DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE:
6AX) (“DMG” or the “Company”), a publicly traded, vertically
integrated blockchain and cryptocurrency technology company,
announces multiple successful transactions with Zodia Custody
(www.zodia.io), a crypto asset custodian incubated by Standard
Chartered (www.sc.com), with Northern Trust (www.northerntrust.com)
as a co-investor, using DMG’s Blockseer platform “Petra” from its
Core+ suite of services.
On Monday, Oct 11, 2021, using a testnet environment, DMG
initiated a new function called Petra, which gives subscribers
enhanced optionality when initiating crypto transactions. The test
transactions were carried out alongside Zodia Custody. The addition
of optionality -- once fully completed and launched under the
Blockseer brand -- will provide subscribers a choice in how they
want to proceed with transactions. The options provided by Petra
will include the provision of KYC on wallets, AML checks on
transactions, and routing transactions via carbon neutral mining
facilities. This is an important step in the development of DMG’s
Regulatory & Compliance offerings under Blockseer’s
platforms.
Once completed, Petra's launch will provide options focused on
the Bitcoin Blockchain. As part of the tests conducted alongside
Zodia Custody, transactions were routed using Petra and tagged as a
“green” to prioritise carbon neutral miners, giving one example of
the optionality provided by the platform. Future options may
include risk ratings of counterparties and geo-location. Petra’s
subscriptions will be based on a percentage of the dollar-value
equivalent that is transacted through the system.
DMG’s CEO Sheldon Bennett, comments, “Petra is a concept that
DMG conceived many years ago. However, we did not have the
technology to bring this concept to the market until now. Using
core technologies in Blockseer’s Walletscore, Explorer and Helm, we
have been able to create a new and very relevant product for
companies and individuals who have particular interest in
governance, regulatory issues, and ESG goals aligned with
optionality that Petra permits. Our partnership with Zodia Custody
is moving quickly and we look forward to completing all our testing
and bringing this product to market.”“The crypto asset industry is
often associated with high environmental impacts, particularly
in relation to energy consumption. Further, the concept of unknown
participants mining blocks is outside of many institutions’ risk
appetite. Zodia Custody, in an industry first with DMG’s Petra
platform, is able to address these concerns and offer our clients
the option to route transfers to OFAC-compliant, ‘green’ mining
pools. Petra will also give comfort to our institutional clients
that their crypto transfers are being processed by known,
sanctioned complaint parties. This represents a major milestone
towards the institutional adoption of crypto assets and
demonstrates Zodia’s commitment to providing safe access to this
market for highly-regulated global financial institutions in a way
that is aligned with their goals,” said, Maxime De Guillebon, CEO,
Zodia Custody.
About Zodia CustodyZodia Custody, an
institutional grade crypto asset custody solution based in London,
offers services to clients across the globe. Zodia Custody enables
institutions to invest safely and securely in crypto assets.
Developed by Standard Chartered Ventures and Northern Trust, Zodia
Custody satisfies institutional investors’ need for a crypto asset
custodian that understands traditional custody and meets investors’
standards and expectations, whilst maintaining the flexibility
required to adapt to the ever-changing crypto asset market.
Zodia Custody is registered with the FCA under the Money
Laundering, Terrorist Financing and Transfer of Funds Regulations
2017 and has commenced commercial operations following a period of
testing.
Zodia Custody is providing custody services for the two most
traded crypto assets, Bitcoin and Ethereum, with plans to expand to
more crypto assets based on thorough risk assessment and client
demand.
Zodia Custody Limited is registered with the UK Financial
Conduct Authority with Firm Reference Number 928347.
For more information visit our website or follow us on
LinkedIn.
About DMG Blockchain Solutions Inc.DMG is an
environmentally friendly vertically integrated blockchain and
cryptocurrency company that manages, operates, and develops
end-to-end digital solutions to monetize the blockchain ecosystem.
DMG’s sustainable businesses are segmented into two business lines
under the Core and Core+ strategies and unified through DMG’s
vertical integration.
For more information visit the DMG website here to learn
more.
Follow @dmgblockchain on Twitter and subscribe to DMG's YouTube
channel.
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
For additional information, please contact:
DMG Blockchain Solutions Inc.
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Investor Relations Contact:
CORE IR 516-222-2560
For Media Inquiries:
Jules Abraham, CORE IR
julesa@coreir.com
Charlotte Parker, Zodia Custody
Charlotte.parker@zodia.io
Cautionary Note Regarding
Forward-Looking Information
This news release contains forward-looking
information or statements based on current expectations.
Forward-looking statements contained in this news release include
statements regarding the expectations of the relationships and
integration with Zodia and the benefits therefrom, the development
of its Core+ strategy, the testing and release of Petra, the
ability to enter the market sooner than anticipated with certain
products and services, events, courses of action, and the potential
of the Company’s technology and operations, among others, are all
forward-looking information.
Forward-looking statements consist of statements
that are not purely historical, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such information can generally be identified by the use of
forwarding looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company,
including but not limited to, market and other conditions,
volatility in the trading price of the Common Shares, business,
economic and capital market conditions; the ability to manage
operating expenses, which may adversely affect the Company's
financial condition; the ability to remain competitive as other
better financed competitors develop and release competitive
products; regulatory uncertainties; access to equipment; market
conditions and the demand and pricing for products; the demand and
pricing of bitcoins; security threats, including a loss/theft of
DMG's bitcoins; DMG's relationships with its customers,
distributors and business partners; the inability to add more power
to DMG's facilities; DMG's ability to successfully define, design
and release new products in a timely manner that meet customers'
needs; the ability to attract, retain and motivate qualified
personnel; competition in the industry; the impact of technology
changes on the products and industry; failure to develop new and
innovative products; the ability to successfully maintain and
enforce our intellectual property rights and defend third-party
claims of infringement of their intellectual property rights; the
impact of intellectual property litigation that could materially
and adversely affect the business; the ability to manage working
capital; and the dependence on key personnel. DMG may not actually
achieve its plans, projections, or expectations. Such statements
and information are based on numerous assumptions regarding present
and future business strategies and the environment in which the
Company will operate in the future, including the demand for its
products, the ability to successfully develop software, that there
will be no regulation or law that will prevent the Company from
operating its business, anticipated costs, the ability to secure
sufficient capital to complete its business plans, the ability to
achieve goals and the price of bitcoin. Given these risks,
uncertainties and assumptions, you should not place undue reliance
on these forward-looking statements. The securities of DMG are
considered highly speculative due to the nature of DMG's business.
For further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.SEDAR.com
including the annual information form for the year ended September
30, 2020, filed on January 28, 2021.
Factors that could cause actual results to
differ materially from those in forward-looking statements include,
failure to obtain regulatory approval, the continued availability
of capital and financing, equipment failures, lack of supply of
equipment, power and infrastructure, failure to obtain any permits
required to operate the business, the impact of technology changes
on the industry, the impact of Covid-19 or other viruses and
diseases on the Company's ability to operate, secure equipment, and
hire personnel, competition, security threats including stolen
bitcoins from DMG or its customers, consumer sentiment towards
DMG's products, services and blockchain technology generally,
failure to develop new and innovative products, litigation,
increase in operating costs, increase in equipment and labor costs,
decrease in the price of Bitcoin, failure of counterparties to
perform their contractual obligations, government regulations, loss
of key employees and consultants, and general economic, market or
business conditions. Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
The reader is cautioned not to place undue reliance on any
forward-looking information. The forward-looking statements
contained in this news release are made as of the date of this news
release. Except as required by law, the Company disclaims any
intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Additionally, the Company undertakes no
obligation to comment on the expectations of, or statements made by
third parties in respect of the matters discussed above.
All information in this new release concerning
Zodia has been provided for inclusion herein by Zodia. Although DMG
has no knowledge that would indicate that any information contained
herein concerning Zodia is untrue or incomplete, DMG assumes no
responsibility for the accuracy or completeness of any such
information.
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