BlackChain Acquires Digital Asset Exchange Platform

By , in Cryptocurrency on . Tagged width:

Innovative Technology Will Support Next Generation of Digital Assets

VANCOUVER, Aug. 8, 2018 /CNW/ – BlackChain Solutions Inc. (the “Company” or “BlackChain”) (CSE: BIS), an analytics and risk management software company active in the digital asset space, announced a deal to license digital asset exchange technology from Limitless Blockchain Technology, LLC, (“Limitless”) a wholly owned subsidiary of Victory Square Technologies Inc. (“Victory Square”) listed on the Canadian Securities Exchange (CSE:VST).

The Limitless Digital Asset Exchange software is an engine that facilitates the matching and transfer of a variety of digitized assets, as well as their storage and management. BlackChain will use the software in its P2P digital asset lending platform. BlackChain also plans to leverage this technology to develop and launch new and innovative products and services across multiple sectors, including finance, commodities, and the emerging medical and legal recreational cannabis industry.

Zayn Kalyan, CTO of BlackChain said, “This technology will enable BlackChain to deliver a fully end-to-end product with our P2P lending solution, simplifying the client experience, while providing a truly unique offering. The exchange engine will also allow the Company to widen its offerings and develop new asset digitization solutions for both the financial sector and beyond. Over the coming months we will be exploring how asset digitization can play a role in the emerging medical and legal recreational cannabis space in Canada and globally. We believe that there is huge opportunity to offer new and innovative instruments to legal cannabis producers and distributors that will leverage the Limitless technology, and BlackChain’s risk and financial solutions.”

Michael Shader, CEO of Limitless said, “We are excited to be collaborating with BlackChain on the development and launch of our exchange technology. The Limitless exchange technology that we have developed has been proven in multiple industries and the partnership with BlackChain is the next step in its evolution. BlackChain’s P2P lending product is a unique service that will help accelerate entrance of credit into the crypto and digital asset space. We look forward to supporting BlackChain as they explore new avenues for asset digitization.”

The license allows BlackChain lifetime perpetual use of the exchange technology and is not limited to any particular sector. It allows BlackChain to leverage the software in the development of different products and services, royalty-free. The total value of the deal is $300,000 CAD over 6 months and includes development and customization by Limitless based on BlackChain’s requirements. There is an option for further development after the 6 month period, on yet to be determined terms.

Board Changes 
BlackChain also announced the resignation of Jens Brunke from the Board of Directors. The Company would like to thank Mr. Brunke for his invaluable work and stewardship as a member of the board of directors.

About BlackChain Solutions Inc. (CSE: BIS) (“BlackChain”) 
BlackChain Solutions Inc. is a financial analytics and risk management company that is leveraging blockchain technology to transform lending for the rapidly emerging cryptocurrency economy. Building on an industry-proven credit-risk database and software platform, BlackChain provides the tools and services to bring cryptocurrency lenders and borrowers together, with confidence.

BlackChain is a publicly-traded company listed on the Canadian Securities Exchange (CSE); trading symbol BIS (C.BIS or BIS.cn).

Forward-Looking Information
This press release include forward-looking information within the meaning of Canadian securities legislation concerning Blackchain’s future business plans, including the incorporation of the Limitless technology into Blackchain’s P2P digital asset lending platform, Blackchain’s intention to deliver a fully end-to-end product with its P2P lending solution, and its plans to develop its solution offerings and expand its business across multiple sectors, including finance, commodities, and the medical and legal recreational cannabis industry.

The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including the ability of Limitless to develop its technology to meet Blackchain’s needs, the regulatory regime that will govern the Company’s business, the availability to the Company of necessary funding to carry out its business plan, competition from other companies in Blackchain’s space, and the timing and success of execution of the Company’s business plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Blackchain can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and Blackchain disclaims any obligation to update publicly any forward-looking information, other than as required by securities laws.

The CSE has not reviewed, approved or disapproved the content of this press release.

SOURCE BlackChain Solutions Inc.