The West

Zhenya Tsvetnenko. Picture: Danella Bevis/The West Australian.
Zhenya Tsvetnenko. Picture: Danella Bevis/The West Australian.

Tech entrepreneur Zhenya Tsvetnenko says the future of Bitcoin is stable, with collapse of Mt Gox, the world's largest Bitcoin exchange, giving his company an example of what not to do.

Speaking yesterday after the Bitcoin company he chairs, Perth-based digitalBTC, closed its first day on the Australian Stock Exchange at 28.5c - above its 20c prospectus price - Mr Tsvetnenko said the listing was part of its drive for transparency.

"We've modelled ourselves as the opposite of Mt Gox," Mr Tsvetnenko said, referring to $US450 million collapse of the Japanese-based trader in February.

"They were bad apple, a bad player with no corporate governance and that's why we listed, to have guidelines and be open."

DigitalBTC is known as a "Bitcoin miner" for the digital currency and peer-to-peer payment system.

It trades, maintains the database and gains newly created Bitcoins and transaction fees. It earned 2600 Bitcoins in May, worth almost $US1.5 million at yesterday's price.

Along with Mr Tsvetnenko, who owns 25.3 per cent, Navitas chief executive Rod Jones has 9.3 per cent and veteran promoter Craig Burton has 6.6 per cent.

Mr Tsvetnenko, who is heading to Sydney for an investor roadshow, said it had been "pretty easy" educating potential investors about the benefits of his Bitcoin venture, as the online currency moved from the fringes.

"We're a start-up company in a start-up industry," he said.

"But everyone I speak to understands what we're doing, and you can't argue with profits."

The West Australian

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