DigitalX winds down Bitcoin operations
Blockchain enhanced software solutions company DigitalX (ASX: DCC), a group that assists consumers in money transfers, will pass on its Bitcoin operations to Blockchain Group (BGL), owner of ACX.io, the largest Bitcoin exchange in Australia by volume and order book.
DCC will wind down its DigitalX direct operations by introducing these clients to BGL, and in consideration it will receive 50% of all revenue for customers introduced to the BGL digital currency exchange, as well as on other international exchanges that are rolled out over the next five years.
This agreement comes three months after management announced that it was reviewing its Bitcoin operations with a view to leveraging its knowledge, trading platforms and customer base.
Chief executive Lee Travers said, “Whilst the platform provided invaluable experience in blockchain technology to the DigitalX development team, it also presented significant challenges in concurrently creating a world-class money transfer service”.
This agreement will effectively allow DigitalX to focus on its money transfer application, AirPocket, while receiving ongoing revenues from the BGL arrangement.
AirPocket is a mobile bill pay and money remittance application providing low-cost, secure and instant transfer solutions. The application is built using blockchain technology, allowing the platform to scale on demand due to the cloud-based technology.
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Source: DigitalX winds down Bitcoin operations – Finance.Nine.com.au