market.
Ms Dellaca said they felt it was important the currency was based in New Zealand.
"It is fully legal and meets New Zealand law.
‘‘It’s pretty sophisticated."
It has been developed by the RUBY Play Network, part of the same group of companies as EPIC Westport and CerebralFix, owned by Benjamin Dellaca.
The company is now seeking to raise up to $3.43million to finance growth. — Greymouth Star
