SpaceBit To Build Cryptocurrency Bank in Space

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SpaceBit To Build Cryptocurrency Bank in Space

A new start-up company called SpaceBit has announced plans to launch a satellite, carrying a ‘Space Vault’ into orbit around the earth. This vault will form the basis for a new cryptocurrency bank aptly named ‘Space Bank‘, which is being described as ‘the world’s first satellite banking platform’.

According to an official press release the futuristic new banking service will cater to users of both Bitcoin and Ven (a digital currency used by the social network and publishing platform Hub Culture).

The whole idea of a banking service based in space conjures up thoughts of the ultimate tax haven: off-world rather than just off-shore. Although SpaceBit have yet to comment on this tax situation, they have made it clear that they are not seeking to evade regulation or cater to the kind of secretive criminal clients who have often used tax havens in the past. In fact, they aim to remain “fully compliant and transparent”.

Partnerships with established banks and exchanges will be key to SpaceBit’s plans for both local regulatory compliance around the world, and for establishing a truly borderless international service. To this end they aim to initiate a number of ‘prospective partnerships’ which they plan to announce in the ‘near future’.

SpaceBit’s objectives are to create a secure decentralized banking system with common services for the whole planet, to support the expansion of cryptocurrency, to bring a new level of ethicality and transparency to banking, and to take cheap and secure payment systems to the world’s un-banked.

The company was founded by Pavlo Tanasyuk and Ian Angell and is said to be at the TRL5 stage of its development