LAS VEGAS, Jan. 01, 2018 (GLOBE NEWSWIRE) -- Clifford Redekop CEO of COSTAS, INC. (CSSI) and fellow Board Director, Stephen L. Gomes, announced today Costas has completed the acquisition of 100% of Authentatrade PTE, Ltd ., a fully functional cryptocoin exchange platform based in the Republic of Seychelles. Authentatrade management is finalizing various testing for security and client demand loads before launching in the next 30 days. Costas previously owned 48% of Authentatrade, Ltd.
Authentatrade has several leading-edge platform assets in pre-launch phase as well as an experienced team with expertise in business development of blockchain framed enterprise to deliver crypto financial services advanced in security and speed. Costas intends to leverage the technology of Authentatrade’s platform in vertical and horizontal markets to generate revenue by serving the burgeoning cryptocurrency customer base. In fact, several cryptocurrency exchanges are refusing new customers. https://news.bitcoin.com/bitcoin-exchanges-closing-doors-new-traders/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
Market capitalization for crypto coins is approximately 600 billion dollars. Global cryptocurrency markets are now averaging the same daily trading volumes as the New York Stock Exchange. Twenty-four-hour trade volume in the cryptocurrency market passed the $50 billion mark before Christmas, according to CoinMarketCap.com.
That is close to the average daily volume of trade on the New York Stock Exchange this year. Daily trading volumes on the London Stock Exchange hover at about 5 billion Euros, or $6.7 billion.
Ubiquitous media attention on Bitcoin’s (BTC) meteoric rise in value and the surge of other cryptocurrencies such as Ripple (XRP), which overtook Ethereum (ETH) to become the second largest capitalized coin last week, have helped generate the explosion in crypto coin trading, further stressing the need for responsible cryptocurrency exchanges with responsive and accountable customer service and government liaison. Blockchain is changing social trust parameters and demanding higher levels of response, especially when businesses, contracts and companies can gain hundreds of thousands of new customers in an unprecedented short time frame.
Costas does recognize the need for evolving regulations of crypto exchanges, cryptocurrencies and financial related business, especially the imposition of Know Your Customer and Anti-Money Laundering protocols, and the demand for standardization of such rules across multiple jurisdictions. Costas is committed to strict adherence to such rules and regulations.
COSTAS INC. is a publicly traded company on the OTC Markets under the symbol ‘CSSI’. Costas Inc. invests in early stage Digital Currency projects. We believe strongly in the growth of Distributed Asset Technology and its integration into Financial Technologies (FINTech. Distributed Networks are the next massive internet investment market, as social media was 10 years ago. Costas Inc. strongly believes that a Distributed Asset Technology product will be the next Facebook or Twitter. The current US market of FINTech is approximately $1.24 Trillion.
FORWARD LOOKING STATEMENTS:
This press release and the statements of representatives of Costas, Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, Costas’ ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with OTC Markets (Pink Sheets). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
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