Blockchain
iMining Partners with GuildOne to Fulfill Net Zero Commitment with Tokenized Carbon Credits on Cardano
The two innovative Canadian blockchain companies are partnering on a landmark transaction of carbon credits represented as digital assets on the Cardano blockchain
Vancouver, British Columbia–(Newsfile Corp. – November 9, 2021) – iMining Technologies Inc. (TSXV: IMIN) (the “Company” or “iMining“) and GuildOne Inc. (“GuildOne”) are pleased to announce a new partnership that leverages GuildOne’s advanced blockchain and tokenization technologies to support iMining’s commitment towards net-zero carbon emissions in line with Government initiatives.
iMining is joining the GuildOne-founded Zero Genesis project, a collaboration of technology and industry partners. The Zero Genesis project is committed to realizing the positive impact that blockchain technology and digital assets can bring in the pursuit of sustainable development goals. The companies are collaborating on a landmark transaction that represents verified carbon credits as digital assets, or tokens, on the sustainable Cardano blockchain. Each credit represents a tonne of carbon that has been prevented from being vented into the atmosphere as emissions, acquired from sources including GuildOne’s energy industry partners.
In addition to the tokenized carbon credit transaction, the companies are collaborating on the planting of several thousand trees to further offset iMining’s carbon emissions, including projects with Indigenous partners. The carbon storage capacity of this new forest as it matures will also be tokenized as a digital asset.
The global carbon credit market is rapidly growing and is expected to reach up to US $50 – $100B by 2030, according to UN Special Envoy on Climate Action and Finance Mark Carney, and the sale of emissions offsets will be a key part of financing the multi-trillion annual requirements of the energy transition.
However, the carbon market faces numerous trust and scaling challenges. Blockchain technology is a significant advancement on traditional credit mechanisms by providing an immutable digital record of the origin, provenance and certifications of the carbon behind each credit.
The initial purchase transaction of the blockchain-based carbon credits was settled between the parties in ADA, Cardano’s native currency. Khurram Shroff, Chairman of iMining, said that the transaction was a significant move towards realizing his company’s sustainability goals.
“iMining is committed to strong ESG values, and that includes reducing the emissions impact of our operations,” he said. “Joining forces on this project with GuildOne supports both our net zero goals and our innovation in the Cardano ecosystem. We see many collaboration opportunities ahead and are on track to become net-negative emissions by next year.”
GuildOne CEO James Graham said that the partnership represents an opportunity to demonstrate the power of blockchain to support a sustainable future.
“Our unique position as a bridge between the energy sector and digital asset ecosystem allowed us to create a complete solution for turning verified carbon data into tradeable value,” he said. “We value iMining as a partner who is in deep alignment both on core values and creative technology innovation. The inclusion of nature positive credits- the tokens representing newly planted trees – deepens the positive impact of the project – and further illustrates the values alignment of the partners.”
Having completed the initial tokenized carbon credit transaction, the companies are developing the next stage of their joint project, which will engage additional blockchain capability through the use of R3’s Corda platform in the exchange and settlement of the ESG1 Tokens.
About GuildOne Inc.
GuildOne leverages the power of advanced blockchain infrastructure and applications to build innovative digital assets and ESG solutions. Working with industry and technology partners including R3 and AWS, the company’s pioneering smart contract technologies and secure networks are transforming how business transacts, shares data and creates value. Uniting product intelligence with blockchain traceability and digital assets, GuildOne is developing the automated foundation for the next generation of verified carbon credits.
About iMining Technologies Inc. (TSXV: IMIN)
With diverse blockchain investment and infrastructure solutions, iMining is a leader in accelerating the growth of value creating DeFi opportunities for the enterprise market. The company’s operations include secure and sustainable cryptocurrency payments, staking, mining and digital asset investment designed for the scale and compliance requirements of institutional clients. iMining is committed to building strong global blockchain ecosystems and supporting inclusive access to digital tools and technologies.
ON BEHALF OF THE BOARD
Signed “Khurram Shroff“
Khurram Shroff, President & CEO
FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Saleem Moosa, Director
Email: [email protected]
Telephone: 1-604-602-4935 ♦ Facsimile: 1-604-602-4936
Toll Free: 1-866-602-4935
Evan Eadie, Corporate Development
Email: [email protected]
Telephone: (604) 602-4935 ext. 203
Toll Free: 1-866-602-4935
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance, and reflect management’s current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102541
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.
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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