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VANCOUVER, British Columbia, Oct. 20, 2021 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE: 6AX) (“DMG” or the “Company”), a publicly traded, vertically integrated blockchain and cryptocurrency technology company, announces multiple successful transactions with Zodia Custody (www.zodia.io), a crypto asset custodian incubated by Standard Chartered (www.sc.com), with Northern Trust (www.northerntrust.com) as a co-investor, using DMG’s Blockseer platform “Petra” from its Core+ suite of services.
On Monday, Oct 11, 2021, using a testnet environment, DMG initiated a new function called Petra, which gives subscribers enhanced optionality when initiating crypto transactions. The test transactions were carried out alongside Zodia Custody. The addition of optionality -- once fully completed and launched under the Blockseer brand -- will provide subscribers a choice in how they want to proceed with transactions. The options provided by Petra will include the provision of KYC on wallets, AML checks on transactions, and routing transactions via carbon neutral mining facilities. This is an important step in the development of DMG’s Regulatory & Compliance offerings under Blockseer’s platforms.
Once completed, Petra's launch will provide options focused on the Bitcoin Blockchain. As part of the tests conducted alongside Zodia Custody, transactions were routed using Petra and tagged as a “green” to prioritise carbon neutral miners, giving one example of the optionality provided by the platform. Future options may include risk ratings of counterparties and geo-location. Petra’s subscriptions will be based on a percentage of the dollar-value equivalent that is transacted through the system.
DMG’s CEO Sheldon Bennett, comments, “Petra is a concept that DMG conceived many years ago. However, we did not have the technology to bring this concept to the market until now. Using core technologies in Blockseer’s Walletscore, Explorer and Helm, we have been able to create a new and very relevant product for companies and individuals who have particular interest in governance, regulatory issues, and ESG goals aligned with optionality that Petra permits. Our partnership with Zodia Custody is moving quickly and we look forward to completing all our testing and bringing this product to market.”
“The crypto asset industry is often associated with high environmental impacts, particularly in relation to energy consumption. Further, the concept of unknown participants mining blocks is outside of many institutions’ risk appetite. Zodia Custody, in an industry first with DMG’s Petra platform, is able to address these concerns and offer our clients the option to route transfers to OFAC-compliant, ‘green’ mining pools. Petra will also give comfort to our institutional clients that their crypto transfers are being processed by known, sanctioned complaint parties. This represents a major milestone towards the institutional adoption of crypto assets and demonstrates Zodia’s commitment to providing safe access to this market for highly-regulated global financial institutions in a way that is aligned with their goals,” said, Maxime De Guillebon, CEO, Zodia Custody.
About Zodia Custody
Zodia Custody, an institutional grade crypto asset custody solution based in London, offers services to clients across the globe. Zodia Custody enables institutions to invest safely and securely in crypto assets. Developed by Standard Chartered Ventures and Northern Trust, Zodia Custody satisfies institutional investors’ need for a crypto asset custodian that understands traditional custody and meets investors’ standards and expectations, whilst maintaining the flexibility required to adapt to the ever-changing crypto asset market.
Zodia Custody is registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 and has commenced commercial operations following a period of testing.
Zodia Custody is providing custody services for the two most traded crypto assets, Bitcoin and Ethereum, with plans to expand to more crypto assets based on thorough risk assessment and client demand.
Zodia Custody Limited is registered with the UK Financial Conduct Authority with Firm Reference Number 928347.
About DMG Blockchain Solutions Inc.
DMG is an environmentally friendly vertically integrated blockchain and cryptocurrency company that manages, operates, and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable businesses are segmented into two business lines under the Core and Core+ strategies and unified through DMG’s vertical integration.
For more information visit the DMG website here to learn more.
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
For additional information, please contact:
DMG Blockchain Solutions Inc.
Investor Relations Contact:
CORE IR 516-222-2560
For Media Inquiries:
Jules Abraham, CORE IR
Charlotte Parker, Zodia Custody
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding the expectations of the relationships and integration with Zodia and the benefits therefrom, the development of its Core+ strategy, the testing and release of Petra, the ability to enter the market sooner than anticipated with certain products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.
Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the Common Shares, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company's financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG's bitcoins; DMG's relationships with its customers, distributors and business partners; the inability to add more power to DMG's facilities; DMG's ability to successfully define, design and release new products in a timely manner that meet customers' needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG's business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.SEDAR.com including the annual information form for the year ended September 30, 2020, filed on January 28, 2021.
Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG's products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by third parties in respect of the matters discussed above.
All information in this new release concerning Zodia has been provided for inclusion herein by Zodia. Although DMG has no knowledge that would indicate that any information contained herein concerning Zodia is untrue or incomplete, DMG assumes no responsibility for the accuracy or completeness of any such information.