BlackChain Solutions Inc. Signs LOI with DMG Blockchain Solutions Inc. to bring P2P Lending to the Cryptocurrency Market
Vancouver, B.C., April 24th, 2018 – BlackChain Solutions Inc. (the “Company” or “Blackchain”) (CSE: BIS), announced today that it has signed a letter of intent withDMG Blockchain Solutions Inc., (DMG) a TSX Venture Exchange listed company (TSXV:DMGI), to license DMG’s Prometheus technology for deployment as part of BlackChain’s P2P Lending Platform. Under the proposed license, BlackChain will retain exclusive rights for use of the technology for P2P Lending. DMG will be entitled to a royalty on commercial revenues generated by Blackchain using the technology. The parties intend to negotiate and finalize a definitive agreement byMay 15th, 2018.
Prometheus is one of the first browser-based blockchain technologies developed by a Silicon Valley-based leader in blockchain and artificial intelligence – Blockseer. Blockseer, which has expertise from Harvard and Stanford, was recently acquired byDMG early in 2018.
The platform allows users to seamlessly connect on the blockchain via a traditional web browser, such as Chrome and Firefox. This drastically reduces the barriers to entry for blockchain participation. Daniel Reitzik, CEO and Director of DMGcommented that “we are extremely pleased to be partnering with BlackChain on their first commercial venture. Prometheus represents the next generation in blockchain technology, whose simplified, browser-based platform is opening up whole new markets in the cryptocurrency space. We hope that this LOI will be just the beginning in a growing relationship between DMG and BlackChain.”
Integrated with BlackChain’s P2P Lending Platform, Prometheus opens the door to cryptocurrency asset lending for individuals, without the need of traditional banks. This opens up both sides of the trillion USD credit debt market to individual users. BlackChain’s P2P Crypto-Lending Platform also provides users with the opportunity to leverage their existing cryptocurrency holdings to turning a static, speculative holding into a yield-bearing investment.
Zayn Kalyan, BlackChain’s Chief Technology Officer commented on this agreement: “DMG and Blockseer have developed a truly next-generation blockchain platform with Prometheus. As the crypto space matures, evolutionary approaches to system design will be the foundation for growth. Prometheus will enable BlackChain to deliver a cutting-edge product in our P2P Lending Platform. We look forward to working with DMG on other projects in the future.”
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 Stock Exchange (CSE); trading symbol BIS (C.BIS or BIS.cn). For more information about our company please contact us at +1 (604) 602 0001.
BlackChain Solutions Inc.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Blackchain Solutions Inc. Such information is based on assumptions made by the company’s management. Although the company believes these assumptions are reasonable, undue reliance should not be placed on the forward-looking information because the company 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 the company disclaims any obligation to update publicly any forward-looking information, other than as required by applicable securities laws.
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