London Startup Plans Space-Based Banking Platform for Cryptocurrencies

London-based startup SpaceBit Technologies Limited today announced that it is developing a orbital-based banking platform for digital currencies.

Co-founded by futurologist Ian Angell, Emeritus Professor at the London School of Economics, the company plans to launch a constellation of small satellites that will act as banking platform for digital cash. The platform will also be used to provide global access in remote areas of the planet that do not have payment infrastructures.

SpaceBit Co-Founder Pavlo Tanasyuk noted:

We’ve created the business case and checked the feasibility of the technology, including costs, timescales and risks. We’ve checked the revenue potential and we’ve engaged with hundreds of interested individuals identifying the right team we need to proceed. We have done the necessary research and preparation to make sure that this project will work.

Thus far, management has indicated that Bitcoin and environmental currency VEN could be supported by the space-based banking system, with Bitcoin potentially being used as a universal ledger.

The company says it is forming a committee of high profile specialists from various industries, including finance, space, law and technology, and is in the process of partnering with land-based banks and exchanges to comply with local regulations and jurisdictions.

Pavlo Tanasyuk added:

We believe that is important to stay fully compliant and transparent, while providing global access to our future users. Partnerships with banks will give us the possibility of providing traditional financial services with convenient and simple crypto payments on a global scale.

SpaceBit’s management has indicated that it initiated partnerships at the 12th Reinventing Space Conference that took place in London in November 2014. The conference was organised by the British Interplanetary Society, where Tanasyuk was one of the speakers.

In addition to a space-based banking platform, SpaceBit has previously revealed plans for cryptocurrency crowdfunding to support and launch space ventures, specifically to create re-entry capable nano-satellites for private space exploration, 3D printing in space, and asteroid tracking and mining.

SpaceBit is described by its founders as a project at a technology readiness level of TRL5. Technology readiness levels were first developed by NASA to measure the maturity of evolving technology.

Tanasyuk is also the CEO of Ukraine online payments platform MoneXy and an advisory board member at Coins Friendly, a solution provider for trading cryptocurrencies.

As noted from a blogpost back in July, Professor Angell is very positive about Bitcoin.

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