Australia’s ASX Crypto Exchange, BytePower Settles Payment via Ripple

As Brad Garlinghouse believes Ripple to be the winner in the long term, it has recently been used as a payment for the settlement of an agreement between Australia’s ASX Crypto Exchange, BytePower and Soar Labs Pte Ltd. The news first broke out when the agreement deed made published on January 02, 2019.

Byte Power Group Ltd (ASX: BPG) is pleased to advise that BPG and its subsidiary, Byte Power Pty Ltd (“BPPL”), along with Mr. Alvin Phua have executed a Deed of Variation of the Settlement Agreement they signed with Soar Labs Pte Ltd on the 24th May 2018.

Nevertheless, the parties namely, Byte Power Group Ltd (ASX: BPG), its subsidiary, Byte Power Pty Ltd (BPPL) and Byte Power chief Alvin Phua have signed a ‘Deed of variation’ with Soar Labs Pte Ltd, an online cryptocurrency platform to make instant payments using Ripple’s payment service. Consequently, the settlement agreement states payment of $579,800 to be made via Ripple wherein Soar Labs Pte Ltd’s is obliged to pay to BPPL’s cryptocurrency wallet.

Furthermore, the terms made clear during November 2018 notes as;

On 9 November 2018, Soar Labs Pte Ltd transferred 1,181,063.441783156 Ripple (at a price of US$0.48938946 per Ripple) to BPPL’s cryptocurrency wallet,

On 23 November 2018, Soar Labs Pte Ltd transferred 4,478.05 Ripple (at a price of US$0.41 per Ripple) to BPPL’s cryptocurrency wallet

The agreement was finalized under clause 2.1.3 of the settlement– out of US$579,800 payments, Soar Labs Pte Ltd should transfer US$232,323.67 to BPG and BPPL and US$ 347476.33 to Mr.Phua respectively.

What is Byte Power Group?

Byte Power Group Ltd offers technology solutions service including ‘Hybrid Correlation, AI profiling Algorithms, Big Data technology for wide-ranging industries. Such deep insight intelligence and emerging technology powered solutions are designed to secure Asian business opportunities.