ThreeD Capital Inc. Announces Completion of its USD$500,000 Commitment Into TODAQ
TORONTO, Oct. 01, 2019 (GLOBE NEWSWIRE) — ThreeD Capital Inc. (the “Company”) (CSE:IDK), a Canadian-based venture capital firm focused on investments in promising, early stage companies and ICOs with disruptive capabilities is pleased to announce that it has completed its commitment of USD$500,000 to acquire 248,201 Preferred Series A-1 Stock (the “Subject Shares”) in TODAQ Holdings Inc. (“TODAQ”). The Subject Shares represent approximately 1.3% fully diluted of all issued and outstanding preferred and common shares of TODAQ as of September 30, 2019. The Subject Shares have been acquired in a series of private placements and not through the facilities of any stock exchange. The Company, through the preferred stock acquisition, also receive Toda Notes (“TDN”) royalty rights of approximately 175 million TDN out of a total supply of 237 TDN, representing approximately 0.13% of the total TDN supply.
“I’m pleased to announce the close of this important investment. We’ve followed our thesis of investing in secure, efficient, confidential, scalable and interoperable decentralized technology and focusing on fundamentals rather than the hype cycle of a still nascent industry. I’m looking forward to bringing the TODAQ enablement factor to bear across our other investment verticals,” said ThreeD’s Founder, Chairman and CEO Sheldon Inwentash.TODAQ is a founder of the Sovereignty Tech movement and aims to restore ownership and control of identity, assets and data for all as a human right. The company serves businesses, financial institutions and governments and offers the open API TaaS (TODA-as-a-service’) platform which provides ownership management and settlement for all digital assets. It is powered by TODA, a decentralized protocol for ownership management. It enables the secure and efficient creation, ownership and transfer of meaningful digital assets and can be hosted fully on just mobile devices. TODA’s proof of provenance data structure can wrap any type of data, providing a transferrable, self-contained, immutable proof of its history and integrity. The uniqueness enforced by the proof of provenance also allows the creation and distribution of assets that carry real value, without a central management system like a ledger or database. TODA enables digital things to behave like tangible assets.“Over the course of this last year working with ThreeD Capital as our investor, we’ve brought academic institutions in to collaborate on TODA Protocol decentralization and R&D, built the first version of the TODA Protocol into an enterprise grade open API platform called TaaS, partnered with global corporations in preparation to scale out to the first hundreds of thousands of people, and readied ourselves to launch and exchange list the TODA Note, the first decentralized digital asset on TODA designed to support real economy utility. We’re looking forward to integrating ThreeD Capital as our Canadian investor partner, and its portfolio, into our main partners markets in Asia, Middle East and Europe,” said Hassan Khan, the Co-Founder and CEO of TODAQ.The TODA Note is a reserve backstopped digital note designed to accelerate commerce and industry as well as complement existing fiat currencies (which can also be put directly on the TODA). Due to the TODA Protocol’s efficiency, TDN is not needed to settle or reach consensus on transactions of TODA based digital assets. There will be a total of 237 cryptographically generated TDN, with a distribution period of about ten years to place the entire supply into the global market. Any node or low power device taking part in distributed consensus or settlement work can also have a very small probability of generating a net new TDN so that there is a slow but capped inflation of the overall TDN supply over time. To find out more about TODAQ’s mechanisms and value proposition, please visit https://www.todaqfinance.com/.About ThreeD Capital Inc.ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the Junior Resources, Artificial Intelligence and Blockchain sectors. ThreeD seeks to invest in early stage, promising companies and ICOs where it may be the lead investor and can additionally provide investees with advisory services, mentoring and access to the Company’s ecosystem.