Industry News

Aventus event blockchain moves to major exchange Bitfinex

Aventus’ blockchain-based currency is now listed on its first major exchange, Bitfinex.

The London-based technology startup, which aims to disrupt the event ticketing market, confirmed that its AVT coin is now available on “the world’s largest and most advanced bitcoin trading platform”.

The Aventus Protocol Foundation recently raised $20m (£15.2m/€17.0m) in an initial coin offering (ICO), which closed in just seven minutes.

A statement issued by Bitfinex said AVT will be available against the pairs USD, BTC & ETH.

It added: “Margin trading for these pairs will be enabled gradually, as the order book develops sufficient liquidity.”

Aventus’ proprietary blockchain-based protocol plugs into existing ticketing applications and websites, and claims to reduce costs by up to 90 per cent.

Aventus co-founder Alan Vey recently said: “One of the biggest problems plaguing the events industry is touting. Almost everyone has had the experience where they go online to buy tickets for their favourite artist, only to find that they’ve sold out in minutes.

“At Adele’s recent tour, tickets for the Wembley Stadium locations were sold out almost immediately, leaving the majority of her fans disappointed. The tickets – which had a maximum face value of £175 – then began appearing on secondary sale sites for thousands of pounds.

“This is frustrating to fans and leads to very poor brand publicity for the event organiser.”

Vey continued: “We ultimately aim to power all ticket sales online. At the moment we’re focused on event tickets, but we’re looking at the possibility of expanding to transport and sport in the future.”