Cryptocurrency exchange operator DRIVE Markets announced on Monday that it has received investment from Calvin Ayre.
The major force behind Bitcoin SV (BSV), Ayre made his money in the world of online gambling.
He shot to prominence several years ago after the US government attempted to arrest him for work he had done with his gambling firms.
Those charges, bar one, were eventually all dropped and Ayre, though he did have to pay a $500,000 fine, was even given a $100,000 payment by the US prosecutors after they seized a domain belonging to him.
Outside of his gaming activities, Ayre has been a major supporter of cryptocurrencies.
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As noted, he was a major backer of BSV but also runs an investment firm, Ayre Group, and CoinGeek – a news website for the cryptocurrency industry.
“Technology that works”
Ayre did not disclose how much money he had put into DRIVE Markets, his latest cryptocurrency venture. The exchange operator said in a statement issued on Monday, however, that the Antigua-based businessman had pumped “millions” into the firm.
“I like entrepreneurs who can cut through the noise and focus on technology that works,” said Ayre. “That’s why I like DRIVE.”
Following Ayre’s investment, DRIVE Markets will be using BSV – and the blockchain that supports it – to power DRIVE Pay, a clearing and settlement payments solution offered by the firm.
“At DRIVE, our roadmap leverages the infrastructure and capabilities of our institutional exchange and we were looking for the right solution partner that could scale DRIVE Pay to become a global leader in the multi-trillion dollar payment and settlement space,” said DRIVE Markets CEO Kate Hiscox.
“Bitcoin SV, as a commodity data ledger, makes it the ideal blockchain to anchor DRIVE Pay and the BSV team possess a level of expertise and commitment to enterprise development that really impressed us.”