SpaceBIT, A Space Banking Program for Digital Currencies

London, January 3, 2015—SpaceBIT, the first decentralized space company, has announced its program to create a space banking platform for digital currencies. The company plans to launch a constellation of satellites that will act not only as depositories for digital cash, but also as a platform to provide global and universal access to remote areas around the globe where payment infrastructures are non-existent.

Some of SpaceBIT’s objectives are:

• To establish a secure decentralised banking system with common banking services for current and future crypto-currency users around the world.
• To support the expansion of crypto-currency markets and establish their ongoing presence in the world economy.
• To lead by example and demonstrate sensible and ethical banking with real transparency.
• To bring cheap and secure payment systems to ‘un-banked’ populations.

Pavlo Tanasyuk, SpaceBIT Founder reassured the prospects of the project in a statement:

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.

Some examples of digital currencies that will be used are bitcoin and VEN currency, which could be ideal as a reserve currency. Bitcoin could be used as a universal ledger, and there will be a number of other reliable financial instruments that may be utilized.

SpaceBIT was co-founded by Ian Angell, Emeritus Professor at the London School of Economics, who is a well-known figure in the topic of the future of money and was speaking about space bank since 1998. The program is now forming a committee of high profile specialists from various industries, including finance, space, law and technology. In addition, SpaceBIT is in the process of partnering with land-based banks and exchanges to comply with local regulations and jurisdictions, while simultaneously creating borderless transaction systems.

“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”, added Pavlo Tanasyuk.

SpaceBIT’s management believes that partnerships are a key to success as they provide a way to save both time and resources. As such, a number of prospect partnerships were initiated at the 12th Reinventing Space Conference that took place in London on 18 -21 November 2014. Conference was organised this year by the British Interplanetary Society, where Pavlo Tanasyuk was one of the speakers. The details on such partnerships will be made public in the near future.

SpaceBIT may give the impression of being very futuristic, but as Brock Pierce, Member of The Bitcoin Foundation mentioned, “crypto currency in itself is a science fiction becoming a reality.”

The SpaceBIT team will be making appearances at multiple venues around the world in the coming year to give more in-depth presentations on logistics, engage interested parties and create a discourse around the implementation. To find out more about the world’s first decentralized space program visit www.spacebnk.com or email .

About SpaceBIT:

SpaceBIT is the first decentralized space company, currently our project is at stage TRL5. SpaceBIT was founded by Pavlo Tanasyuk and Ian Angell. The main goal of SpaceBIT is to establish a secure decentralised banking system with common banking services for current and future crypto-currency users around the world.

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