|By Marketwired .||
|July 25, 2014 09:00 AM EDT||
NEW YORK, NY -- (Marketwired) -- 07/25/14 -- BTX Trader, the multi-exchange online trading system for digital currencies and wholly-owned subsidiary of WPCS International Inc. (NASDAQ: WPCS), announces the launch of Celery, its new web-based product committed to putting digital currency in the hands of hundreds of thousands of ordinary consumers.
Available from July 25th at http://www.gocelery.com, Celery is the simplest and fastest way for mainstream consumers to buy their first Bitcoins and Dogecoins. As the only product on the market that offers access to multiple types of digital currency the company employs direct bank transfers and the most straightforward user experience on the market.
Celery's mission is to grow digital currency usage beyond the first wave of sophisticated early financial adopters and encourage consumers to use digital currency - for spending with a burgeoning array of retailers, for saving as a long-term investment or simply for exploring the new world of online finance.
"Digital currency is more than a novelty," says Chief Operating Officer Ilya Subkhankulov. "Major merchants including Expedia and Newegg are validating the market, whilst increasing regulatory clarity is giving more confidence in the stability and value of the technology."
"However, as the process of acquiring their first coins remains too complex, most consumers are excluded from this revolution. Bitcoin-mining computers are too expensive for most users, while acquiring coins from an exchange requires initiating wire transfers and can take up to five days.
"Celery keeps things simple by using friendly language, only asking for basic sign-up information and using direct bank funding, meaning customers can use their first coins from their new Celery wallet dashboard within just three to four business days."
By simplifying digital currency, which, today, is not just costly but knowledge-intensive, Celery aims to broaden adoption of currencies like Bitcoin and Dogecoin as mainstream standards which consumers use to buy goods, eliminate fees on international transfers or save for the future. The sign-up process takes as little as 5 minutes, and once bank verification is complete, users can have access to digital currency orders in a matter of minutes.
According to a GFK survey for TheStreet, thirty-two percent of those aged 18 to 24 say they would consider using alternative currencies like Bitcoin, suggesting growing demand for the new technologies.
Celery's competition allows customers to buy digital currencies, but imposes various limitations requiring new users to jump through administrative hoops and initiate bank transfers. These barriers mean that they cannot obtain their coins for five days. Celery believes speeding the process is a competitive advantage that will help drive take-up.
More than 90 percent of all Celery's client funds are held in cold storage, detached from the Internet, while Celery also encrypts all personal information. Security is a top priority for the BTX Trader team, who also uses its status to bring unprecedented trading access to users.
"We have had a great response to BTX Trader since launching in April," says Co-founder and Chief Technology Officer Divya Thakur. "The platform has accumulated 6,000 users, 1% of which actively log into the platform regularly to monitor the market and place trades with Bitcoin exchanges.
"We are convinced great times are ahead for cryptocurrencies, but only if adoption can grow beyond experienced financial technology enthusiasts. That's why we are launching Celery to ensure everyone can participate in the digital currency revolution."
About BTX Trader:
Ilya Subkhankulov and Divya Thakur are financial technology architects who met whilst helping to build the REDI financial trading platform, co-owned by Goldman Sachs and Bank Of America.
BTX Trader allows users already familiar with the bitcoin environment to trade across the four major digital currency exchanges in real-time. Offering advanced trading controls, the platform allows users to trade digital currencies using a familiar interface, just like established commodities.
Celery will initially be available exclusively to customers in the United States.
BTX Trader is a wholly-owned subsidiary of WPCS International Inc. (NASDAQ: WPCS), a diversified, publicly-listed holding company which has invested in BTX Trader as an innovation incubator to spearhead its digital future.
About WPCS International Incorporated:
WPCS operates in two business segments including: (1) providing communications infrastructure contracting services to the public services, healthcare, energy and corporate enterprise markets worldwide; and (2) developing a Bitcoin trading platform. For more information, please visit www.wpcs.com and www.btxtrader.com.
Statements about the company's future expectations, including future revenue and earnings and all other statements in this press release, other than historical facts, are "forward looking" statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time. The company's actual results could differ materially from expected results. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements.
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