Business
Backstageplay Announces Cryptocurrency Initiative with Its Partner Hexbite Labs
Vancouver, British Columbia--(Newsfile Corp. - November 30, 2017) - Backstageplay Inc. (TSXV...
About this update from Backstageplay Inc.
[{"type":"text","content":"Backstageplay Announces Cryptocurrency Initiative with Its Partner Hexbite LabsVancouver, British Columbia--(Newsfile Corp. - November 30, 2017) - Backstageplay Inc. (TSXV: BP.H) (the \"Company\") announced today details surrounding its cryptocurrency initiative with Hexbite Labs Inc. of Vancouver, BC (www.hexbite.com).Backstageplay and Hexbite will immediately explore the development, creation and integration of a Backstageplay cryptocurrency (the \"BSPCoin\"), which will be designed for use by music fans within the Backstageplay platform. The tokens will be usable and/or tradable by fans to purchase enhanced leaderboard status and positioning. BSPCoin will be rebranded in the coming weeks as the appropriate name for the token is selected by the Company.BSPCoins will be offered to paying customers through enhanced and premium membership levels, giving the fan the ability to use the BSPCoins (which will be redeemable by the Company) to vault to premium positioning within any of the Company's Artist leaderboards. The BSPCoins will be available so long as the fan maintains a premium membership within any Backstageplay Artist gamesroom.Elevated status on Artist leaderboards (through the use of the BSPCoin) will shorten playing time for fans as well as expand fan options to migrate to other Artist gamesrooms within the Backstageplay system. The Company anticipates that the token will have intrinsic value within (and outside) the Backstageplay system which may allow it to be exchanged in accordance with applicable laws for other cryptocurrencies, including Ether. Backstageplay intends to support the rapid adoption of various cryptocurrencies within its systems, thereby broadening its platform appeal to all age groups. Backstageplay also anticipates that BSPCoins may become a material asset, as well as a differentiator, as its adoption in other entertainment gaming circles could enhance the usage and exchange of the token with other private blockchains or possibly for fiat currency. BSPCoins will add value and flexibility to a fan's experience, an enhanced value proposition to an Artist and prospective additional value to Backstageplay's balance sheet.The principals and executives at Hexbite Labs are well known to the Backstageplay executive team. They have been involved in the cryptocurrency industry for 5 years developing cryptocurr...