NEW YORK, March 11, 2014 (GLOBE NEWSWIRE) -- Elray Resources, Inc (OTCBB:ELRA), through its online gaming and turnkey solution subsidiary Elray Gaming, announced a security outline for the storage and holding of virtual currencies on their Dynasty Credit Exchange.
The Company announced, in response to recent events with respect to the MtGox Bitcoin Exchange, that it has a unique protocol for the secure holding of virtual currencies coins such as the Bitcoin. This protocol adds further value to Elray's offerings and will result in additional support for its Dynasty Credit Exchange.
Elray's wholly owned business, the Dynasty Credit Exchange, is not a traditional exchange for virtual currencies, but rather a secure private network for customers to trade and secure virtual items and currencies such as Bitcoins. Elray holds these virtual currencies on behalf for their clients in an offline armory. All holdings are secure by virtue of the fact that the storage of the currencies is offline and not susceptible to the ongoing hacking and attacks that are being experienced by online exchanges. In addition to being stored in an off-line environment, Elray has a fragmented hard copy backup of all currencies ensuring that no one or two parties can collaborate to steal the coins but 3 or more trusted parties together can retrieve the currencies if the need eventuates.
The unique Virtual Currency exchange allows owners of Virtual currency to depend on Elray to hold their currencies in a secure environment.
Mr. Goodman, the CEO of Elray, commented: "The digital currencies are not going away, the driving forces are simply too powerful - crypto-currency is around to stay and the changes to our global economy because of it will be staggering. Crypto-Currency is cutting edge technology and is one of the most innovative sectors in the technology arena. The challenges are real and obvious and regulation will follow. The trading and securing of Virtual currencies will evolve and become more acceptable over time. Anyone wishing to own a crypto currency should utilize a third party such as the Dynasty Credit Exchange to secure the currency. An analogy is using a bank to manage and hold your funds as opposed to storing cash in your mattress at home."
Our unique protocol allows us to hold Virtual Currency on behalf of our clients within our network and this will build both credibility among our customers, and reduce any liability risk to the company going forward.
We provide the option for players to exchange their credits and other virtual items for virtual coins, such as Bitcoin and Litecoin, but do not store any customer coins in an online environment. Dynasty will only hold a small amount of its own coins in a secure online environment and all customers coins are maintained in an Offline Armory ensuring safety and security.
All coins are held on behalf of our clients in an Offline storage Armory, or in what they call "cold storage" armory, which provides the highest level of security for savings. It involves storing a wallet in a secured place that is not connected to a network or the internet, and it offers protection against computer hacking and internet theft providing a secure environment for customers.
Brian Goodman, the CEO of Elray Gaming, commented, "Due to recent security breaches at such exchanges as MtGox and Flexcoin, we thought it important to establish a security protocol for the holding of any virtual currencies within our network. Since Dynasty is not an exchange, but rather a private network, we would not be required to hold any customers coins in an online or networked environment, thus reducing any liability risks for our exchange model."
The Company also wishes to clarify that its announcement titled "Elray Gaming Announces Casino Consultancy Agreement with Global Technology Investments Limited" on the 30th April 2013 was erroneous in that it identified the consultancy agreement with Global Technology Investments Limited and it should have been Universal Technology Investments. Whilst the start date for the provision of services in terms of the agreement was delayed, Elray is currently providing services in terms of this agreement and as such has reached an important milestone in that it has generated and received its first revenues as a result.
About Elray Gaming Inc.
Elray Gaming provides a complete turnkey solution for numerous successful online gaming companies as well as performs strategic marketing and consulting services for Online Gaming operators from all parts of the world. While our US office is in New York, we are a global company with offices in London, Sydney and Curacao, homes of the largest online operators on the net, which helps us actively manage and serve our clients. Our sophisticated patented software automatically declines any gaming requests from within the United States, in strict compliance with current US law. Our Sydney office allows us to tap into skilled resources and some of the world's largest client base, for regular, personal interaction. As our active operations are in a jurisdiction that is friendly to online gaming, our clients can rest assured that we are here to stay. www.elraygaming.com
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.
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Source:Elray Resources, Inc.