Craig Wright (photo by Brendan Sullivan for Modern Consensus).
Craig Wright (photo by Brendan Sullivan for Modern Consensus).
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Craig Wright and Calvin Ayre make nice with a crypto exchange

A week after BSV was delisted from multiple exchanges, the cryptocurrency’s champions invest in one. Building BSV as an enterprise platform is the goal.

By  / April 22, 2019 /

Calvin Ayre, Craig Wright and the Bitcoin SV cryptocurrency they champion are popular with at least one exchange. Ayre’s Coingeek has teamed up with Drive Markets, a new institutional and individual crypto exchange, and will make a multimillion-dollar investment in the company. Wright’s nChain will supply blockchain consulting services and access to its intellectual property.

As Modern Consensus reported, Wright and Ayre earned the animosity of much of the cryptocurrency community last week after threatening to sue, and in at least one case actually suing, people who have called Wright’s claim to be Bitcoin creator Satoshi Nakamoto a lie. As a result, Bitcoin SV (BSV) was delisted from several major exchanges, including Binance.

At the same time it disclosed the investment, Drive Markets’ announced that its Drive Pay, a real-time remittance and settlement network for crypto and fiat currencies, will be run on a Bitcoin SV (BSV) ledger, and will use BSV coins as a bridge currency for liquidity, according to a press release. The company said that Drive Pay is a cross-blockchain platform targeting traders in capital markets and the foreign exchange market. It has its own utility token, Drive Coin (DRV), launched on April 3.

Drive’s release makes clear that the investment and partnership is all about boosting BSV as an enterprise (or permissioned) blockchain platform, at least for Ayre and Wright. In fact, it flat-out says it: “Ayre… expects the undisclosed investment which is in the multiple seven figures, to provide a significant boost to BSV enterprise usage and transaction volume.”

Drive says its support of BSV is because of its scalability. The release also takes several swipes at Bitcoin (BTC) in its Bitcoin Core appellation in this regard, noting that BSV just created a pair of 128 MB blocks which can handle more than 800 transactions per second. And, apparently, is preparing for gigabyte and terabyte blocks. “For comparison, Bitcoin Core [BTC] has a small 1MB block cap,” it added.

Ayre is quoted as saying “Drive recognizes the original Bitcoin vision, now back in the form of Bitcoin SV, works at a massive scale. I look forward to seeing the Drive Pay network process huge amounts of transactions on the BSV blockchain, and further unleash the true power of Bitcoin.”

Drive has partnered with MetaTrader, which has a trading platform popular with forex traders, and First Data, a database provider and consulting firm focused on the finance, technology and energy markets. Drive Markets promises, “a crypto trading experience synonymous with forex trading.”

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Leo Jakobson, Modern Consensus editor-in-chief, is a New York-based journalist who has traveled the world writing about incentive travel. He has also covered consumer and employee engagement, small business, the East Coast side of the Internet boom and bust, and New York City crime, nightlife, and politics. Disclosure: Jakobson has put some 401k money into Grayscale Bitcoin Trust.