VANCOUVER, British Columbia, Oct. 03, 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces that it has been onboarded and is now actively trading on the Bosonic Network™. Using Bosonic’s decentralized Financial Market Infrastructure (dFMI) technology, DMG exchanges its bitcoin for fiat currency at a lower cost with lower risk compared to traditional exchanges. In addition, DMG is working with Bosonic to offer its dFMI technology to all Terra Pool members.
DMG, the developer of Terra Pool (www.terrapool.io), brings together bitcoin miners to create carbon neutral bitcoin. DMG recently opened the Terra Pool to general Bitcoin mining and announced the development of a marketplace for funds to access the green bitcoin. The partnership with Bosonic provides key features and benefits, including:
- Cross custody trading and settlement of transactions from the users’ own custody accounts
- Greater security for users’ bitcoins as they never touch a traditional “exchange wallet”
- Ability to set limit orders for buy and sell transactions
- Real-time monitoring of the bid-ask spread from a tradable aggregation of top exchange and market maker streaming liquidity instead of intermediaries quoting and requoting prices
- Instant settlement for every buy/sell transaction and extremely fast transfer of BTC/fiat
- Self-service switchboard provides reduced fees compared to traditional OTC desks
“We are excited to use the Bosonic Network for the operation of our business, particularly the integration of this with our Blockseer product line that focuses on the Terra Pool,” commented Sheldon Bennett, DMG’s CEO. “The Bosonic Network connects our custodian directly to institutional buyers without intermediaries and offers a unique, real-time clearing and settlement infrastructure for digital asset trading. DMG has tested the exchange with over two million dollars of bitcoin sold in the last few months, and we are very pleased with the results.”
“We are pleased to welcome DMG Blockchain Solutions to the Bosonic network, further expanding our ecosystem of key industry participants,” added Bosonic CEO Rosario Ingargiola. “Giving institutional customers access to carbon-neutral mined bitcoin continues our strong focus on ESG and sustainability as we build out the network’s future capabilities.”
September Preliminary mining results
In September 2022, DMG mined 77 bitcoin with 0.65 EH/s realized hashrate. For the September quarter, DMG mined 200 bitcoin. DMG’s bitcoin balance as of September 30, 2022 was 344 bitcoin. DMG is on target with respect to its original schedule of mining deliveries received to increase the hash rate to 1 EH/s by the end of calendar 2022, subject to the receipt, installation and operation of the additional miners.
Grant of stock options
DMG also announces the allocation of 1,697,500 share options (“Options”) to board members and employees of the company. The options are exercisable for a period of five years at a price of $0.24 per share and will vest at 25% on each of the six, twelve, eighteen and twenty-four month anniversaries of the date of grant.
About Bosonic
Founded in 2016, Bosonic is a leading “dFMI” decentralized financial market infrastructure company with offices in San Francisco, New York and London, providing best-in-class infrastructure that eliminates counterparty credit and settlement risk in digital asset markets.
The Bosonic Network™ provides institutional clients with a patented solution that is liquidity and repository agnostic, enables tokenization of assets and collateral, provides liquidity aggregation and DMA to the best exchanges and market makers, and at its core runs real-time payment vs. payment (PvP) nuclear execution and settlement, with cross-margining, cross-deposit net settlement and payments.
Bosonic Enterprise Solutions is a full front-to-back white-label SaaS deployment of the same technology for use in other regulated FMI, Bank or Broker digital asset platforms. Bosonic Network and Bosonic Enterprise Solutions deliver best-in-class blockchain infrastructure that shapes the future of Digital Asset markets by eliminating risk and maximizing capital efficiency for hedge funds, family offices, banks, brokers, asset managers and other market participants.
About Terra Pool
Terra Pool is a cryptocurrency mining platform operated by DMG’s Blockseer software company. Terra Pool is the world’s first Bitcoin mining pool with a focus on clean energy. The purpose of this initiative is to accelerate the transition from conventional power to clean energy and reduce the impact of Bitcoin mining on the environment. Terra Pool aggregates the computing power of individual miners and then divides the received rewards and transaction fees proportionally between them, so that miners are rewarded more consistently.
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 united through DMG’s vertical integration.
Future changes in the Bitcoin network’s mining difficulty or Bitcoin hash rate could materially affect the future performance of DMG’s production of Bitcoin, and future operating results could also be materially affected by the price of Bitcoin and an increase in hash rate mining problems.
For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
follow @dmgblockchain on Twitter and subscribe to DMG’s YouTube channel.
On behalf of the board,
Sheldon Bennett, CEO and Director
For further information, please contact:
DMG Blockchain Solutions Inc.
Email: [email protected]
Internet: www.dmgblockchain.com
Investor Relations Contact:
CORE IR (516) 222-2560
For media enquiries:
Jules Abraham, Communications Manager
CORE IR
(917) 885-7378
Neither the TSX Venture Exchange nor its regulatory service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Warning regarding forward-looking information
This press release contains forward-looking information or statements based on current expectations. Forward-looking statements in this press release include statements regarding the use and benefits of Bosonic’s products and services, growth and expectations for Terra Pool, the development and performance of the company’s products and services, the increase in Bitcoin self-mining and the achievement of the year-end target of 1 EH/s, the expected arrival of new miners and increased hash rate when the miners are installed and operating, launch of products and services, events, courses of action and the potential of the company’s technology and operations, among other things, are all forward-looking information.
Forward-looking statements consist of statements that are not purely historical, including statements of beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking words such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is warned that assumptions used in the preparation of forward-looking information may turn out to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of a number of known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including, but not limited to, the market and other factors. conditions, volatility in the trading price of the Company’s common stock, 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 when other better-funded competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and demand and pricing of products and services; the demand and pricing of bitcoin; security threats, including loss/theft of DMG’s bitcoin; DMG’s relationship with its customers, distributors and business partners; 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 customer needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technological changes on the products and the industry; inability to develop new and innovative products; the ability to 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. There can be no assurance that DMG will actually achieve its plans, projections or expectations. Such statements and information are based on a number of assumptions regarding current and future business strategies and the environment in which the company will operate in the future, including the demand for its products and services, the ability to develop software successfully, that there will be no regulation. or law that would prevent the company from conducting its business, expected costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve its goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not rely on these forward-looking statements. The securities of DMG are considered highly speculative due to DMG’s operations. For additional information about these and other risks and uncertainties, see the company’s filings at www.SEDAR.com. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.
Factors that could cause actual results to differ materially from those in forward-looking statements include lack of regulatory approval, continued available capital and financing, equipment failure, lack of supply of equipment, power and infrastructure, adverse weather and climate events. , failure to obtain 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 bitcoin from DMG or its customers, consumers’ feelings towards DMG’s products, services and blockchain technology in general, failure to develop new and innovative products, litigation, increases in operating costs, increases in equipment and labor costs, decreases in the price of Bitcoin, failure of counterparties to fulfill their contractual obligations, public regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements in this press release are expressly qualified by this cautionary statement. The reader is cautioned not to rely on forward-looking information. The forward-looking statements in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, the company undertakes no obligation to comment on the expectations of or statements from third parties in relation to the matters discussed above.
