TORONTO, ON and LAS VEGAS, NV--(Marketwired - Feb 25, 2014) - Myriad Interactive Media Inc. (OTCQB: MYRY) (BERLIN: XNG) a global interactive media and development company, would like to provide comment on the Mt. Gox collapse.
"We have received many emails from concerned investors about the state of CryptoCafe and the overall Bitcoin market," said Myriad CEO Derek Ivany.
"First and foremost, CryptoCafe.com is not an exchange and the reason why the company started with this project is to provide a new way for internet users to get into the Bitcoin market without the initial need to trade on an exchange -- a simpler way to get started with Bitcoin and other crypto-coins, a less risky way to enter a very new market which has tremendous potential to be something much bigger."
Investors are also reminded that there are many other successful cryptocurrencies that do not always get as much attention as Bitcoin, like Ripple, Litecoin, Peercoin and Dogecoin to name a few. These coins have been doing exceptionally well and have already formed a collective market-cap worth more than $1.5 Billion US dollars. There are plenty of other exchanges that have much better management. We believe the issue surrounding the collapse of Mt.Gox is more around mismanagement and therefore the entire community should not be questioned because of the unfortunate actions of Mt.Gox.
The company would further like to point investors to read a Joint Statement regarding MtGox:
Joint Statement Regarding MtGox
This tragic violation of the trust of users of Mt.Gox was the result of one company's actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today. MtGox has confirmed its issues in private discussions with other members of the Bitcoin community.
We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.
In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.
The following industry leaders stand by this statement:
Fred Ehrsam and Brian Armstrong -- Founders of Coinbase
Jesse Powell -- CEO of Kraken
Nejc Kodrič -- CEO of Bitstamp.net
Bobby Lee -- CEO of BTC China
Nicolas Cary -- CEO of Blockchain.info
Jeremy Allaire -- CEO of Circle
About Myriad Interactive Media, Inc.: Myriad Interactive Media is an interactive marketing and development firm based in Toronto, Canada. Myriad designs and develops customized marketing plans, social media marketing campaigns, pay per click, and search engine marketing. Our company also develops in house web & mobile applications.
Myriad Interactive Media Inc. is a public company quoted on the OTCQB under the symbol MYRY. For more information, please visit us in the USA at www.myriadim.com
Forward-Looking Statements
In addition to historical information, this press release may contain forward-looking statements that reflect the Company's current expectations and projections about future results, performance, prospects and opportunities. These forward-looking statements are based on information currently available to us and are subject to a number of risks, uncertainties and other factors that may cause actual results, performance, prospects or opportunities to be materially different from those expressed in, or implied by, such forward-looking statements. You should not place undue reliance on any forward-looking statements. Except as required by federal securities law, the Company assumes no obligation to update publicly or to revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available, new events occur or circumstances change in the future.
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