CryptoBlox Signs LOI To Acquire Rights to Digital Asset License
Vancouver, B.C., Sept. 28, 2023 (GLOBE NEWSWIRE) — CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX), is pleased to announce the signing of a non-binding letter of intent (“LOI”) with Blockchain Fintech Unipessoal LDA (“Blockchain Fintech”), for a strategic partnership where CryptoBlox will acquire the rights to a digital asset license (the “License”) based in the European Union.
About Blockchain Fintech Solutions
Blockchain Fintech, is a company specializing in developing blockchain based technologies that help bridge the blockchain adoption gap. With a mission to streamline the transition onto the blockchain economy, Blockchain Fintech pioneers user-friendly payment solutions that redefine the way individuals and businesses currently transact – both locally and internationally. Through their innovative blockchain based payment solutions, Blockchain Fintech is not only revolutionizing traditional payment systems but also catalyzing a broader shift towards both digital and decentralized financial ecosystems. They are doing this through their unparalleled commitment to accessibility and ease of use. This commitment extends beyond mere functionality, as they prioritize user experience to ensure that individuals of all backgrounds can navigate Blockchain Fintech products confidently and efficiently, while not being expected to understand the complexities of the underlying blockchain technology.
“This partnership comes as part of a broader blockchain ecosystem strategy” explained Akshay Sood, Chief Executive Officer of CryptoBlox. “At CryptoBlox, we are extremely thrilled to begin work on introducing our own structured digital asset products that will be enabled by the License,” added Mr. Sood.
CryptoBlox’s License Strategy
Following completion of the transaction with Blockchain Fintech, CryptoBlox’s exclusive rights to the License would allow the Company to expand its business lines to include structured digital asset products. CryptoBlox will be laser focused on upholding the vision set out by Blockchain Fintech by prioritizing user experience while providing market-tested functionality to all accompanying products that will be rolled out. Amongst the planned structured product suite, CryptoBlox is exploring a plethora of financial digital solutions designed to help onboard both the banked and unbanked onto the blockchain economy in an efficient and user-friendly manner.
CryptoBlox Blockchain Ecosystem
The rights acquisition of this License, if completed, would add to CryptoBlox’s larger ecosystem strategy which paints a 3-prong approach:
- The first prong attests to the Company’s alternate/renewable energy powered mining infrastructure which is enabled by the acquisition of alternate energy assets that allow CryptoBlox to sustainably and profitably mine digital assets like Bitcoin irrespective of market conditions. This can be seen within the recent acquisition of Redwater Acquisition Corp. (“Redwater”), a modular air-cooled data center facility, powered by flared gas in Sturgeon County, Alberta, where the Company’s energy costs are as low as $0.015/kwh. And with the signing of a non-binding letter of intent with Crypto Green Tech Inc. (“Crypto Green”) for a strategic partnership whereby CryptoBlox is poised to acquire the rights to Crypto Green’s patent-pending modular, renewable energy-powered crypto mining infrastructure. Overall, this infrastructure layer is the foundation upon which the Company will further develop its ecosystem.
- Atop the infrastructure layer, CryptoBlox will be developing a digital asset financial layer with a goal to increase adoption within the blockchain economy. This digital asset financial layer will be first enabled by the acquisition of the rights to the License, with a subsequent goal of seeking strategic partnerships with payment rails providers, financial institutions, and digital asset liquidity providers. As CryptoBlox continues expanding its mining infrastructure and subsequent capacity, the Company intends to develop a robust structured digital asset financial product suite which allows for liquidity to self-perpetuate within the CryptoBlox ecosystem, while also providing a gateway to launch additional retail focused mining products in the future.
- Furthermore, integrated within the digital asset financial layer sits the blockchain-based payments layer, targeted to improve the network scalability issues within major blockchain networks. The Company aims to integrate its blockchain based payments layer within its larger ecosystem to create a circular value structure that enables scalability, increases transaction speed while lowering transaction costs within both CryptoBlox’s structured digital asset products/services and its mining infrastructure/operations.
“CryptoBlox’s ecosystem strategy sees a vision for circular and continued value capture across all lines of business. Our rights acquisition to the License would mark a significant step towards that vision, especially through the introduction of our structured digital asset products in the future,” commented Mr. Sood.
The closing of the transaction with Blockchain Fintech is subject to, among other matters, applicable regulatory approvals, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board of directors of both CryptoBlox and Blockchain Fintech.
On behalf of the Company,
Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology company focusing on building out clean energy powered digital asset mining infrastructure enhanced with artificial intelligence, along with a diversified portfolio of fintech blockchain products and services. The company will be focused on powering digital asset mining operations through flare gas operations throughout North America – with the first acquisition being in Redwater, Alberta. By using alternative energy sources and state-of-the-art operations techniques powered by AI, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.
For further information about the Company, please visit https://www.cryptoblox.ca or call 236-259-0279.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the Company entering into a binding, definitive agreement with Blockchain Fintech; the Company completing the transaction with Blockchain Fintech and acquiring the rights to the License; the Company introducing its own structured digital asset products using the License; products that the Company expects to launch pursuant to the License; and the Company’s plans for its blockchain ecosystem, including the development of a digital asset financial layer, and its ability to execute on the same. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.