Vancouver, B.C., Jan. 03, 2024 (GLOBE NEWSWIRE) — CryptoBlox Technologies Inc. (the “Company” or “CryptoBlox”) (CSE: BLOX) wishes everyone a Happy New Year and is pleased to provide a corporate update summarizing the progress and developments in 2023, which focused on CryptoBlox building its diversified Blockchain Ecosystem Strategy (the “Blockchain Ecosystem Strategy”). This started with the acquisition of Redwater Acquisition Corp. (“Redwater”), a modular air-cooled data center facility, powered by flared gas in Sturgeon County, Alberta. The Company then acquired a royalty-free worldwide technology license from Crypto Green Tech Inc. (“Crypto Green”) to develop and distribute products based on Crypto Green’s crypto-mining hybrid solar and wind technology. Finally, the Company signed an LOI to acquire the rights to a digital asset license with BFT – Blockchain Fintech Unipessoal LDA (“Blockchain Fintech”) and hopes to close a definitive agreement with Blockchain Fintech this month, which will in turn serve as the final foundational piece to the Company’s Blockchain Ecosystem Strategy.
CryptoBlox’s Diversified Blockchain Ecosystem Strategy
Layer 1: Infrastructure & Sustainable Digital Asset Mining
With the acquisition of Redwater, CryptoBlox began rolling out its off-grid mining strategy, which is centered around using alternate energy (such as flare gas, in Redwater’s case) to power digital asset mining operations. The Company expects that Electricity generated through alternate energy assets will enable it to eliminate the middlemen within power generation and its subsequent distribution, thereby resulting in significantly lower power pricing, as compared to both commercial and retail market rates. This is evident within the Redwater site, where electricity prices are as low as $0.015/kwh. As the next Bitcoin halving (the “Halving”) approaches, the Company hopes that being in control of cheap power will allow it to sustainably and profitably mine digital assets like Bitcoin irrespective of market conditions and the reduced rewards from mining that are likely to ensue after the Halving. Using flare/stranded gas as an alternate energy source also aligns with CryptoBlox’s vision of reducing greenhouse gas emissions from digital asset mining.
Layer 2: Sustainable Mining Products & Technology
In a bid to expand its focus on off-grid, alternate energy-powered digital asset mining capabilities, and build out its sustainable mining products and technology business, in November 2023, CryptoBlox acquired a four-year license of Crypto Green’s crypto-mining hybrid solar and wind technology (the “Technology”). The Technology enables power generation through renewable sources, which then can be monetized by digital asset mining. The Company hopes that this acquisition will allow it to extend its off-grid mining infrastructure to retail users by enabling users to take advantage of digital asset mining powered by electricity generated through off-grid renewable energy sources. The strategic nature of this acquisition allows CryptoBlox to further align with its goal of reducing greenhouse gas emissions from digital asset mining. It will also allow the Company to develop and manufacture unique renewable mining products and market them under their own brand, which will play a key role in differentiating the Company from its competitors.
Layer 3: Structured Digital Asset Products & Blockchain Payments
In September 2023, the Company signed an LOI with Blockchain Fintech, setting the groundwork for a strategic partnership through which CryptoBlox will acquire the rights to a digital asset license (the “Digital Asset License”). The Company is expecting to close a definitive agreement respecting the Digital Asset License with Blockchain Fintech this month. The Company believes access to the Digital Asset License will further enable it to develop structured digital asset products enhanced by blockchain-based payments solutions. The Structured Digital Asset Products & Blockchain Payments layer will be developed with a goal to help onboard new incumbents onto the blockchain economy, through easy-to-use non-custodial products and services, allowing users to connect everyday purchases with blockchain-based decentralized finance, while maintaining 100% control over their funds. The Company also plans for its structured digital asset products to be further enabled by strategic partnerships with payment rails providers, financial institutions, and digital asset liquidity providers. In the medium term, the Company intends to develop a robust structured digital asset financial product suite that allows for liquidity (from all self-mining operations) to perpetuate within the CryptoBlox ecosystem while, in the long-term, providing a gateway to launch additional retail focused mining products.
To enhance CryptoBlox’s Structured Digital Asset Product suite, the Company also plans to develop its own blockchain-based payments suite, which will look to solve network scalability issues within major blockchain networks while lowering transaction costs and increasing transaction speeds and subsequent throughput. The Company seeks to establish a circular and sustained value capture system by integrating CryptoBlox’s Blockchain Payments layer with the Structured Digital Asset Product suite. This integration further extends to both the Sustainable Mining Products & Technology layer and the Company’s Infrastructure & Sustainable Digital Asset Mining layer. By integrating all 3 layers together, CryptoBlox aims to enhance operational efficiency and create synergies across various aspects of the company’s offerings.
Other Corporate Updates
Over the Summer of 2023, the company welcomed Akshay Sood as its new Chief Executive Officer. Mr. Sood’s invaluable experience and expertise in blockchain-based economies, focusing on network/product design and rollout, gained from advising and incubating early-stage blockchain/web3-based startups, including having spearheaded multiple early-stage capital raises, has already been leveraged to establish CryptoBlox’s Blockchain Ecosystem Strategy.
Prior to Mr. Sood’s appointment as CEO, he and Rahim Teja were appointed to the Company’s board of directors. Mr. Teja brings over 20 years of experience in strategic business-to-business (“B2B”) and business-to-consumer (“B2C”) sales, along with core specialization in technology software-as-a-service (“SaaS”) sales, while also having a breadth of experience within the telecom, travel, and recruitment industries. The Company aims to continue to use Mr. Teja’s expertise and significant experience in both the B2B and B2C sectors to further the CryptoBlox’s Blockchain Ecosystem Strategy execution and growth.
Finally, in a strategic move to remain focused on the Company’s new vision and strategy, CryptoBlox has sold all non-blockchain/crypto related assets. In doing so, the Company has sold its remaining interest in Ionix Pro Battery Technologies Inc.
The Company’s CEO Mr. Sood, wishes to share this final message to all CryptoBlox’s shareholders and stakeholders to wrap up 2023 and kick off 2024:
“2023 has been a pivotal year of restructuring and foundational work. We at CryptoBlox are proud to highlight the establishment of our Diversified Blockchain Ecosystem Strategy which consists of the three integral layers that will be guiding our Company going forward.
With these three foundational layers, being 1) Infrastructure and Sustainable Digital Asset Mining, 2) Sustainable Mining Products & Technology, and 3) Structured Digital Asset Products & Blockchain Payments, our strategic reorganization positions us for success as we concentrate on executing on this strategy in 2024. In the immediate short term, we are on track to finalize a definitive agreement with Blockchain Fintech and then, moving forward, our commitment is unwavering—to continue building shareholder value through organic growth in each of the divisions as well as through continued strategic acquisitions. Wishing everyone a joyous New Year and the very best for 2024!”.
On behalf of the Company,
Akshay Sood,
Chief Executive Officer
About CryptoBlox Technologies Inc.
CryptoBlox Technologies Inc. is a blockchain technology infrastructure company focusing on building out its diversified Blockchain Ecosystem Strategy that consists of Infrastructure & Sustainable Digital Asset Mining, Sustainable Mining Products & Technology, and Structured Digital Asset Products & Blockchain Payments. The Company’s Infrastructure will be based on the value chain that stems from off-grid/alternate energy powered digital asset mining, along with a diversified portfolio of sustainable mining and blockchain fintech products and services enabled by both the Sustainable Mining Products & Technology and Structured Digital Asset Products & Blockchain Payments layers. The Company will be focused on providing alternate energy solutions to power digital asset mining operations throughout North America – with the first site being in Redwater, Alberta. By using alternative energy sources and state-of-the-art operations techniques, the Company will be positioned to achieve a high degree of financial optionality and long-term operational certainty, which can result in some of the cleanest and lowest-cost digital asset mining operations in the world.
For further information about the Company, please visit www.cryptoblox.ca or call 236-259-0279.
Forward-Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to, statements respecting: the Company’s strategic direction; the Blockchain Ecosystem Strategy, its three constituent layers and the impact of each such layer and the interplay between them; the transaction with Blockchain Fintech and the impact of same in the market and on the Company’s business; the Company’s plans with respect to future product development and service offerings; the impact of being in control of cheap power following the Halving; the Company’s goal of reducing greenhouse gas emissions; the Technology and its impact in the market; the Redwater transaction, its impact in the market and the expected benefits to the Company of the acquisition; the Company’s sale of its interest in Ionix Pro Battery Technologies Inc.; the Company’s development of a digital asset financial product suite; future digital asset adoption; the Halving; energy efficiencies associated with the Technology; the expected contributions of Messrs. Sood and Teja to the Company; the Company’s strategic reorganization; the Company’s goal of building shareholder value. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.
The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
