Tech entrepreneur Zhenya Tsvetnenko today landed a distribution deal for his Australian-listed Digital CC which will see his new international money transfer offering AirPocket expand into Latin America and the Caribbean.
After announcing the joint venture with a bunch of international bankers, shares in Digital CC are on a tear, up more than 35% a short time ago to $0.29 a piece.
The new joint venture intends to land commercial partnerships with banks, telecomm providers and retailers in the region. Digital CC will hold at least a 75% internet in the JV and its equity partners hedge fund manager Sanjay Santhanam, financial entrepreneur Juan Carlos Barrera, broker William Witenberg and telco exec Jorge Nicolau, will have up to a 25% equity interest, depending on performance.
Digital CC started as a pure Bitcoin-focused trading company but has since used peer-to-peer tech to transition and take on the global remittance market which is currently dominated by players like Western Union and Moneygram.
The pivot came when Tsvetnenko realised that to have a chance to make real money for shareholders it couldn’t just rely on the price of bitcoin.
AirPocket allows almost anyone, from individuals to small businesses, become brokers — like their own little Western Union outlet.
Tsvetnenko hopes the joint venture will give it some transaction in international markets where banking systems are not as mature or lack liquidity.
“The quality of the Joint Venture team provides strong validation of the commercial potential for AirPocket and I’m confident they are the right people to execute the businesses strategy in Latin America and the Caribbean and capitalise on the huge potential to disrupt the multi-billion dollar remittance market,” he said.