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ALYI Finances Exhibit Stable Foundation for Supporting $300 Million Electric Vehicle Initiative

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Dallas, Texas–(Newsfile Corp. – August 26, 2020) –  Alternet Systems, Inc. (OTC Pink: ALYI) today published a management update in conjunction with the recent filing of the company’s Q2 2020 financial report.

ALYI has developed a multi-passenger electric motorcycle for deployment into the rideshare market in Africa where Uber and Lyft have already deployed operations and begun to move into the motorcycle rideshare sector.

Motorcycle ride hailing apps are gaining more and more market attention in Africa. The market opportunity size varies widely from expert to expert ranging from $9 billion to $80 billion.

ALYI has entered into initial agreements worth a potential $300 million in revenue. ALYI plans to be in production on its ReVolt Electric Motorcycle later this year.

The company has secured an initial $25 million investment commitment that is part of a $100 million cryptocurrency offering organized by the investor, RevoltTOKEN (www.revolttoken.com).

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In the meantime, the recent Q2 2020 financial report shows the continuation of a long-term consulting contract that covers the company’s base operations. ALYI does not need to raise funds to sustain base operations. Fundraising is dedicated to the growth of the company’s electric mobility initiative.

ALYI enjoys a recurring $240,000 annual contract that covers operational essentials. While the company does report a loss, the excess loss beyond operating essentials does not present a current risk to sustainability.

For more information and to stay up to date on ALYI’s latest developments, please visit: http://www.alternetsystemsinc.com

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.

Alternet Systems, Inc. Contact:
Randell Torno
[email protected]
+1-800-713-0297

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Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

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Daily Crypto News: BlockchainReporter Empowers Crypto Enthusiasts and Traders with Critical Information to Make Informed Decisions

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Alpha Sigma Capital Research Releases May Report on ASC AI Index

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Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet

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Squad Labs announced that its Series A funding round, led by Electric Capital with participation from RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, will propel the launch of its Fuse smart wallet. The company aims to establish Fuse as a premier solution for securing and compounding personal digital wealth amid the growing onchain economy.

According to the company’s news release on June 12, smart accounts and smart wallets are gaining traction across blockchains as they offer a more intuitive, secure, and programmable user experience. Fuse abstracts seed phrases and provides features like wallet recovery, 2FA capabilities, and enterprise-level security for personal custody, simplifying the choice of storing digital wealth on-chain.

In addition to securing funding, Squad Labs also announced the public testing launch of Fuse on iOS. This move is part of their strategy to expand accessibility and refine functionality ahead of a full market release.

Meanwhile, a recent report from PYMNTS Intelligence explores blockchain’s role in enhancing cross-border payments. It suggests that integrating blockchain can streamline payment processing, enable digital-to-fiat currency conversion, and introduce stablecoins for faster and cost-effective cross-border transactions. Business-friendly decentralized finance (DeFi) solutions further automate and secure transactions via smart contracts, reducing dependence on traditional payment systems and enhancing security and transparency.

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The report underscores the significance of educating businesses and end-users about the benefits of blockchain-based cross-border payments. It advocates for partnerships with FinTechs and proactive engagement with financial institutions to drive adoption and improve industry-wide support for blockchain technologies in payments.

Overall, Squad Labs’ funding round and Fuse’s development represent strategic advancements in blockchain technology aimed at enhancing digital wealth management and transforming cross-border payment landscapes.

Source: pymnts.com

The post Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet appeared first on HIPTHER Alerts.

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