Elray Gaming Provides Security Outline for Bitcoin and Virtual Currency Holdings
March 11 2014 - 9:35AM
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. Online Storage 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.
Offline Storage
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.
CONTACT: Melissa Diaz,
South Street Media, Inc
Phone: (917) 937-8968
Email: info@southstreetmedia.com
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