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Byte Power Group Ltd (ASX:BPG) is pleased to provide a further update on the progress of the development and implementation of the Cryptocurrency Exchange currently being developed for its subsidiary, Byte Power Pty Ltd (BPPL).

BPPL's technology provider Noetic Synergy advises that all major trading platform features and functions have now been completed and are going through final stages of system testing. The last outstanding component - the integration of Know Your Client identity verification systems - is scheduled for implementation in the coming weeks.

BPPL advises that the exchange will initially cater for the trading of eight (8) cryptocurrencies. The current shortlisted currencies are BTC (Bitcoin); BCH (Bitcoin cash); LTC (Litecoin); ETH (Ethereum); XRP (Ripple); ETC (Ethereum Classic); DASH (Dash); XMR (Monero).

BPPL is also in the final stages of completing compliance requirements for AUSTRAC registration before submitting its registration application to AUSTRAC. Registration with AUSTRAC is a pre-requisite for operating a cryptocurrency exchange in Australia.

BPPL has secured the services of an Australian Financial Services License holder, being a requirement for the cryptocurrency exchange to deal with real currencies and is presently finalising the legal instruments to ensure compliance with relevant security laws and regulations.

BPPL will be accepting pre-registration of interest in the cryptocurrency exchange services soon.

The BPPL exchange will be the first cryptocurrency exchange operated by an Australian publicly listed company.


About Byte Power Group Limited

Byte Power Group Limited (ASX:BPG) is a diversified technology solutions group with a particular emphasis on securing Asian business opportunities.

Through Wimobilize, the Group has a new cutting edge technology solution, a proprietary Advance Hybrid Artificial Intelligence Big Data Technology Platform consisting of 31 Advance Analysis Engines, 4 levels of Hybrid Correlation and Al Profiling Algorithms customised for governmental, healthcare, banking, telco and tourism industries. This proprietary Big Data technology platform elevated the AI Predictive Analysis and deep insight intelligence to a new paradigm, applicable to any market segment.

This Wimobilize Big Data technology powered e-commerce ecosystem will provide the next generation innovative trading platform for distributing the Company's Australian wine, organic honey and honeycomb.

 

Contact

Michael Wee
Company Secretary
Byte Power Group Limited
T: +61-7-3620-1688
www.bytepowergroup.com



Link: Cryptocurrency Exchange update



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