Alternet Pursues New York BitLicense, Global Digital Currency Exchange
Mobile financial solutions provider Alternet Systems today announced that it making progress on a strategic initiative to become a leading global digital currency exchange through its wholly-owned subsidiary OneMarket. The company says it pursuing the New York State BitLicense that will facilitate a global exchange roll out strategy.
In July of 2014, the New York Department of Financial Services revealed its regulatory framework, stating that businesses that receive, transmit, store, exchange, issue or convert virtual currency for customers will need to be licensed, which has been dubbed the BitLicense. NYDFS Superintendent Benjamin Lawsky recently stated that he hoped to approve the first companies early this year.
Henryk Dabrowski, CEO of Alternet Systems, stated,
Coinbase’s recent funding and launch of the first licensed Bitcoin exchange was an important signal to investors of the commercial opportunities in the growing market for digital assets. Alternet continues our aggressive pursuit of a license in New York State, working closely with their regulators, as we are also evaluating several global opportunities to utilize our public company platform and strong industry relationships to possibly consummate strategic acquisitions of currency exchanges. It is our intent to continue pursuing a strategy of cooperation with regulators so that when we are granted permission we have put all the necessary building blocks in place to take the maximum advantage of our ability to monetize.
Leading bitcoin wallet company Coinbase recently announced a $75 million funding, which included the New York Stock Exchange among its investors, and became the first licensed U.S. based Bitcoin exchange approved to operate as an exchange in 24 states. Dabrowski believes that this was an important industry milestone and has positive commercial implications for other companies such as Alternet Systems going forward.
Alternet Systems is planning and developing a global digital currency exchange, called OneMarket, that will buy/sell digital currency, foreign currencies and commodities. The exchange will also offer various financial and payment consumer products designed for digital and fiat currencies such as a debit and credit cards, according to the company.
In October 2014, Alternet Systems announced that it had formed an agreement with payment architecture solutions firm Wildcard Consulting to launch a bitcoin debit card that be will made available through its exchange platform.
Alternet Systems has been a provider and investor in mobile payment and security applications and hosted services.