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WRIT Introduces Beta Availability for Cryptocurrency Exchange
In a recent news release, WRIT Media Group, Inc. (OTCQB: WRIT) introduced beta availability for its CrypStock cryptocurrency exchange, which can be viewed at www.CrypStock.com. Through this innovative site, WRIT aims to offer an intuitive, yet sophisticated exchange platform that provides a superior experience to account holders. Currently, CrypStock enables exchanges between Bitcoin, which is regularly recognized as the first cryptocurrency, and U.S. dollars. In the future, the company plans to introduce a variety of new digital currencies to the CrypStock exchange based upon user preference and currency popularity.
For WRIT, the introduction of CrypStock goes hand-in-hand with the company’s recent launch of its Pelecoin digital currency, which was picked up as part of the Pandora Venture Capital acquisition in late June. Unlike Bitcoin and other widely-used cryptocurrencies, Pelecoin introduces a new distribution system that abandons the current ‘rules of emission’ in favor of a simple, proprietary algorithm. While Bitcoin’s blockchain technology generates new coins on a permanent schedule without regard to the current value of the currency, the Pelecoin system generates new currency based upon a set of rules and events that increase the currency’s worth, including new user registration, acceptance of Pelecoin for goods and services, and trades between Pelecoin and fiat currencies.
“Although the addition of another crypto-currency exchange may seem trivial, the development creates a potential shift in the cryptocurrency landscape, allowing more users direct access to the Company’s Pelecoin currency,” Eric Mitchell, president of WRIT, stated in the news release. “Pelecoin will trade against Bitcoin and other digital currencies, effectively creating a direct path between a non-Bitcoin asset and Bitcoin funding.”
At the time of the beta announcement, CrypStock declared plans to introduce three proprietary trading modules designed to address market demand. These include binary options, futures and an algorithm trading subsystem. Binary options on the Bitcoin/USD pair are the simplest type of derivative financial instruments. These allow traders to generate profit by forecasting future market trends. Futures on the Bitcoin/USD pair provide the ability to trade large volumes that exceed initial investments while offering significant leverage to traders. Finally, algorithm trading subsystems will open the door for automatic trade creation, back-testing and real-time execution.
In addition to offering valuable user feedback from real clients, the CrypStock beta will give WRIT an opportunity to register the exchange as a money service business with the United States Department of Treasury and related regulatory agencies, both in the U.S. and abroad. When completed, this registration will allow Pelecoin to be legally traded as a digital currency in several U.S. states and, potentially, competitive markets around the globe.
“Having the opportunity to test and plan, with early access by real clients, has been very helpful while preparing for the planned 2017 CrypStock launch,” concluded Mitchell.
For more information about the company, visit www.writmediagroup.com
