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SATO Technologies Corp. Signs a Loan Agreement with Sygnum Bank AG for CHF3,000,000 (CAD$4,000,000 Equivalent) for Financing Bitcoin Mining Equipment

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Toronto, Ontario–(Newsfile Corp. – July 15, 2022) – SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the “Company”, or “SATO”, formerly known as Canada Computational Unlimited Corp.) is pleased to announce the signing of a loan agreement through its wholly-owned subsidiary, Canada Computational Unlimited Inc. (“CCU”), with Sygnum Bank AG (“Sygnum”) which will allow the Company to finance an initial purchase of up to CHF3,000,000 (CAD$4,000,000 equivalent) worth of miners or equivalent.

Key Highlights of the agreement

  • Acquisition of mining equipment already on site;
  • Increase of self-mining;
  • 8% interest rate per annum;
  • Repayable over 3 year term;
  • HODL vision has been maintained without any sale of the BTC mined since the beginning of 2022.

Sygnum has made a non-binding indication to the Company that, depending on market conditions, it is willing to discuss additional equipment financing in tranches that could in the aggregate reach CHF20,000,000 (CAD$26,700,000 equivalent) in principal over time.

Romain Nouzareth, CEO and Chairman of SATO, commented, “There is never a better time to grow than in a bear market. With Sygnum Bank as our lending provider and new mining rigs coming for Center One, we are now producing Bitcoin at a higher speed. This agreement brings us closer to full capacity for self-mining at a highly competitive interest rate in the Mining Financing world.”

Sygnum’s Head of Credit & Lending, Francisco Arruda, commented, “We are pleased that SATO Technologies Corp. is the first recipient of our new green crypto financing solution, which aims to support green-mining and accelerates the industry’s transition towards a carbon-neutral economy. We are happy to support SATO Technologies Corp. in their comprehensive innovation process to create value and improvement through providing sustainable and responsible mining.”

On behalf of the board,

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Romain Nouzareth,
SATO CEO and Chairman

About SATO
SATO operates a state-of-the-art, carbon-neutral bitcoin mining center with a contract of 20 MW of stable, eco-friendly energy. The company’s high-density calculation centers are built for high-grade cryptocurrency mining, AI data processing, and fintech infrastructure.

Founded at block 494673 in 2017, SATO is led by technology entrepreneurs, finance, electricity and ventilation experts, network specialists, and Canadian industrialists. Since its inception, the company has pursued a vision of environmental stewardship throughout the mining process. The excess supply of renewable energy in the province of Québec has made this endeavor feasible and a great base for growth.

For additional information, please contact:

Romain Nouzareth
[email protected]

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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.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130992

Newsfile is a customer-focused newswire team that delivers press releases and corporate announcements to the global financial community. Approved by all stock exchanges, Newsfile offers broad access to media, analysts, investors and market participants. With agile services, proactive customer care and affordable pricing; Newsfile makes it easy for companies to tell their story to the audiences they need to reach.

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Daily Crypto News: BlockchainReporter Empowers Crypto Enthusiasts and Traders with Critical Information to Make Informed Decisions

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Alpha Sigma Capital Research Releases May Report on ASC AI Index

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Blockchain

Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet

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Squad Labs announced that its Series A funding round, led by Electric Capital with participation from RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, will propel the launch of its Fuse smart wallet. The company aims to establish Fuse as a premier solution for securing and compounding personal digital wealth amid the growing onchain economy.

According to the company’s news release on June 12, smart accounts and smart wallets are gaining traction across blockchains as they offer a more intuitive, secure, and programmable user experience. Fuse abstracts seed phrases and provides features like wallet recovery, 2FA capabilities, and enterprise-level security for personal custody, simplifying the choice of storing digital wealth on-chain.

In addition to securing funding, Squad Labs also announced the public testing launch of Fuse on iOS. This move is part of their strategy to expand accessibility and refine functionality ahead of a full market release.

Meanwhile, a recent report from PYMNTS Intelligence explores blockchain’s role in enhancing cross-border payments. It suggests that integrating blockchain can streamline payment processing, enable digital-to-fiat currency conversion, and introduce stablecoins for faster and cost-effective cross-border transactions. Business-friendly decentralized finance (DeFi) solutions further automate and secure transactions via smart contracts, reducing dependence on traditional payment systems and enhancing security and transparency.

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The report underscores the significance of educating businesses and end-users about the benefits of blockchain-based cross-border payments. It advocates for partnerships with FinTechs and proactive engagement with financial institutions to drive adoption and improve industry-wide support for blockchain technologies in payments.

Overall, Squad Labs’ funding round and Fuse’s development represent strategic advancements in blockchain technology aimed at enhancing digital wealth management and transforming cross-border payment landscapes.

Source: pymnts.com

The post Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet appeared first on HIPTHER Alerts.

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