Blockchain
Skychain Announces Updates of Quebec Facility Acquisition
Vancouver, British Columbia–(Newsfile Corp. – May 31, 2021) – Skychain Technologies Inc. (TSXV: SCT) announces once more of the update in regards to the Quebec facility acquisition.
Sherbrooke Acquisition Clarification
Further to its news release dated May 21, 2021, the Company would like to clarify certain matters concerning the now terminated acquisition (the “Acquisition”) of all of the issued and outstanding common shares (the “Zhang Shares”) in the capital of 1151203 B.C. Ltd. (“115”). On December 23, 2020, the Company entered into an agreement (the “115 Agreement”) with 115 and Songhua Zhang (the “Vendor”) pursuant to which the Company agreed to purchase the Zhang Shares. One of the conditions in the 115 Agreement was that the Company make a cash payment of $1,500,000 to the Vendor within five days of closing of the transaction. As a condition to receiving TSX Venture Exchange (the “Exchange”) approval for the Acquisition, the Exchange required the Company to provide evidence that it either had the funds available to it or that the Company would be in a position to close a financing transaction concurrent with closing of the Acquisition. The Company was unable to satisfy this Exchange requirement.
In addition, the 115 Agreement provided the Vendor with a right to terminate the 115 Agreement if the Company did not obtain Exchange approval for the Acquisition within sixty (60) days of the date of the 115 Agreement. The Vendor had the right to terminate the 115 Agreement as of February 21, 2021. The Vendor has delivered written notice to the Company that it has terminated the 115 Agreement due to the Company’s failure to satisfy the Exchange’s Acquisition conditions within the stipulated time.
Sherbrooke Facility Lease
As also stated in the news release of May 21, 2021, the Company entered into a lease (the “Lease”) with 115, dated for reference February 14, 2018, pursuant to which the Company agreed to lease 39,323 square feet of land and building (the “Facility”) located in Sherbrooke, Quebec from 115. It is this Facility that was the subject matter of the 115 Agreement. Despite the termination of the 115 Agreement, the Lease remains in good standing.
The Lease runs for a term of five (5) years and two (2) months and expires on the last day of April 2023. In order to maintain the Lease in good standing, the Company agreed to pay 115 an annual base year rent of $275,261 (plus tax), calculated on the basis of $7 per square foot, payable monthly in advance at the rate of $22,938.42 (plus tax). Commencing May 1, 2019, and occurring annually, the rent shall increase by the greater of (i) the annual increase of the Consumer Price Index, or (ii) by a rate of 3% per annum.
The Company is permitted to use the Facility solely for the purposes of a data room and related activities. The Company is responsible for all operating costs, maintenance costs and insurance costs associated with the Facility.
About Skychain Technologies INC
Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. Our vision is to become a leading player in the crypto/data mining hosting by growing to 100Mw of crypto hosting capacity. To learn more, visit www.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bill Zhang
President and CEO
Contact: 604-456-0608
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.
NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATON INTO THE USA
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85899
Blockchain
Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing
Global Supply Chain Finance Market
Blockchain
Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest
Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.
The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.
While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.
Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.
A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.
Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.
Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.
Source: cryptonews.com
The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.
Blockchain
ASIC cracks down on blockchain mining firms
Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.
According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.
The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.
ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.
In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.
While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.
Source: iclg.com
The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.
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