A new company called SpaceBIT claims it is set to put digital currencies in Earth’s orbit. SpaceBit says it will launch a constellation of nano-satellites that will act not only as depositories for digital cash, but also as a platform to provide universal access to remote areas around the globe where payment infrastructures are non-existent.
SpaceBIT was founded by Pavlo Tanasyuk, who holds degree in Technology Policy from Cambridge University and Ian Angell, emeritus professor at the London School of Economics. Angell is an internationally renowned futurologist, in particular for his views on the future of money, and a speaker on space bank programs since 1998.
“Our goal is to establish a secure decentralized banking system with common banking services for current and future crypto-currency users around the world,” said Pavlo Tanasyuk. Furthermore, he added that the company will support the expansion of crypto-currency markets and establish their ongoing presence in the world economy.
In the short term, SpaceBIT will focus on building a transparent, secured and affordable blockchain-based payment system to “un-banked” populations. Different currencies are suited for different applications. For example, bitcoin can be used as a universal ledger and other financial instruments can be used for different services depending on use case and jurisdiction.
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The program is said to be currently forming a committee of high profile specialists from various industries, including finance, space, law and technology. In addition, SpaceBIT claims it 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 it 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,” said Pavlo Tanasyuk.
The SpaceBIT team is to make appearances at multiple venues around the world throughout 2015 to give more in-depth presentations on logistics, engage interested parties and create a discourse around the implementation.
“Crypto currency in itself is a science fiction becoming a reality,” commented Brock Pierce, member of The Bitcoin Foundation.