Mega Matrix Corp. Announces Establishment of a Joint Venture With Bit Digital, Inc. to Jointly Provide Digital Assets Staking Services
07 Março 2023 - 6:30PM
Mega Matrix Corp. (“MTMT” or the “Company”) (NYSE American: MPU),
today announced that its wholly-owned Singapore subsidiary, Saving
Digital Pte. Ltd. (“Saving”) has formed a joint venture with Bit
Digital, Inc. (NASDAQ: BTBT) (“Bit Digital”) by entering into a
shareholders’ agreement (the “Agreement”) with MarsProtocol
Technologies Pte. Ltd., the joint venture company (the “JV
Company”), to jointly provide proof-of-stake technology tools for
digital assets through the staking platform “MarsProtocol”, an
institutional grade non-custodial staking technology (the “Joint
Venture”). The JV Company will be domiciled in Singapore. Before
offering any services, the JV Company will undertake a regulatory
review to ensure that its services are fully compliant with the
laws of Singapore and any other nation in which it seeks to conduct
business. Pursuant to the Agreement, Saving will control 60% of the
Joint Venture.
Bit Digital is a sustainability-focused
generator of digital assets with large-scale bitcoin mining
operations. Bit Digital is headquartered in New York with
operations throughout North America. As of December 20, Bit Digital
had 7,904 ETH and 2,004 sETH-h with a combined worth of
approximately $12.1 million. 2,164 ETH were actively staked as of
that date, using either native staking or liquid staking protocols.
Bit Digital intends to continue accumulating Ethereum and stake
substantially all of its ETH position over time.
Following the transition by Ethereum on
September 15, 2022 from proof-of-work (PoW) to a proof-of-stake
(PoS) consensus mechanism (the “Merge”), Ethereum shifted to a PoS
validation system where validators stake their ETH into a smart
contract on Ethereum to serve as collateral that can be destroyed
if the validator behaves dishonestly or lazily. The validator
(selected randomly) is then responsible for processing the
blockchain transactions, storing data and adding new blocks to the
blockchain. To become a validator on Ethereum, a participant must
stake 32 ETH. Through MarsProtocol, the Joint Venture will seek to
provide non-custodial staking tools whereby users’ private keys are
not stored in its database to ensure the safety of its users’
digital assets. For more information, please visit
http://www.marsprotocol.com.
“We are very excited to cooperate with BTBT to
jointly explore the digital assets staking business, and we are
looking forward to providing proof-of-stake technology tools for
digital assets through the Joint Venture, which will enable users
to earn ETH rewards through an easy-to-use and non-custodial
staking platform,” said Mr. Yucheng Hu, CEO of Mega Matrix
Corp.
About Mega Matrix: Mega Matrix
Corp. (the “Company”) is a holding company located in Palo Alto,
California with four subsidiaries: Saving Digital Pte. Ltd., a
Singapore corporation (“Saving”), MarsProtocol Inc., an exempted
company incorporated under the laws of the Cayman Islands, Mega
Metaverse Corp., a California corporation (“Mega”) and JetFleet
Management Corp. a California corporation (“JetFleet”). The Company
focuses on crypto-related business and will continue to focus on
third-party management service contracts for aircraft operations
through its majority owned subsidiary JetFleet, which was part of
the Company’s legacy business. For more information, please contact
info@mtmtgroup.com or visit: http://www.megamatrix.io.
About Bit DigitalBit Digital, Inc. is a bitcoin
mining company headquartered in New York City. Bit Digital’s mining
operations are located in North America. For additional
information, please contact ir@bit-digital.com or visit
our website at www.bit-digital.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
All statements in this press release other than statements that are
purely historical are forward-looking statements. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose,” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees for future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, are: the ability to
manage growth; ability to identify and integrate other future
acquisitions; ability to obtain additional financing in the future
to fund capital expenditures; fluctuations in general economic and
business conditions; costs or other factors adversely affecting the
Company’s profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic; the occurrence
of any event, change or other circumstances that could affect the
Company's ability to continue successful development of its digital
assets staking business model; the possibility that the Company may
not succeed in developing its new lines of businesses due to, among
other things, changes in the business environment, competition,
changes in regulation, or other economic and policy factors; the
possibility that the Company's new lines of business may be
adversely affected by other economic, business, and/or competitive
factors; and the possibility that the Joint Venture does not
perform or operate as anticipated. The forward looking statements
in this press release and the Company’s future results of
operations are subject to additional risks and uncertainties set
forth in in documents filed by the Company with the Securities and
Exchange Commission, including the Company’s quarterly reports on
Form 10-Q and the Company’s latest annual report on Form 10-K, and
are based on information available to the Company on the date
hereof. In addition, such risks and uncertainties include
uncertainties surrounding the ability to generate cash proceeds
through the sale or other monetization of the Company’s assets. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release.
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