Cuba Ventures to Develop Blockchain Powered Revolupay® for $3.4 Billion Remittance Market and $750 Million Cuban Entrepreneur Sector Adjoined to Cryptocurrency Cuban Dollar CU Coin
VANCOUVER, British Columbia, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Cuba Ventures Corp. (TSXV:CUV) (OTCBB:MPSFF) (the "Company") is pleased to announce that it's Fintech Division plans to develop a revolutionary Blockchain-based mobile application called Revolupay® and an analogous web based system, to target Cuba's USD $3.4 Billion remittance market and the USD $750 Million private sector. Associated with the structure will be the introduction of the proprietary cryptocurrency Cuban dollar CU Coin for a planned deployment into the tourism markets of the Caribbean and Cuba. Blockchain technology has the potential to be highly disruptive in the multi-billion dollar remittance market and the Company plans to be the first to implement a blockchain-based platform specifically for the Cuban market. Cuba Ventures has signed an MOU with Vesilen Investments ("Vesilen") for co-development of this Blockchain platform and Revolupay® app.
Current Stage of Development of Blockchain-based Revolupay® & Cuban Dollar CU Coin:
- Internal and external software engineer team assembled with project approved and currently underway
- Signed MOU with Vesilen Investments for co-development of the Blockchain platform and Revolupay® app.
- Revolupay® name and design mark filed with Canadian Intellectual Property Office
- Revolupay® name and design mark filed with U.S Patent and Trademark Office
- Revolupay® in process of Trademark filing worldwide
- Registered all popular domain name iterations and www.CCUCoin.com
- Registered all popular domain name iterations and www.RevoluPay.com
- Shareholder & Investor blockchain disruptive technology rollout chronology website www.DisruptN.com with planned $10 billion market for 2018.
- Complete update of www.CubaVentures.com to reflect the enhanced direction of the company.
About Vesilen Investments and MOU to Develop Blockchain-backed Platform:
Vesilen Investments is a multimillion Euro European Holding company and a large strategic shareholder and insider of Cuba Ventures Corp. Within the consortium are hotel properties and tech companies such as: Booketea, Enjoysea.com, MyFullTrip, ESM Business School and numerous other tech based entities. While our software engineers have studied and approved the project and begun preparing servers and hardware for the assignment, Cuba Ventures and Vesilen plan to sign a specific definitive agreement ("DA") within 30 days, as to the cooperative development of Revolupay® and the Cuban dollar CU Coin platform.
Proof of Concept:
Between 1999 and 2001, Steve Marshall, CEO of Cuba Ventures, pioneered the first Cuban remittance and online store, not unlike today's Amazon, called "Cuba Gift Store". Knowledge gleaned from, what was then a ground-breaking venture, allied to today's modern mobile app, blockchain and overall advances in technology mean that the many manual processes needed almost two decades ago are now easily automated through disruptive technology such as the blockchain. The company feels that today's Cuba, with its extensive use of mobile technology, nationwide cellular network and thousands of Wi-Fi hotspots, creates a fresh and, currently untapped, opportunity in the $3.4 Billion remittance and $750 Million private enterprise sectors.
Blockchain-based Revolupay® Overview:
While shareholders are urged to review the PDF presentation the company wishes to provide a brief overview of the project. Revolupay® will enable app users to:
- Receive remittances instantly from family, friends worldwide ($3.4 Billion annual market)
- Allow Cuban Entrepreneurs to receive worldwide booking payments from future visitors ($750 million annual market)
- Allow Cuban Entrepreneurs to transfer their digital wallet funds to other Cuban Revolupay® app users
- Allow tourists in Cuba to pay Cuban Entrepreneurs for their services
- Allow tourists, intending to visit Cuba, to add funds to their Revolupay® accounts for instant payments to Cuban private businesses
- Allow Cubans to withdraw cash at Revolupay® approved local Cuban banks
- Revolupay® is to be accepted on all 432 websites operated by Travelucion, a Cuba Ventures wholly owned Travel Company, allowing payment of tourism services to Cuba, with a possible secondary roll out across third party websites
Cuban Dollar CU Coin Cryptocurrency Overview:
- Developed in synergy with Revolupay® and the CubaFIN lending platform, the Cuban dollar CU will be introduced as a world cryptocurrency which is exchange rate pegged against major currencies. Initial rollout in the Bahamas and Cuba, then across the rest of the Caribbean.
- Impressive worldwide visitor numbers to the Caribbean and extreme complexity of 11 different Caribbean currencies should make Cuban dollar CU the preferred currency.
- Cuban dollar CU will provide a transparent platform permitting visitors to centralize payments. Simultaneously creating an international ecosystem of users from developed nations.
- Most visitors to the Caribbean emanate from industrialized high GDP nations. Targeting the Caribbean initiates an interesting cycle of adopters, eventually resulting in world acceptance.
- Nurture the development of Cuban dollar CU currency to give the coin legitimacy and trust in the eyes of the public via the tourism industry.
- Cuba Ventures Corp 432 websites with + 35 million visitors which will serve as an excellent platform to endorse the Cuban dollar CU on a massive scale.
- CUV management control over 1200 additional websites, covering over 134 countries, with specific country name URLs, including almost every island in the Caribbean (check www.Bahamas-VIP.com). The success of any cryptocurrency depends upon its exposure and target market. Cuba Ventures feels that it has the tools to promote and market the Cuban dollar CU in the Caribbean travel and tourism visitor market and then on a worldwide scale.
CubaFin Partner Updates:
As previously announced, the Company is in the process of finalizing the definitive agreements with Al-Fahim Technologies, Bhavnani Corporation and Vesilen Investments. News on these definitive agreements is forthcoming.
About Cuba Ventures Corp.:
Cuba Ventures Corp. is a publicly traded Canadian company capitalizing on the growth and unique opportunities in the USD $3.5 billion per year Cuban travel and tourism industry. Travelucion, a wholly owned subsidiary, is a digital media and marketing company which owns a vast portfolio of Cuba related websites and online portals providing Cuba travel information in up to six languages, featuring individual web assets for Cuba's popular cities and towns, online booking solutions and online reservations through proprietary software, catering to international visitors to Cuba. Travelucion's online travel division is a duly licensed retail travel supplier handling millions of dollars in sales annually.
Cuba Ventures Corp has acquired an equity interest in a Florida, the USA domiciled, licensed and bonded travel agency which specializes in travel to Cuba. This equity ownership permits the company and, its subsidiary Travelucion, to promote U.S compliant travel packages to Americans citizens through its equity partner International Business & Travel Opportunities, LLC, Fort Lauderdale, Florida, USA.
Travelucion's 432 Cuba focused multilingual websites generate over 35 million page-views per year, directing traffic to the company's online booking and e-commerce sites. These online websites cover all facets of Cuba including over 80 travel destinations, hotels & resorts, bed & breakfast, tours, car rentals, restaurants, as well as Cuban culture, history, music, celebrities, sports, medical treatments and more.
Cuba Ventures' FinTech division is embracing world renowned entities to bring together a global force to stimulate Cuba's archaic economic systems. Financing of both internal and external debt, Cuban dollar CU Coin Cryptocurrency and Revolupay® blockchain deployment across the all-important private enterprises and remittance industry are primary objectives of this division. Finally, bridge loans for foreign enterprises who receive Cuban bank payment instruments will enable faster transactions and rapid advances in the economy.
Cuba Ventures consulting division harnesses over 80 years of combined advisor experience in submitting and, obtaining approval, for joint ventures, joint production agreements, and import/export permits for foreign enterprises. More recently the company has taken a royalty approach for future agreements between third parties anxious to begin comercial operations with Cuba and, the company's Cuba Consulting Unit. Current contractual partnerships include Tyrval, a worldwide hotel industry supplier. Cuba Ventures intends to augment the amount of financially beneficial consulting related businesses.
For further information on Cuba Ventures Corp. (TSX-V:CUV) or Travelucion visit the Company's website at www.cubaventures.com or www.travelucion.com. The Company has 83,298,850 shares issued and outstanding.
CUBA VENTURES CORP.
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Cuba Ventures Corp.
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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.