Bayside Corp (OTCMKTS:BYSD) announced that its subsidiary firm Bitcoinz USA has launched Vault 51, an offline storage for virtual currency in Singapore. In addition, it said that Bitcoin will be available for sale in Singapore through the new Vault 51 website. The launch of Vault 51 in Singapore is an extension of company’s plan to make available the online storage throughout Asia.
Asia constitutes more than 60% of the world population. The region cannot be ignored as it forms 20% of the total world economy. The introduction of vault 51 in Singapore implies an exponential amount of high potential for offline storage’s first stop in Asia. The region offers many exciting opportunities as Bayside continues to record the increasing number of merchant adoption in the region.
Vault 51 can be explained as is a secure offline storage system for virtual currency users. It is characterized by a Physical Bitcoin. The electronic form is stored off-line in a PC chip named as Vault 51. The storage is completely secure from all forms of attack. It is embedded in physical form as it is not connected in any way to internet. The entire process of storing Bitcoin securely is known as cold storage. The new form of storage is launched to avoid the key issue of loss, theft or hacking.
The vault 51 success can support the falling price of Bayside in coming days. For the past several days, the share price of Bayside has been declining on the charts. The recent news related to the sale of its subsidiary firm, Bayside Petroleum Company, Inc. had adversely affected the share price of the company. Also, Bayside Corp (OTCMKTS:BYSD) is not shy about printing its shares. There are as many as 1.78 billion outstanding shares with an authorized share figure of 3 billion. The figures are evident of further dilution in BYSD share price.