EXTON, PA--(Marketwired - Jan 21, 2014) - WPCS International Incorporated (NASDAQ: WPCS) today reported continued progress with its rollout strategy for its BTX Trader ("BTX") Bitcoin trading platform (www.btxtrader.com). According to Interim CEO Sebastian Giordano, "Though the acquisition was only recently completed on December 17, 2013, we are formalizing our plans and undertaking several initiatives to launch and begin monetizing this exciting opportunity."
Divya Thakur, BTX Chief Technology Officer stated that, "BTX is the first trading platform to enable Bitcoin traders and investors to access market data as well as execute orders for the top six (6) Bitcoin exchanges in a single application. What further differentiates BTX from any other product in the market is the opportunity to be the premier algorithmic trading platform for digital currencies, allowing traders to execute orders and trading strategies not available on other exchanges, such as 'stop limit'; which BTX already offers."
Ilya Subkhankulov, BTX Chief Operating Officer, provided additional clarification on BTX's rollout plan, indicating that, "In addition to our core trading functionality, the current free beta version of our Windows-based desktop application provides users with the unique ability to:
i. Trade with an institutional-grade user experience;
ii. Access reliable and curated market data; and,
iii. Utilize sophisticated market data visualization tools, such as tick charts.
Over the coming weeks and months, we will be announcing a continuing stream of functionality enhancements for our beta users, including:
i. Broader platform accessibility via web and mobile applications;
ii. Integration with other exchanges and digital currencies; and,
iii. Features, such as commission estimates and P&L tracking.
While we will disclose our BTX revenue model at a future date, we are still projecting an official launch of the BTX platform in the 2nd Quarter of calendar 2014," Subkhankulov concluded.
In other BTX developments, Giordano continued that, "While the BTX development team works diligently to prepare for launch, we are taking other measures to plant the seeds for future potential growth of this segment of our business. We have recently engaged the services of the New York City-based law firm of Merle, Brown & Nakamura, P.C., which has represented numerous money transmitters, check cashers and foreign exchange companies. We are very excited about forging this relationship to help guide us through the domestic and international regulatory requirements related to Bitcoin."
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.