Queensland, Australia -- (ReleaseWire) -- 07/15/2014 -- Bankcoin Reserve announced today that crypto currency exchanges are able to peg Bankcoin to the 1oz gold price approx. $1300US on the stock market from the 1st of August – an industry first designed to reduce volatility for traders, investors, and the broader community. This is a major move for the crypto currency world as Bankcoin was specifically designed to address the issues associated with crypto currencies, particularly volatility due to not being pegged to anything. The move is expected to increase mainstream adoption of Bitcoin. The decision follows market testing over the last 6 weeks that revealed strong interest in a gold valuation-based crypto-currency.
“Bankcoin is not just any crypto currency,” said Gary McAlister Terry, Chairman of the Bankcoin Reserve. “It is coded BANK for good reason. This is a crypto coin that people all around the world can identify with immediately.” Mr. McAlister notes that he was not the developer of Bankcoin. Rather, he mined the coin. However, after seeing how much time the financial industry is putting into Bitcoin, he knew Bankcoin could support stakeholder efforts and address their concerns.
Banks, financial institutions, investors, traders, including exchanges and all those supportive of crypto currency now have a store of value and a stable price which can be used to do business. Bankcoin will provide the store of value part of the equation while Bitcoin remains the medium of exchange that can grow exponentially in value, as it should, to cover the huge demand that is going to be placed on it in the coming years.
With Bankcoin, banks now have access to the crypto currency market and can be proactive in the space as Bankcoin is a Proof of Stake coin with interest rate up to 10% pa.
10000 BANK allocated to each exchange that confirms the peg for the 1st of August to start them off on a positive balance sheet. 100 million Bankcoins were mined in 10 days. This provides security of knowing that there is a market place for Bankcoins that are transactable, investable and tradeable,
Bankcoin is still available from miners on the following exchanges:
About The Bankcoin Reserve
The Bankcoin Reserve was created by major shareholders of Bankcoin largely in response to a series of financial failures, particularly the MTGox incident. The roles and responsibilities of the Bankcoin Reserve have expanded, and its structure has evolved to address volatility by way of a pricing mechanism which will lead to regulatory certainty, investor confidence and widespread adoption of Bitcoin.
Bankcoin Reserve, BCR
51 Adelaide Street Brisbane,
Queensland, Australia, 4001
Nina Taylor, Enquires
Phone: (61) 0466 826 313