VANCOUVER, British Columbia, Sept. 06, 2022 (GLOBE NEWSWIRE) — Spirit Blockchain Capital Inc. (the “Company” or “Spirit”), a Canadian company that offers shareholders diversified exposure to the Blockchain and crypto industry, is pleased to announce that it has invested in AVAX and has set up its own validator node to help secure the Avalanche network.
Avalanche is one of the world’s most decentralized high-performance blockchains and continues to experience rapid growth. The Avalanche network is a Proof-of-Stake (PoS) smart contract platform that is focused on scalability and offers fast transaction completion. The innovative Layer 1 protocol is one of the leading Ethereum Virtual Machine (EVM) compatible chains. The protocol’s unique consensus mechanism requires validators and subnets to stake AVAX – the blockchain’s native token.
AVAX locked in decentralized finance (DeFi) applications has continued to rise, highlighting the growth and resilience of the Avalanche ecosystem despite the recent fall in crypto asset prices. In the second quarter of 2022, the network has also seen an upward trend in the number of validators and delegation, healthy developer activity as well as the successful launch of a long-awaited gaming subnet, to name a few positive trends.
By becoming an active validator of the Avalanche network, SPIRIT plans to be a long-term supporter of the blockchain, contributing to decentralization and participating in protocol governance. In return for staking its AVAX tokens, SPIRIT will receive annual rewards of approximately 9%. Furthermore 3rd parties can delegate their AVAX tokens to the SPIRIT validator node, for which SPIRIT earns a commission.
About Spirit Blockchain Capital Inc.
Spirit is a Canadian-Swiss group operating in the blockchain and digital asset sectors with the primary objective of creating value in a fast-growing environment through recurring cash flows and capital growth.
Spirit gives investors direct exposure to the sector, without the technical complexity or limitations of buying and holding the underlying crypto assets. Spirit’s strategy is based on management’s belief that the blockchain and digital asset ecosystem will provide significant growth and outperform traditional asset classes in the medium to long term.
The company’s strategy focuses on four complementary financial units:
- Royalties & Streams by lending capital to blockchain ecosystem participants, where repayment of the nominal and interest occurs in the form of crypto-assets;
- Consultancy and research services;
- Treasury management through investment in large crypto-assets with cold storage in Switzerland; and
- Deliver IT solutions to the sector within the areas of Compliance, AML, Forensics and Risk Reporting.
Spirit’s common stock (the “Stock“) has been approved for listing on the Canadian Securities Exchange (“CSE“), subject to customary listing conditions. The Company expects the shares to begin trading in September 2022 and will update the market pending confirmation of a listing date by the CSE.
For further information, please contact:
Erich Perroulaz, founder and CEO
[email protected]
The securities referred to in this press release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of. of US persons lacking registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction where such offer, solicitation or sale would be illegal.
Forward-looking statements
This press release contains forward-looking statements and forward-looking information in accordance with applicable securities legislation. The use of the words “expect”, “anticipate”, “continue”, “estimate”, “target”, “may”, “will”, “project”, “should”, “believe”, “plan”, “have to intent” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information deal with future events and conditions, they inherently involve inherent risks and uncertainties. Forward-looking information in this press release includes, among other things: listing of the company’s securities on the CSE and proposed listing time; Spirit’s ability to raise capital, create partnerships and execute its broader business strategy; the success of the company’s Validator Node on the Avalanche network; comments related to prices in the crypto market; and the success and long-term trajectory of the blockchain and crypto industry more generally. Actual results may differ materially from those currently expected due to a number of factors and risks. Factors that can significantly affect such forward-looking information are described under the heading “Risk factors” in the company’s long prospectus dated August 8, 2022, which is available on the company’s profile on SEDAR at www.sedar.com.
The company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Readers are therefore advised not to rely on forward-looking statements or information.
CSE has not reviewed, approved or disapproved the contents of this press release.
