CUV Ventures has chosen to release the Android version of the app to the public as it seeks to commence live testing of the remittance and payment app.
CUV Ventures (TSXV:CUV) announced on Tuesday (July 31) that its RevoluPay app has officially been launched on Google’s (NASDAQ:GOOGL) Google Play Store for Android. While the app has yet to be released on the Apple (NASDAQ:AAPL) platform, the company expects the iOS version to be available in the near future.
CUV Ventures, a multi-asset company engaged in fintech and travel platforms, informed that it has entered into a contractual agreement with PaynoPain Solutions for the development of the app. The company said that the contract includes CUV’s legal ownership of the source code and app itself.
Further, it was said that the contract features a guaranteed and immediate cash-out disbursements across the entire European Union.
In the press release, CUV Ventures said that it chose to release the Android version of the app to public as it seeks to commence the live testing of the remittance and payment app.
“Studies have revealed that Android devices are more prevalent in developing nations and, by launching on this platform; the company is able to commence real-time trials of the app, glean usage intelligence while, at the same time, concluding the Apple submission and tacit approval process,” the company said.
The app is set to feature AES 256 Encryption for more secure transactions. The agreed upon terms between the two parties include blockchain and artificial intelligence engine on the app and will feature a second version of CCU Cryptotoken incorporation and third party invoice payment.
CUV Ventures’ flagship product, RevoluPay, is powered by blockchain technologies.
It has to be noted that the World Bank in April said that remittances to developing countries are expected to increase in 2018 by 4.1 percent and reach US$485 billion. On a global scale, remittances reached US$613 billion in 2017 which was seven percent higher than the 2016 levels.
However, following the announcement on Tuesday, the company’s shares fell 17.39 percent and closed the trading at CS$0.095. Over 1.18 million shares were traded during the one day period.
The stock has a strong sell ranking on TradingView with over 16 verticals against, nine in neutral and one in favor.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.