Alternet Systems Digital Currency Exchange Progresses towards NY State BitLicense
MIAMI, FL--(Marketwired - October 2, 2014) - Alternet Systems, Inc. (OTCQB: ALYI), a business to business facilitator for digital currency and mobile commerce services in the digital asset and virtual currency ecosystem, today announced that its wholly-owned subsidiary, OneMarket, continues to make progress towards the launch of its Digital Assets and Currency Exchange, in the State of New York through formation of a joint venture ("JV") with P2P Cash, Inc. (www.p2pcash.com).
Henryk Dabrowski, Chief Executive Officer of Alternet Systems, commented, "Our Joint Venture with P2P Cash falls in line with our goal of being granted a New York State Digital Currency Exchange License, propelling us into a leading global digital currency exchange. P2P Cash's platform allows us to be immediately operational once the license has been granted. Alternet, has already achieved several key milestones including being awarded status of Ven Authority and signed a strategic partnership with BitPay, a leading payment processor. We look forward to finalizing our agreement and working with P2P Cash to launch the exchange that will be a driving force in creating value for our shareholders."
OneMarket was created to facilitate the secure and effective trading of digital currency under pending regulation passed by the State of New York. OneMarket and P2P Cash are collaborating to bring to market a proprietary and secure digital currency exchange platform to operate under that new regulation. The JV with P2P Cash, a financial services technology company specializing in mobile financial transactions and virtual money exchange, presents a distinct advantage: OneMarket will leverage P2P Cash's existing virtual currency trading platform and money services business (MSB) license, which allows businesses to transmit or convert money in a secure and fully regulatory compliant way.
Thomas Meredith, CEO of P2P Cash, Inc., stated, "The partnership between P2PCash and Alternet Systems is a perfect fit with our focus of facilitating the growth of virtual and other alterative currencies that is affordable, while using highly secure exchange technologies. We focus on driving down the cost of each transaction without compromising security and compliance. This makes smaller-denomination transactions profitable, which will rapidly drive up consumer acceptance and utilization."
The New York Department of Financial Services revealed its regulatory framework in July of 2014, stating that businesses that receive, transmit, store, exchange, issue or convert virtual currency for customers will need to be licensed. OneMarket is actively pursuing and preparing to apply for a license, which in the future will be able to buy/sell digital currency, buy/sell foreign currencies, buy/sell commodities, and/or buy/sell any combination of the three. This makes for a strong proposition in the Virtual Currency market place.
Under the terms of the agreement, OneMarket will provide management, services, and the required funding of the JV. P2P Cash will license its software and financial services while providing support and customization.
About P2P Cash:
P2P Cash's technology and intellectual property provides a highly secure, real-time mobile payment solution to deliver cash transfers and remittance payments in developing countries through seamless international cash transfers. P2P Cash's proprietary platform is a unique method for the implementation of a mobile banking standard that can work with any wireless carrier and/or any bank worldwide.