Cryptocurrency developer Byte Power doubles after ASX grilling
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Cryptocurrency wannabe Byte Power Group doubled in price today after its shares resumed trade following an ASX grilling.
The IT retailer’s shares opened at 1.5c on Monday — almost double the 0.8c they were fetching before suspension last Wednesday. The shares settled back to 1.2c in late Monday trade.
Byte (ASX:BPG) was suspended last week after its share price increased tenfold.
Following the ASX query, Byte Power today detailed the steps it will take to create a cryptocurrency exchange.
Cryptocurrencies are a form of digital money traded online using encryption for security and anonymity. The best-known examples are Bitcoin and Ethereum.
Byte Power today provided detailed timelines for the completion of its Brisbane-based cryptocurrency exchange. Testing was expected to begin before the end of the year and initial agreements with financial institutions were due by the first quarter of 2018.
Confidential term sheets, subscription agreement and development proposals were presented to the ASX, and have now be disclosed to shareholders.
Byte Power detailed work to investigate legal and regulatory requirements of setting up an exchange and stressed that no funds had changed hands between the company and a Singaporean joint venture partner, Soar Labs.
“The company has not paid any fees to Soar Labs to date. It is anticipated that fees will only become payable after the software has been tested, subject to further negotiations from the parties… however a lot of good will work has been performed.”
Chief executive Alvin Phua previously told Stockhead the rising share price was all because of an increased acceptance of cryptocurrencies.
“Investors follow sectors and ours is one that has continuing discussion on a daily basis,” he said.