On 16 January 2019, Byte Power Group Limited (ASX: BPG) announced on ASX regarding its cryptocurrency exchange update. BPG’s subsidiary company Byte Power Pty Ltd (BPPL) developed cryptocurrency exchange, and it was launched on 13 January 2019 by Byte Power X Pty Ltd (BPXPL) has started trading.
At present, the cryptocurrency exchange has a three cryptocurrencies exchange pairs and has further plans to introduce more currency pair by 31 January 2019. The existing cryptocurrency pairs are BTC/USD, BTC/AUD, LTC/BTC. Here BTC stands for bitcoin and LTC stands for Litecoin. The Company had its soft launch of cryptocurrency exchange on 18 December 2018 which means that the Exchange was open for registrations. As per the announcement on 18 December 2018, the cryptocurrency exchange was disabled so that BPXPL could complete the verification of the updates and perform the security testing of the exchange.
Now, all the verification and testing have come to an end, and the exchange is currently open for trading.
The company further provides details of the verification, testing and trialing which includes the update verification, security testing, and the functionality trial.
BPPL along with the developer of the cryptocurrency exchange ‘Noetic Synergy’ completed the testing phase of the exchange to verify its recent technical updates and its trading functionality.
After the verification of the trading functionality and the technical updates on the cryptocurrency exchange, BPPL and Noetic Synergy completed the security testing of the exchange to secure the internal wallet transfers and cryptocurrency storage risk management processes. It was an essential phase before the launch of the exchange to make sure that the exchange risk management systems are appropriately placed.
Post the security testing phase, BPPL and Noetic Synergy did the functionality trial to make sure that the trading and wallet functions of the exchange were tested and is in operation.
The official listing date of BPG on ASX is 23 November 1988 where the performance of the company remains positive throughout. The company had given outstanding performance in the past where its five years performance was 350%. BPG’s last one-year performance was 800%.
For the financial year 2018 which ended on 30 June 2018, BPG made a net loss of $10,447,585. The balance sheet of Byte Power Group Limited is in a poor state where the company has a net liabilities of $4,226,783. BPG has a total current asset of $4,042,571 and a total current liability of $5,056,718 which indicates that BPG is neither in a position to meet the working capital requirement nor it can clear its short-term debt. The net cash and cash equivalent by the end of the FY2018 were $72,759.
Along with the poor performance of BPG in FY2018, the company had received an infringement notice for a contravention of section 674 of the Corporation Act 2001 from ASIC on 12 December 2018, where it needs to pay a penalty of $33,000 to be paid by 9 January 2019 through bank cheque.
At present, the shares of BPG is suspended from trading on ASX. It traded last on 22 December 2017 with the closing price of A$0.009.
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