Vancouver, BC, July 25, 2022 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the “Company”) is pleased to announce that the TSX Venture Exchange has approved the transaction for the Company to own the VIP Collection 182 domain names. This unique collection of domain names and websites is the backbone of the Company’s RevoluVIP travel vertical. Today’s TSX Venture exchange approval is of notable benefit to shareholders ceasing, with immediate effect, the annual lease agreement, which began on October 5th, 2018. Yearly cash expenditure is now reduced by 101,340 USD (Approx. 131,674 $CA). Acquiring these valuable domain assets ensures the continuance of RevoluVIP Travel Club. Furthermore, growing the underlying valuation of the platform and eventual overall corporate valuation, with a focus on the planned exchange graduation, through ownership of the entire platform outright at the opportune time, as the travel industry starts to pick up again post-pandemic.
Final TSX.V Approval of the Acquisition
The Company has paid 514,446 CAD (five hundred and fourteen thousand, four hundred and forty-six Canadian dollars), about 396,123 USD, for the entire previously leased VIP Collection domain portfolio. The Company has settled the purchase price by allotting and issuing 2,638,184 common shares in the capital stock at the closing price of $CA 0.195 cents on July 21st, 2022. For further information, visit the corporate news release dated 21st June 2022.
Central Bank Cryptocurrency Trading Registration
Per the news release dated the 11th of July 2022, the Company submitted its comprehensive final response to the Central Bank (“CB”) on the 21st of July 2022.
Corporate Strategy Concerning the Crypto Market
To reduce undue shareholder exposure to Cryptocurrency risk over the past few years, in what EU regulators have called the ‘Wild West‘, management has remained risk-averse during this unregulated term. Firstly, only launching the compliant unidirectional RevoluEX Crypto to FiAT platform while maintaining the fully developed and DCE homologated bilateral acquisition/disposition facility deactivated until CB approval. During this interim RevoluEX has served as the real-time demonstration to CB regulators that RevoluPAY has self-governed, since inception, enacting Crypto transactions in total compliance with stringent KYC/AML requisites, having further met and exceeded what are now the MiCA legal requirements. Nevertheless, with an EU legal framework now in place, and other jurisdictions set to follow suit rapidly, we remind shareholders of our first mover status concerning the EU Crypto law MiCA registration. While the now approved MiCA law was still in conceptual stages, management began petitioning for EU Crypto Stored Value authorization in late 2021 and, as previously stated, expects its granting soon. As an example of the foresight expressed during the AGM on December 15th, 2021, the Company accurately predicted that the crypto industry would not only require a specific license to transact the stored value of crypto, but likewise, all participants, including DCE’s, would further require a Financial Banking License to process the inflows/outflows of Sovereign Currency (FiAT).
The recent disinformation disseminated by certain prominent DCEs, in which they tout having been granted the “Stored Value Registration” in certain jurisdictions as their right to enact crypto transactions from/to sovereign currencies (FiAT) is misleading and untrue. A reality exemplified after the recent EU legislation approval in a recent 1st of July Financial Times, London news article. The prominent financial newspaper stated, “Registrations fall short of fully fledged licenses to operate as a regulated financial company“. This aspect of the new law necessitates DCEs (“Digital Currency Exchanges”) also possess a banking license or maintain a contractual relationship with a fully-fledged financial institution such as RevoluPAY to transact the fiat currency required in every single acquisition or disposition of crypto assets.
To the Company’s knowledge, RevoluPAY is the first Pan-European licensed financial institution to similarly solicit the Central Bank Crypto Registration in compliance with legally binding MiCA regulations. The upcoming combined ability of RevoluPAY to transact as both the licensed Sovereign Currency (FiAT) financial institution and Central Bank-approved crypto operator is expected to garner substantial interest in a Crypto industry that peaked at $2.9 trillion USD in November 2021. The Company continues to pursue this previously predicted outcome to exponentially increase shareholder value as DCEs and other players in the industry grapple with the new July 2022 regulations in an effort to comply. However, time will be of the essence for DCEs, since the EU Commission granted the European Securities and Markets Authority (“ESMA”) new and far-reaching powers to systematically ban, outright and overnight, any non-compliant actor in the crypto sphere. The Company expects DCEs to act very quickly as a result, as they seek to acquire the ability to continue in business through the necessary licensing.
The Company believes that this regulation inspired urgency will bring new opportunities for RevoluPAY as DCE’s seek to obtain EU 27 country banking ability allied to the crypto stored value registration of the banking categories RevoluPAY already possesses and the crypto registration currently in final stages of approval. Of course, it is essential that shareholders not overlook that RevoluPAY has steadfastly pursued and granted further financial licensing. RevoluPAY is authorized to operate in the United States and Canada while holding agreements to transact through bilateral banking correspondence accords in another +120 countries. Undoubtedly, an attractive corporate structure that management believes will significantly increase the prospects of a positive outcome for shareholders over the short to medium term.
As DCEs continue to legitimize and demonstrate the intrinsic value of Crypto, RevoluPAY Revenue Verticals could offer access to some vital retail sectors in which Crypto could be used directly as currency for a myriad of services such as Hotels, B&Bs, Flights, Car Rental, Telecommunications Services, Remittances, International FiAT Transfers, Video Gaming, Gift Cards, Subscriptions of Netflix, Microsoft, Xbox, etc further supporting Crypto as venerable alternative to FiAT for everyday transactions.
RevoluPAYVideos.com media Directory Launched
Further to the news release dated 11th of July 2022, shareholders are invited to visit the published live version of RevoluPAYVideos.com to witness firsthand the enthusiasm our financial technology generates amongst users and the moving appreciation of our worldwide supporters whose lives are changing for the better in ways unthinkable or unfathomable for those of us fortunate enough to have been born in a first-world environment. The new website directory currently features over 200 videos about the innovative RevoluPAY App from independent worldwide vloggers, international news media, and other user-created “how-to” videos published on YouTube. The directory demonstrates the global embracing of not only the Company’s core financial technology RevoluPAY, but more importantly, the overt espousal of each revenue vertical linked to the main RevoluPAY wallet. Multiplying revenue via our ecosystem of RevoluCHARGE, RevoluSEND, RevolUTILITY, RevoluEX, RevoluEGAME, RevoluVIP, etc. has been the goal since the outset. It shows consumer endorsement of the concept to see thousands of users exploit the ease of use and rapid transactions as they seek to resolve everyday needs through these proprietary revenue verticals, all natively linked to each RevoluPAY App.
Links Used in this News Release.
Reuters 30th June 2022 – https://tinyurl.com/yau8tjn5
Reuters 1st July 2022 – https://tinyurl.com/yau8tjn5
CNBC 1st July 2022 – https://tinyurl.com/yc68fbhk
RevoluPAY Videos – https://revolupayvideos.com/
USD 2.9 trillion Crypto industry – https://tinyurl.com/33srwzpc
The Company’s flagship Neobanking technology is RevoluPAY®, the Apple and Android multinational payment app. Conceived entirely in-house, RevoluPAY features proprietary, sector-specific technology of which the resulting source code is the Company’s intellectual property. RevoluPAY’s built-in features include Remittance Payments, Forex, Crypto-to-fiat exchange, Retail and Hospitality payments, Real Estate Payments, pay-as-you-go phone top-ups, Gift Cards & Online Credits, Utility Bill payments, Leisure payments, Travel Payments, etc. RevoluPAY employs blockchain protocols and is squarely aimed at the worldwide multi-billion dollar Open Banking sector and + $595 billion family remittance market. RevoluPAY® is operated by the European wholly-owned subsidiary RevoluPAY EP S.L situated in Barcelona. RevoluPAY is a licensed United States MSB, Canadian FINTRAC, and European PSD2 payment institution 6900 under the auspices of E.U. Directive 2015/2366 with EU Passporting. RevoluGROUP Canada Inc. controls five wholly-owned subsidiaries on four continents.
About RevoluGROUP Canada Inc.:
RevoluGROUP Canada Inc. is a multi-asset, multidivisional publicly traded Canadian Company deploying advanced technologies in; Banking, Mobile Apps, Money Remittance, Mobile Phone Top-Ups, EGaming, Healthcare Payments, Esports, Invoice factoring, Online Travel, Vacation Resort, Blockchain Systems, and Fintech app sectors. Click here to read more.
For further information on RevoluGROUP Canada Inc. (TSX-V: REVO), visit the Company’s website at www.RevoluGROUP.com. The Company has approximately 186,969,692 shares issued and outstanding.
RevoluGROUP Canada, Inc.
For further information, contact:
RevoluGROUP Canada Inc.
Telephone: (604) 332 5355
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Source: Digital Journal