October 2013 – Company Updates

• Systems development surging ahead: Development is steaming ahead, with a team of five full time developers, including Gary Rowe, considered to be in the Top 10 most influential people in Bitcoin today. Work has now commenced on all major parts of the system and is progressing as expected.
• Round two investment sought:  With the first round of equity raising almost complete we are in discussions with several potential investors interested in second round funding.
• Further progress with Banking Partner: We have continued to work together with our chosen Banking Partner to determine the optimal account funding strategies as well as ensuring that our online verification provider meets all AML obligations.
• Foreign Customer Verification partners engaged:  We’ve began negotiations with foreign Customer Verification partners who can provide online identity checks for customers from over 30 countries.

Bitcoin News

There has been much talk in the media recently about the arrest of Ross Ulbricht, the alleged operator of the infamous Silk Road marketplace. The initial reaction in the Bitcoin community was one of shock, and the price of Bitcoin dropped accordingly.

However, as the dust settled it became apparent that Bitcoin is now strong enough to survive this shock and other future ones to come.

“Bitcoin no longer needs Silk Road. For one thing, there are other online marketplaces where Bitcoin could be used illegally. Perhaps more importantly, in the three months ending in June, Bitcoin start-ups raised almost $US12 million from venture capital investors. Bitcoin may still be high-risk, but a customer base of legitimate start-ups and fewer drug lords probably bodes well.”

–       Kirsten Sayler, Bloomberg

Judging by the quick recovery in the price of Bitcoin, I think the market shares this sentiment.

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