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The much-hyped product of this year, MegaUpload 2.0 may not hit the market anytime soon. Kim Dotcom, the person behind Bitcoin-based file storage system, attributed the delays to certain regulatory roadblocks.
Kim announced the reason behind the delay in one of his tweets a few hours ago. According to the tweet, the delay was due to BitCache’s unwillingness to divulge more than necessary information to the Canadian Stock Exchange. The whole episode seems to have triggered following BitCache’s attempt to raise the second tranche of startup funding of about $12 million through a stock and cash merger deal.
The Canadian Stock Exchange prevented the unnamed listed company from announcing the upcoming merger and temporarily suspended its shares from being traded. The drastic last minute development seems to have put off the company from going ahead with the BitCache deal. Meanwhile, BitCache’s board believes that the conditions put forth by the exchange required it to divulge too much detailed and intrusive information which would unnecessarily burden its growth in the early stage.
“BitCache feels it is important as a technology startup to stay nimble and reduce corporate complexity in favor of technology development. The experience of dealing with the Exchange has only served to encourage that view. We are looking forward to a beta launch of MegaUpload 2.0 and BitCache later this year,” quotes the statement tweeted by Kim Dotcom.
Some believe that the pending court cases against Kim Dotcom in the United States to be one of the reasons behind the exchange’s request for more information. MegaUpload 2.0 has missed its launch date, which was earlier set to coincide with the anniversary of the US government agencies’ actions against its early predecessor – MegaUpload.
The platform hasn’t divulged the new launch date yet. It may take at least few months before BitCache and MegaUpload 2.0 develop new strategies concerning fundraising and operations before they make the product accessible to the internet population.
Ref: Twitter | Torrent Freak | Image: Kim Dotcom graffiti (Thierry Ehrmann CC by 2.0)