Tokens.com Corp. ( NEO:COIN) ( FSE:76M) (“Tokens.com” or the “Company”), a blockchain technology company that provides transaction processing and validation services for various digital assets that power Decentralized Finance (DeFi) applications and Non-Fungible Tokens (NFTs), is pleased to announce a collateralized loan facility with Genesis Global Trading (“Genesis”), a full-service digital currency prime broker and subsidiary of Digital Currency Group.
The loan will have an open term amount for an initial amount of approximately $2 million with an annual interest rate of 9.75%. Proceeds from the facility will be used to purchase additional digital assets to expand Tokens.com’s crypto staking operations.
“The current correction in the crypto markets has created opportunities to expand our crypto staking operations by purchasing additional tokens at attractive levels. We have chosen a premier institutional partner in Genesis to accomplish this strategic expansion. Genesis and the Digital Currency Group have established themselves as leaders with a reputation for excellence and professionalism and Tokens.com is proud to work with them,” said CEO Andrew Kiguel.
“We are pleased to support Tokens.com in growing their crypto staking operation and offering them financing on their staked digital assets,” commented Matt Ballensweig, Director of Institutional Lending at Genesis.
About Tokens.com
Tokens is a publicly-traded blockchain technology company that provides transaction processing and validation services for various digital assets that power Decentralized Finance (DeFi) applications and Non-Fungible Token (NFT) platforms. Tokens utilizes Proof-of-Stake (“PoS”) or Staking technology. DeFi is a new class of financial applications that provides users with automated and transparent financial services, such as borrowing and lending, without the need for financial institutions. NFTs are redefining how art, gaming, music and collectibles are created, valued and traded. Management believes that as mainstream adoption for DeFi and NFT applications grow, the need for Tokens.com’s Staking services will commensurately increase.
Tokens has agreements with industry leaders, Figment, Polychain Labs, Bison Trails, Staked and Coinbase Custody, to manage its staking operations and provide custodial services. Tokens’ management team includes seasoned blockchain and financial professionals with prior experience at Hut 8 Mining, Fidelity Investments, Galaxy Digital and Goldman Sachs. Tokens was formed in collaboration with Polychain Labs, an affiliate of Polychain Capital, which is one of the largest cryptocurrency venture capital firms in Silicon Valley. Current investors include Bitbuy Limited, First Block Capital, HIVE Blockchain Technologies Ltd., PowerOne Capital Group, Matthew Roszak (the co-founder and Chairman of Bloq, Inc.), and Olaf Carlson-Wee (the founder and CEO of Polychain Capital).
The Company’s common shares are listed under the symbol “COIN” on the NEO Exchange and as “76M” on the Frankfurt Stock Exchange.
Further information can be found on the Company’s website: Tokens.com.
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About Genesis Global Trading
Genesis Global Trading, Inc. is part of the Genesis full-service digital currency prime brokerage providing a single point of access for high-net worth and institutional investors and other suitably qualified individuals. The Genesis group offers sophisticated market participants a fully integrated platform to trade, borrow, lend, and custody digital assets, creating new opportunities for yield while increasing capital efficiency for counterparties.
Genesis is the only global over-the-counter trading firm for digital assets licensed by both the SEC/FINRA and the New York Department of Financial Services. Genesis combines unrivaled operational excellence, a seamless user experience, and best-in-class client service to provide the full suite of services global investors require to manage their digital asset portfolios. For more information about Genesis, please visit https://genesistrading.com/.
Neither NEO Exchange nor its Regulation Services Provider (as that term is defined in policies of the NEO Exchange) accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENT DISCLAIMER
Certain statements in this news release have been derived from third party sources and have not been independently verified by the Company. In addition, this news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward-looking statements in this news release include statements regarding the expected growth and adoption of Decentralized Finance (DeFi); the expected conversion of Ethereum to Staking; and management's belief that the Company's model is unique and provides investors with an upside that crypto miners cannot compete with. Forward looking statements involve risks, uncertainties and other factors, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including that: the Company's annual compensation percentage is volatile and could materially decline; competition or other factors may diminish Staking claims; the Company’s use of proceeds from the loan; the Company's cryptoasset inventory may be materially reduced in value as a result of flaws in the cryptoasset code or malicious actors; market adoption of blockchain may be slower than expected; the Company may be unable to raise financing needed to continue its business on terms expected or at all; the Company's business is subject to cybersecurity risks, including risk of loss, theft or destruction of its cryptoassets; and regulatory changes may impact the Company's ability to conduct its business as currently conducted, as well as other factors beyond the Company's control, and those risk factors included under the heading "Risk Factors" in the Company's filing statement dated April 22, 2021, which is available under the Company's profile at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date of this release, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this release. The forward-looking statements in this news release are made only as of the date of this release and the Company does not undertake any obligation to update any forward-looking statements, except as required by applicable securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210629005434/en/
Contacts
Tokens.com Corp.
Katherine Sullivan, Head of Corporate Strategy & Investor Relations
Email: contact@tokens.com
Phone: (647) 578-7490
Media Contact: Megan Stangl – Talk Shop Media
Email: Megan@talkshopmedia.com