As the wealth administration business enterprise more and more will become a technologies company, the wealthtech market place is poised for sizeable progress and growth at the rear of the momentum of chopping-edge tech.
But we are going to have to wait around a handful of extra many years to see it hit its peak.
A report from Grand Watch Investigate predicts that the worldwide prosperity management application market will reach $12.07 billion by 2030, growing at a compound once-a-year level of 13.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} more than the next 8 many years.
The California-centered investigate firm’s 159-page investigation expects the marketplace growth to be driven by an “escalating desire for prosperity management software program from monetary advisors to effectively comprehend the desires of their shoppers and streamline the money administration of their purchasers accordingly.”
Researchers say the widening scope of wealth administration software program to protect anything from accounting and expenditure administration to estate arranging and retirement planning bodes very well for the potential. At the identical time, rapid advancements combined with better adoption of the most current technologies for prosperity administration are envisioned to intensify the competition amongst conventional and non-standard companies.
“The expanding selection of smaller and medium enterprises throughout the globe, and subsequently, the expanding preference of these enterprises for modern day alternatives based mostly on the most up-to-date technologies, these as blockchain and AI, are anticipated to build new advancement prospects for the (compact and medium enterprises) phase,” said a assertion from Grand Perspective Investigation. “Money advisors are widely adopting economic information and management options to improve efficiency, make improvements to workflow efficiency and fortify shopper interactions by assisting clients in attaining their financial and expenditure ambitions.”
In accordance to the research, the investing and exchange corporations conclude-use segment is predicted to witness the quickest development in excess of the forecast time period as people are aggressively opting for currency trading and fairness trading to augment their fiscal gains.
The developing adoption of prosperity management solutions by buying and selling and exchange corporations to improve effectiveness and lessen functioning costs is also thought of a beneficial for the segment.
When discussing the increase in prosperity managers turning to AI-backed purposes to offer you customized answers to their purchasers, scientists say corporations are specially adopting predictive analytics resources primarily based on AI and device finding out to evaluate the massive volumes of knowledge similar to investments and forecast future developments.
“The expanding amount of higher net perform persons throughout the world is expected to play a market part in driving product or service adoption around the forecast time period. HNWIs have to have numerous providers, including expense administration services, tax information, billing expert services and portfolio management providers, amongst other individuals,” according to the Grand Check out analyze.
Scientists also say reducing the handbook procedures stays a precedence, and incredibly, the outbreak of the COVID-19 pandemic is seen as a boon for new progress options.
“Various organizations and folks are approaching wealth management service vendors to find investment guidance and strategy their investments properly in the wake of the outbreak of the pandemic,” claimed a statement from Grand Look at Study. “As this kind of, market gamers are responding to the switching specifications of their customers and diversifying their remedies and products and services to manage the accounting, estate preparing, investment decision scheduling and retirement scheduling of their shoppers.”
The robo-advisory segment is anticipated to witness the fastest compound yearly rate more than the forecast period thanks to the increasing adoption of the robo-advisory platform to automate portfolio creation based on the income, danger parameters and other facets of a client’s investment decision mandate, according to the examine.
Several companies across the world are also focusing on deploying cloud-based methods to be certain quick obtain to data and provide customized services to their shoppers.
Scroll down to get caught up on other the latest fintech information you may well have skipped in our Wealthtech Weekly recap.
Sam Bankman-Fried cut an unlikely figure as he took the stage on the final morning of this year’s big derivatives-industry conference in Boca Raton, Florida. Sporting a grey T-shirt, khaki shorts and sneakers, his mane of curly hair untamed, the 30-year-old chief executive of FTX looked more like a student who had just rolled out of bed to grab breakfast at his college cafeteria than the boss of an international cryptocurrency exchange valued at $32bn.
Adding to incongruity at the Futures Industry Association event was that Bankman-Fried was engaging in a one-on-one chat with Alex Rodriguez, the retired American baseball star, broadcaster and business executive known as A-Rod. Standing a good six inches taller than his interlocutor and still fit at 46, the one-time fiancé of Jennifer Lopez was every inch a red-carpet celebrity in his dark suit, white shirt and power tie.
But it was A-Rod who was out of his league.
Bankman-Fried had already stolen the show at the March gathering with a groundbreaking proposal to US regulators to automate risk management in financial markets — using practices developed for digital assets. FTX says it plans to start with a small market — leveraged futures contracts for cryptocurrencies. But it raises the possibility of a brave new world in which traditional brokers would be replaced by computers, and machines would make margin calls in 24-hour-a-day, seven-day-a-week trade.
As he compared notes with Rodriguez, Bankman-Fried stuck to a futuristic vision, holding forth at length on the “really beautiful experience” of using some of the new protocols being built on blockchains, the distributed ledger technology underpinning cryptocurrencies. By the time he finished, the former New York Yankees slugger was a gushing fan. “This guy is way too smart,” he said.
The warm reception given to the young man in short trousers by the folks in suits at the Florida pow-wow was something of a surprise. Bankman-Fried and his industry are controversial. An American citizen, he is a paper billionaire many times over based on his majority interest — his exact holding has not been disclosed — in an international crypto exchange that is incorporated in Antigua and Barbuda and operates with a licence issued by the Bahamas. His three-person board has one outside director, a lawyer in its corporate home country.
The crypto business faces headwinds on multiple fronts. Gary Gensler, US Securities and Exchange Commission chair, has said there is a “great deal of hype and spin” about how digital assets work and a lack of investor protections in the “Wild West” markets where they trade. Lesser authorities have wondered how coins named after little dogs or non-fungible tokens depicting bored apes could be worth so much. Hopes that bitcoin would function as a kind of digital gold have been undercut by its difficult-to-explain price movements in crises.
Yet Bankman-Fried created a buzz in Boca by focusing less on what is being traded on exchanges such as FTX and more on how it is being traded — the implication being that the gold might be in the new financial plumbing itself rather than what flows through it. In the process, he took a far different approach to dealing with the government than his more combative brethren in the libertarian-leaning crypto community. He invited oversight and sought a dialogue with the regulators — which he has received.
Rostin Behnam, chair of the US Commodity Futures Trading Commission, which regulates derivatives markets, addressed the FTX proposal in a speech at the same event. While pledging to be “careful, patient and deliberative with this request”, Behnam also expressed public admiration for the ideas behind Bankman-Fried’s argument.
“The request represents an innovative proposal that deserves careful consideration,” Behnam said, adding: “It has never been, nor should it ever be our job to choose winners or losers in the industry. Only the market and the customer can do that.”
Trading day and night
The CFTC itself set the stage for Bankman-Fried’s star turn only five days before the conference. On March 10, it issued a request for public comment on a proposal by the US derivatives arm of FTX to allow a small US futures exchange it bought last year to offer leveraged futures contracts.
The products it currently offers to retail investors are — to use the industry lingo — “fully collateralized,” meaning FTX takes no credit risk. With leveraged futures there is a big difference. These contracts enable investors to take large positions while putting up a fraction of the value of the trade, known as margin. The leverage means investors can get more bang for their buck if things go right. The margin functions ensure that a soured bet and default doesn’t cascade through the financial system.
The novel part of the FTX proposal is how it deals with margin. In today’s markets, brokers known as futures commission merchants, or FCMs, collect margin and make sure customers have enough of it to support their positions. If they do not, FCMs ask for more money, usually overnight, or advance funds to special customers to keep them in the game.
FCMs also contribute to guarantee funds at clearing houses — third parties that stand between buyers and sellers of futures — to “mutualise” losses in a major default. FCMs hold $456bn in customer funds, the CFTC says, with the two biggest being arms of JPMorgan Chase and Goldman Sachs.
FTX is seeking to bypass the brokers and use an approach that has evolved in the do-it-yourself, 24/7 crypto trade. In this world, digital assets move on computer networks that have no opening or closing times, or any of the traditional gatekeepers that were required by older technologies.
Under the FTX plan, customers would deposit collateral in FTX accounts — cash or crypto — and be responsible for keeping enough on hand to cover margin requirements at all times. Margin levels would be calculated every 30 seconds. If the margin falls too low, FTX would start liquidating the position in seconds, selling it off in 10 per cent increments or, in worst-case scenarios, offering it to “backstop liquidity providers who agree ahead of time to accept a set amount”. FTX also promised to put $250mn of cash into a guarantee fund.
FTX officials argue that the current practice of asking for margin creates a world of unsecured credit in which FCMs basically hope the customer will pay at some point. Their automated system would be safer, they say. Liquidations would be more frequent, but less ruinous. As proof, they pointed to the ability of their three-year-old international exchange to survive the ferocious volatility of digital asset prices.
“From a risk perspective, and this gets lost sometimes in discussions, I think our proposal is, in some senses, much more conservative . . . than the norm,” Bankman-Fried said in a Financial Times interview.
Don Wilson, chief executive of DRW, one of the world’s biggest derivatives traders, says his group has been “trading this way for some time in the crypto space” and has grown to like the 24/7 action. Because it can be moved around at all hours, crypto is very handy collateral for leveraged players looking to act quickly in the markets.
“One of the things that blockchain technology enables is more efficient and more real-time exchange of collateral. Once you have the ability to move collateral in a nearly instantaneous manner, then you can rethink the way you’re doing your margining,” he says.
“We have to manage the collateral in real time and we’ve never got closed out of a position [liquidated],” he explains. “People who don’t have the collateral get closed out of their positions and that’s a good thing. That reduces systemic risk and once you get it to the ability to very efficiently close out positions . . . now do you really even need an intermediary?”
Getting rid of gatekeepers
The case for human intermediation in futures markets took a real-time blow as industry executives met in Boca Raton. Across the Atlantic, the London Metal Exchange halted nickel trading for a week — and cancelled a day of trades — after a big bearish bet by Chinese metals tycoon Xiang Guangda backfired and left him facing huge margin calls. Activity only resumed after Xiang struck an agreement with banking counterparties including JPMorgan and Standard Chartered to keep his position open.
The debacle pointed to a hole in the defences erected by global regulators in response to the 2008 financial crisis and the role that opaque derivatives trading played in it. Officials pushed for more central clearing of trades and tougher margin requirements as a backstop for the system. But regulators were never able to construct a real-time risk management dashboard that would enable them to spot a big market player building up a dangerously large leveraged position.
As the LME reeled, FTX was making a well-timed sales pitch that it could fill the gap. Regulators would be able to log on to its website and see “to the penny” the “total amount of risk in the system”, FTX claimed. Some of that data could even be shared with the public, Bankman-Fried said.
“I think it would be cool to have a public dashboard that makes much more of this clear,” he says. “We know how much collateral exactly is in the system. We are custodying it. We have internal metrics and we have alarms that go off if that changes internally. We just haven’t made it public.”
Weekly newsletter
For the latest news and views on fintech from the FT’s network of correspondents around the world, sign up to our weekly newsletter #fintechFT
The turbulence in commodities markets that followed the Russian invasion of Ukraine also gave FTX a chance to make the case for round-the-clock trading. As ruinous as that might be for the work-life balance of industry participants, it would allow investors and the financial system to adjust as quickly as possible to the outbreak of war or other disasters, the company argues.
“It’s not like waiting till Monday means you didn’t have risk over the weekend. It was there. You just were intentionally not paying attention to it,” says Bankman-Fried. “You can have more continuous deleveraging. You don’t have to have these three-day gaps in which war can break out.”
Not everyone, of course, is as enthusiastic. Craig Pirrong, a University of Houston finance professor, says he fears the mechanical FTX approach could prove “destabilising”, exacerbating market moves in either direction and possibly creating opportunities for bad actors to manipulate prices in hopes of triggering liquidations. He suggests the CFTC adds a “shock absorber” to the FTX system to slow down the action when necessary.
“This is a double-edged sword. There is a trade-off here,” he says. “Innovation should be allowed, but the potential issue with this innovation should be recognised and the CFTC should get ready to mitigate it.”
The CFTC has signalled it is going to take its time in deciding what to do. In a sign of the intense debate to come, the regulator has extended the original comment period on the FTX proposal by 30 days, to May 11. Market participants are already asking about the reliability of the FTX plan for back-up liquidity providers or whether it would concentrate risk in too few hands. Because futures are used by farmers and ranchers to hedge risks, agricultural interests could weigh in, complicating matters politically.
The FCMs are another wildcard. FTX officials are taking pains to say that investors who want to retain their brokers can trade through them at their exchange. FTX does not mean to suggest that “just because we allow for disintermediation, there has to be disintermediation”, says Brett Harrison, president of FTX.US.
But the traditional players are unlikely to be happy. After a long period of decline — in which the number of FCMs fell from 178 at the end of the 2005 to 61 in the latest CFTC survey — prospects for the business are looking up. Rising interest rates would make it more profitable to hold customer balances, says Carl Gilmore, president of Integritas Financial Consulting, who adds: “Don’t be surprised if you see a bunch of FCMs complaining about this in the next few weeks.”
The regulation fight
Whatever happens, the FTX proposal and the debate it has stirred marks a new phase in the drama over crypto regulation, which to this point has recalled Samuel Beckett’s Waiting for Godot, at least in the US.
In an executive order on crypto this year, Joe Biden signalled both his determination to regulate the industry — and the delays to come. The president’s declaration was short on details and long on studies. It will be months before detailed proposals emerge from his administration. Although a bipartisan group of legislators is discussing how to deal with crypto, final action on Capitol Hill will take time.
As a result, no single US regulator oversees the spot market in digital assets. While the CFTC takes an interest in crypto derivatives, there is a raging debate on Gensler’s assertion that many cryptocurrencies are securities under US law, making them fair game for the SEC. Most crypto exchanges in the US operate with money transmitter licenses.
“Would we like Congress to pass a bill that clarifies everything? Absolutely,” says Bankman-Fried, the son of two Stanford law school professors. “But that could take years.”
In the meantime, FTX is taking regulatory matters into its own hands. Bankman-Fried has already suggested to Congress that the CFTC should be made the regulator for all digital assets in US spot and derivatives markets. With its proposal to the CFTC, FTX is prodding its preferred regulator into action that could establish key rules of the road for traders.
“We would love to have more clarity around the right way to get licensed and registered for digital assets,” says Bankman-Fried. “I do think this is an attempt for us to find what seems like the best oversight that can be given, given the structure that exists today.”
Comedian and writer Larry David starred in a Super Bowl ad for FTX
Bankman-Fried started FTX only three years ago, first setting up an international exchange and then one for US users. The larger international operation is now worth more than Deutsche Bank or Credit Suisse, based on its $32bn valuation in a January funding round that included Japan’s SoftBank and Canada’s Ontario Teachers’ Pension Plan.
Down the road from Boca Raton, the Miami Heat of the National Basketball Association play in the FTX Arena. Larry David stars in the company’s commercials. The FTX chief executive has even mused about growing big enough to buy Goldman Sachs.
Bankman-Fried has made the scale of his ambitions clear to officials considering his proposal. In a letter sent to regulators in February by one of his in-house lawyers — one of several former CFTC employees working at FTX — the government was put on notice that he is only getting started.
“FTX plans to lead futures markets in the United States into the 21st century,” wrote Brian Mulherin, general counsel of FTX US Derivatives.
A different Wall Avenue government is departing the hallowed halls of traditional finance for the rough and tumble planet of cryptocurrency.
Morgan McKenney, the main functioning officer of Citigroup’s (C) world-wide shopper banking arm and an 18-12 months veteran of the economical behemoth, is assuming the purpose of CEO for a company referred to as Provenance Blockchain Basis, efficient Tuesday. She not long ago took a sabbatical from Citi — and recognized digital belongings are the long run of finance.
McKenney told Yahoo Finance in an unique interview that throughout that time, “I spoke with 80-in addition fintechs, business people, [venture capitalists], and innovation persons, and it became extremely distinct that electronic is disrupting monetary services in quite foundational methods.”
Economical services have normally been done as a result of trusted intermediaries, whether or not instructing the financial institution to deliver money, or telling your broker to offer stocks. But blockchain is altering the underlying banking infrastructure layer to make it possible for two events that don’t know every single other to bilaterally concur and transfer individuals property in true time.
“There are new doorways now in money providers, which by no means existed, offering fantastic activities for customers in blockchain,” suggests McKenney, a computer science important who commenced out as a trader
The executive, who’s risen via the ranks of male dominated fields, is a large advocate for “diversity of believed,” she instructed Yahoo Finance.
“As we go into the new frontier, where by we are making out all these points, we definitely require to cultivate range of imagining and that incorporates gender,” McKenney explained, introducing it will help broaden accessibility to monetary support.
“As a senior girl, I want to send that elevator down, encouraging gals and minorities in STEM,” she claimed. “I want to be extremely concentrated on range inclusion, not due to the fact I come to feel like we must, but since we’re heading to be better when we do that.”
An world-wide-web of blockchain
A Citibank booth at the Singapore Fintech Pageant in Singapore November 16, 2016. REUTERS/Edgar Su
Now, as one of the number of women of all ages leaders in crypto, McKenney will glimpse to position Provenance to enable conventional money corporations – major and smaller – to undertake blockchain. Conventional banking is hunting into and studying blockchain, but has only scratched the area.
For her component, McKenney sees Provenance filling that gap, and serving to the banking sector integrate blockchain and crypto to enhance their business. The company’s tech is especially designed for economical expert services. It is crafted on technological innovation termed Cosmos – the online of blockchains that will allow cash and property to go among unique blockchains a lot more very easily, claims McKenney.
That permits chatting amongst the two blockchains – not like Ethereum () and Bitcoin (), which can only be made use of on their networks, and cannot aid transactions in other tokens. Provenance’s technologies also enables extra command more than knowledge. Personalized information and facts does not sit on the chain, and it can system 1500 transactions per next that’s predicted to mature and is scalable.
“It’s far more conducive for economical companies transactions like payments or investing that wants a ton better throughput than a ton of present blockchains currently,” she described.
Provenance Blockchain’s Cosmos blockchain is now minting tokenized deposits, termed USDF, for a new lender consortium. Private fairness agency Apollo is setting up to leverage Provenance Blockchain for a range of projects – which includes listing investment decision cash on its blockchain. Apollo will be able to supply its traders a digital membership for a newly launched fund wherever possession in the new fund is issued to investors digitally on the blockchain. The organization is also the the vast majority operator of Yahoo Finance.
Not only is the ownership apparent and transparent, but a selection of reporting products and services will be in a position to be provided in authentic time.
According to McKenney, implementing blockchain know-how will help banking to have an completely new infrastructure layer that’ll save costs, reduce chance, and give a lot more transparency in genuine time execution, and enhance speed about the present method.
“It’s an incredible way to acquire out the cost of intermediation and processing a range of economic transactions from origination to trading – perhaps targeting fees of $100 billion,” she included.
Shaking up home finance loan banking, other merchandise
Blockchain money technological know-how to protected cryptocurrencies as bitcoin for on the web payments and cash transaction. Fintech notion with encrypted ledger blocks chained. Individual doing the job on pc
Provenance Blockchain is seeking to minimize the cost of banking for consumers by applying blockchain. McKenney states the blockchain is able to just take out above a complete proportion point of the mortgage origination and servicing course of action for when a shopper needs to acquire a household, enabling the financial institution to supply a more affordable curiosity rate to the client.
“You can give again some of that margin to the shopper so they pay out much less on their home loan,” says McKenney. “So you can a lessen the price tag of economical services to people no matter what they’re buying or making use of.”
By cutting down charges employing blockchain, banking companies can also achieve a entire new established of clients because their charge foundation is substantially decreased. “If your cost to open up an account is $200, you are unable to provide buyers that are heading to have very low balances, you will not make plenty of cash to even initiate that outreach,” she claims.
Provenance Blockchain is also aiming to create money solutions on blockchain that operate in just the existing banking regulatory process and are satisfactory to regulators. For occasion, the USDF stablecoin was developed for regulatory feasibility, since it is really issued by banking companies and it will have FDIC coverage on it. The Biden administration has proposed that only banking institutions be permitted to problem stablecoins and as a result retain deposit coverage.
“I consider blockchain is an enabling technology that will keep on together with the cloud now, and AI device understanding that you can apply on to make procedures extra efficient,” McKenney mentioned.
“So we’ll continue to keep cutting down the value of financial products and services, for the reason that ideal now you only have access to economic products and services, when you have money— irrespective of whether you’re a client or company, if you happen to be a significant quality credit rating,” she included.
McKenney also said that, as the earth of finance results in being much more decentralized, several companies will be run as decentralized autonomous companies. Corporate hierarchy will be changed with participation by people today that don’t operate at a company, she argued.
This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.
Vancouver, British Columbia–(Newsfile Corp. – December 1, 2021) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (NASDAQ: HIVE) (FSE: HBF) (the “Company” or “HIVE”) is pleased to announce its investment in Titan.IO, Inc. (“Titan”), a cutting-edge blockchain software company and the creator of Lumerin, a next generation decentralized mining marketplace where hashpower can be bought and sold using tokens.
Today Titan offers software which helps Bitcoin miners increase their efficiency and scalability at a flat, low cost. It also operates the Titan Mining Pool, which recently surpassed 3 Exahash of Bitcoin mining capacity.
Titan has also announced a disruptive decentralized hashpower routing protocol named Lumerin. The open source Lumerin Protocol is a peer-to-peer solution that enables the exchange of hashpower through smart contracts, making crypto mining hashpower tradable and liquid.
The Lumerin Protocol will allow companies and individuals to buy, sell, and deliver hashpower, achieving decentralization through free market dynamics. Furthermore, the Lumerin Protocol will make Bitcoin hashpower a tradable, liquid financial asset, unlocking mining profitability and providing greater access to capital and hedging strategies.
The investment in Titan has been structured as a share exchange where HIVE will issue to Titan securities consisting of shares and warrants having a value of USD $5 million at CAD $6/share, the same terms as the recently-announced private placement. Titan will issue to HIVE common shares in an amount representing 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the outstanding equity of Titan. The transaction is pending TSX Venture Exchange approval.
Other investors in Titan include Coinbase Ventures and Fenbushi Capital.
HIVE’s investment in Titan will mark the Company’s fourth equity investment of the year. Previous investments include DeFi Technologies, Network Media Group, and a seed investment in Tokens.com.
HIVE Executive Chairman Frank Holmes strongly endorses the Titan team, stating: “We’re backing an extremely strong technological team at Titan, led by expert 15-year veteran software coder CEO Ryan Condron. We were also impressed by Matthew Roszak, co-founder and chairman of Bloq, a leading enterprise software blockchain company. And co-founder Jeff Garzik was an early Bitcoin core developer. HIVE wants to participate in growth in the blockchain ecosystem such as mining software, transparent pools and innovative new tokens, and this is another strategic way to do that. We look forward to working with Titan to capture new opportunities as Bitcoin mining power shifts from China to North America.”
Ryan Condron, Titan’s CEO and Co-Founder, echoed Frank’s sentiment. “We’re very excited to be partnering with HIVE. We founded Titan in order to maximize the optimization and decentralization of mining at any scale. In that journey, we have greatly appreciated HIVE’s expertise and leadership in the mining space. We look forward to working with them to maximize mining efficiency and transform hashpower into a global tradeable commodity using the Lumerin Protocol.”
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency mining company with a 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} green energy focus and an ESG strategy.
HIVE is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, we are building a bridge between the digital currency and blockchain sector and traditional capital markets. HIVE owns state-of-the-art, green energy-powered data centre facilities in Canada, Sweden, and Iceland, where we source only green energy to mine on the cloud and HOLD both Ethereum and Bitcoin. Since the beginning of 2021, HIVE has held in secure storage the majority of its ETH and BTC coin mining rewards. Our shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because HIVE also owns hard assets such as data centers and advanced multi-use servers, we believe our shares offer investors an attractive way to gain exposure to the cryptocurrency space. HIVE traded over 2 billion shares in 2020.
We encourage you to visit HIVE’s YouTube channel here to learn more about HIVE.
On Behalf of HIVE Blockchain Technologies Ltd. “Frank Holmes” Executive Chairman
For further information please contact: Frank Holmes Tel: (604) 664-1078
About Titan
Titan provides powerful software and services for crypto mining at scale and now offers the first enterprise-grade mining pool. The Lumerin Protocol is a peer-to-peer solution that makes Bitcoin hashpower a tradable, liquid financial asset, unlocking mining profitability and providing greater access to capital. Titan was founded in September 2018 by Ryan Condron, Jeff Garzik, and Matthew Roszak. For more information, please visit Titan.io and Lumerin.io and follow us on Twitter at @Titan_Mining.
For further information please contact: Lewis Farrell lewis@titan.io (650) 485-9912
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release
Forward-Looking Information
Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes information about the outcomes of the strategic investment in Titan.io; potential for the Company’s long term growth; the business goals and objectives of the Company, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, if the strategic investment with Titan.io is not as successful as the Company hopes that it will be; the Company’s ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Filing Statement of the Company dated and other documents disclosed under the Company’s filings at www.sedar.com.
This news release also contains “financial outlook” in the form of gross mining margins, which is intended to provide additional information only and may not be an appropriate or accurate prediction of future performance and should not be used as such. The gross mining margins disclosed in this news release are based on the assumptions disclosed in this news release and the Company’s Management Discussion and Analysis for the fiscal year ended March 31, 2021, which assumptions are based upon management’s best estimates but are inherently speculative and there is no guarantee that such assumptions and estimates will prove to be correct.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s ability to realize operational efficiencies going forward into profitability; profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
