MEDIA RELEASE - FOR IMMEDIATE RELEASE
New to the market HotwirePE is looking to revolutionise the eBanking market to make it safer, faster and more accessible.
Sydney, AU – 14 February 2014 – Hotwire Pre-emptive Intelligence Group today announced business ventures focused on the regulation of Bitcoin and the utilisation of the underlying technology platform. It aims to bring about the legitimisation of Bitcoin in Australia and throughout the world. Unlike traditional systems, its technologies provide micro-payments that will enable new forms of commercial activities.
“We seek to turn Bitcoin into an internationally regulated currency and investment tool that uses secured micro-payments for e-commerce transactions between anyone, at anytime, anywhere, and on any-device.” said Dr Craig Steven Wright, CEO of HotwirePE. “Bitcoin is not just a currency, it is a new backbone and commercial foundation for the Internet delivering solutions and enabling the next generation of online systems and services.”
Companies in the group will be launching operations from Australia, USA, Singapore, and the UK in the coming year.
As part of its assault on the Australian market, in the new financial year, HotwirePE intends to launch a bank through its subsidiary Denariuz once it has obtained the necessary regulatory approval from APRA. Denariuz will be the first financial institution in the world based solely on crypto-currency and will use Bitcoin as its main currency. It is proposed that Denariuz’s products will include financial products such as saving accounts, ATM cards, credit cards and loans. It will also offer a new set of peer-to-peer (P2P) financial products such as P2P loans and P2P investment portfolios.
With multi-layer security in place, Denariuz will guarantee the safety and protection of customer’s bitcoins in its secured cold storage vault removing Internet risks and security concerns. In addition, Denariuz will maintain a cold storage capital requirement that will cover customer losses and fraud and will act as externally audited deposit insurance offering an amount of up to 100,000 bitcoin.
On top of the security measures, Denaruiz will implement it’s proprietary ‘Anti Money Laundering’ and ‘Know Your Customer’ systems removing the more disreputable element crypto-currency is known for whilst reducing the fraud conditions that are associated with credit cards used on the Internet and maintaining a high level of transactional privacy. The bank will only allow transactions between trusted customers, systematically reducing risks. The bank will enable its customers to keep and use bitcoins safely, and bringing bitcoin to mainstream financial activities.
The Australian based bank will also offer a secure online currency exchange platform: Coin-Exch. It’s online eWallet solution will utilise the banks security precautions. Other trading products such as exchanging bitcoin with other national currencies, commodities and bitcoin derivatives will be offered by the end of 2014. Coin-Exch will extend the full capability of the bitcoin payment network and transactions, introducing smart contracts, empowering new forms of pay-as-you-go systems for multimedia and telecommunications industries.
The Australian Government is currently considering the tax treatment of bitcoin. HotwirePE have been working closely with senior government officials for the last 10 months, to help them understand bitcoin and how to regulate it. It is currently awaiting a response on how the government is going to proceed with regulation.
“The UK recently reversed its classification of bitcoin and said VAT would not be due on sales using Bitcoins. We hope the ATO (Australian Tax Office), follows suit and does not force GST to be applied to transactions using the crypto-currency,” said Dr Craig Steven Wright. “There is a tremendous opportunity for Australia to participate and lead the world in the uptake and regulation of Bitcoin. It would be an embarrassment if the regulatory outcome excludes Australia. Incorrect handling of what is essentially money could see a $100 million investment forced to moved away from Australia.”
Investor Relations Contact:
Ramona Watts, Director [email protected] + 61 423 912 994
Note on forward-looking statements - This release may contain forward-looking statements. Such statements are not based on historical facts. Rather, such forward-looking statements are based on the views of HotwirePE as at the date of this release concerning future results and events. Although HotwirePE believes that the views reflected in any forward looking statements have been made on a reasonable basis, no assurance can be given that such views will prove to have been correct and forward looking statements are inherently uncertain. The forward looking statements in this release are subject to unknown risks, uncertainties, assumptions and important other factors that may cause actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward looking statements and any forward looking statements in this release should be considered in light of such factors. Subject to any continuing obligations under law, HotwirePE does not give any undertaking to update or revise any forward looking statements after the date of this release to reflect any change in expectations in relation to those statements or any change in events, conditions or circumstances on which any such statement is based.
Hotwire PE Group
Hotwire PE is a web technologies company. We develop and provide technologies that drive innovation in the finance and education industries.
HotwirePE accelerates early stage technological and scientific research programs creating world-class solution platforms. Our primary focus is on high leverage automated systems with the potential to change how the world operates on a day-to-day basis. Working with both government and commercial partners, we seek to leverage the opportunities of a globally interconnected cyberspace, and thereby opening opportunities for commerce and trade.
We are focused on respecting the privacy, civil liberties, freedom of expression and innovation that have made cyberspace an integral part of the growing global prosperity and security. At the same time responsibly managing the intrinsic uncertainties that directly and drastically impact global trade, commerce and finance.
Established in June 2013 and based in Sydney Australia, we are dedicated to the notion of Anywhere, Anytime, Any-device.
"Our mission is to lead the development of technologies that will reinvent the internet, one transaction at a time"
M: +61 410 519 992