why-must-banks-change-their-infrastructure-as-cash-becomes-digitized?

Why must banks change their infrastructure as cash becomes digitized?

 

In the key scene in the movie The Matrix, Neo realizes that he must choose between the red and the blue pill. Central Banks also have a fundamental choice of how to digitize cash. – Cash can either be digitized as a new currency, using existing payment rails, or as a new format, requiring large investments in the banking sector, says Joachim Samuelsson, CEO Crunchfish.

Crunchfish CEO Joachim Samuelsson shows that the World’s Central Banks are facing a decisive choice that will have an enormous impact on the bank infrastructure in their countries.

Money is available in four formats – two physical and two digital. Central Banks issue physical money in the form of coins and banknotes. Digital money exists on bank accounts and constitutes a claim on the bank rather than on the Central Bank. Cryptocurrency is a new digital format, not guaranteed by Central or commercial banks. Instead, authenticity is proven by a blockchain of transactions. One of the key reasons why Central Banks want to digitize cash is the threat that international cryptocurrencies could undermine a country’s currency and its opportunities to dictate monetary policy.

– Digital cash is neither digital money nor a cryptocurrency. The goal is to obtain the unique properties of physical cash as a means of payment in digital form. Such payment methods must work offline and be able to be accepted as payment immediately and completely independent of network connectivity. The privacy of payments must still be ensured within reasonable limits. Just because payments are digital does not mean that the bank needs to see every transaction made. Digital cash must also be extremely flexible, scalable and interoperable with current payment solutions. Crunchfish has developed a solution that meets all these criteria, Joachim Samuelsson proudly states.

Crunchfish Digital Cash Wallet xoxo.cash
Crunchfish complements the World’s payment services with its Digital Cash Wallet xoxo.cash, whether on mobile or payment card. It processes an offline balance that is reflected in a corresponding and blocked Digital Cash account online.

-As the payment is carried out, a digitally signed payment is created and verified offline by the specified recipient. Crunchfish Digital Cash payments can be compared to paying by credit card; the difference is that the debited account is blocked to guarantee that there is no overdraft when the offline payment is settled, Joachim Samuelsson explains.

The primary purpose of digital cash is not to keep but to replace the unique properties of physical cash as a means of payment. Crunchfish’s patent-pending Digital Cash Wallet solves this by processing payments in two steps. First offline clearing upon payment and then settlement when the money is moved between accounts.

New currency or new format?
The World’s Central Banks have a choice to make. They can choose to issue their digital cash as a new currency, to be handled on existing payment systems, or as a new format requiring bank infrastructures to be upgraded to handle the new format. However, according to a staff memo from the Central Bank of Sweden, a new format will not solve the issue of offline payments. At the same time, VISA explains that offline payments can be offered by using two-step payments. Regardless of what the Central Banks decide, Crunchfish’s Digital Cash solution will be needed.

Crunchfish’s entry with Sweden’s dominant real-time payment service Swish in the National Telecom Agency innovation contest shows that it is possible to implement offline payments on account-based rails. The Crunchfish Digital Cash Wallet can then also handle the Central Banks’ digital cash, as there is no technical difference in whether the digital cash is guaranteed by the Central Banks or commercial banks.

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Affilka enters into partnership with ProperSix Casino

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Affilka, an Affiliate Marketing Platform developed by SoftSwiss inked a deal with a third-party brand ProperSix Casino. Now SoftSwiss will be providing its state-of-art services to the newly-launched online crypto casino brand.

An affiliate program of ProperSix Casino will be powered by Affilka, providing its users with a unique combination of transparency and functionality including an extremely flexible commissions constructor aimed at optimising marketing expenses.

A new crypto casino ProperSix is entering the market, giving players the chance to play various games online by using their cryptocurrencies. Customers will be able to play with ProperSix tokens or other most known cryptocurrencies, including BTC, ETH and USDT. With the casino having just been launched, 30 new and original games are ready for players from around the world. With many different bonus systems that help achieve the highest payouts, the luckiest players are sure to win big.

Furthermore, after an increasingly effective integration process with Affilka, the client decided to expand the area of cooperation between SoftSwiss and ProperSix by also signing a deal with SoftSwiss Game Aggregator. The project is bound to be fully integrated later in Q2 and will provide ProperSix Casino with a cost-effective, yet very efficient one-stop-shop solution with a wide portfolio of game providers that are constantly replenishing.

Anastasia Borovaya, Product Owner of Affilka commented on this event: “Affilka may be a newcomer among affiliate marketing software providers in the iGaming industry. Yet it keeps on proving itself as a reliable, secure and very strong and cost-effective tool for iGaming operators. We’re super excited to launch this project alongside ProperSix and are looking forward to very productive cooperation!”.

Richard Haverinen, CEO of PROPERSIX OU noted: “ProperSix is proud to announce that it will be collaborating with SoftSwiss Game Aggregator to ensure the best user experience and many more games to get jackpots in. Furthermore, Affilka by SoftSwiss will ensure reliable, safe and trustworthy operation along with high load resistance. The Online Casino is already live, so people are already purchasing ProperSix tokens and getting ready to see if they will be the ones to get the biggest payouts”.

 

 

About SoftSwiss

SoftSwiss is an international tech company supplying widely acclaimed, certified software solutions for managing iGaming operations. SoftSwiss holds a number of gaming licenses, providing a “one-stop-shop” white label casino solution by taking care of all technical, legal, and financial processes on behalf of its customers. The company has a vast product portfolio, which includes an Online Casino Platform, Game Aggregator with thousands of casino games, an Affiliate Platform, and a recently launched sportsbook platform. In 2013 SoftSwiss was the first in the world to introduce a bitcoin-optimized online casino solution. The company has thus been regarded as the leading technical expert when it comes to the use of cryptocurrencies in online gaming.

About ProperSix Casino

New crypto casino ProperSix is entering the market, giving players the chance to play various games online by using their cryptocurrencies. Customers will be able to play with ProperSix tokens or other most known cryptocurrencies, including BTC, ETH and USDT.

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Paulo Dybala signs as Skrill brand ambassador

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Juventus superstar agrees two-year deal with Skrill to represent the digital payments brand among football fans worldwide

Argentinian international and Juventus icon, Paulo Dybala, has signed a new deal to represent digital payments brand Skrill.

Dybala’s first appearance for Skrill will be in a TV, digital and PR campaign to promote the digital wallet’s Prepaid Mastercard®, available in the UK and Europe. The TV advert will air in Italy for the first time on Sunday, April 18.

Considered to be one of the most valuable footballers in the world thanks to his creativity and pace on the pitch, Dybala, also known as ‘La Joya’ (‘The Jewel’), has helped Juventus to win eleven trophies, including five consecutive Serie A titles. He has been named in the Team of the Year three times and most recently earned the Serie A Player of the Season award for the 2019-20 season.

“I’m very happy and proud to be part of the Skrill family,” said Dybala. “I’m really interested to learn more about how Skrill can help me pay online, send money to friends and buy and sell cryptocurrencies.

“Having the flexibility that Skrill can offer is super helpful to someone like me who’s always on the go,” Dybala added. “I also love that I earn loyalty points on transactions every time I use my Skrill card.”

Dybala’s appointment as a brand ambassador follows a series of activations in the beautiful game for Skrill, most recently as AC Milan’s Official Payments PartnerHis debut campaign will promote the Skrill Prepaid Mastercard® that gives users flexibility, security and privacy when spending their money, as well as complete control via Skrill’s mobile app that allows 24/7 access to a free digital wallet holding their card balance and all transactions. The card can be used anywhere that Mastercard is accepted, including online and abroad, at ATMs and in store.

Lorenzo Pellegrino, CEO of Skrill, added: “Skrill’s many features let you manage your money on the move, easily and safely. Dybala is the perfect brand ambassador for Skrill, reflecting our values around the speed of delivery and our focus on providing a world-class service. We are looking forward to a successful collaboration to share the many benefits of Skrill with football fans worldwide.”

Founded in 2001 and available in over 120 countries worldwide, Skrill is a globally established digital payments brand and part of Paysafe (NYSE: PSFE), a leading specialised payments platform which listed on the New York Stock Exchange on March 31, 2021, representing an exciting milestone for both the Skrill brand and the rest of the group. Skrill offers a multi-currency digital wallet with a number of services available alongside the Prepaid Mastercard®, including Skrill Money Transfer, that allows users to send money internationally. Skrill customers can also send money to their contacts through the Skrill app, as well as buy and sell interests in cryptocurrencies.

 

crypto-platform-kikitrade-completes-us$8m-pre-series-a-funding

Crypto Platform Kikitrade Completes US$8M Pre-series A Funding

 

Cryptocurrency social investment platform Kikitrade today announced that the company has completed Pre-series A funding of USD 8 million, co-led by Dragonfly Capital, Cherubic Ventures and Animoca Brands who also joined the Board of the Company. By providing a user-friendly, secure and fun user experience, Kikitrade aims to attract the millennials and everyday people to invest in crypto assets with ease, and contribute to the democratization of cryptocurrency in the long run.

Renowned Investors Betting on Strong User and Team Traction 

The Pre-A series funding was co-led by Dragonfly Capital, a blockchain venture fund affiliated with Sequoia Capital, Cherubic Ventures, a venture capital that has invested six unicorns globally, and Animoca Brands, a blockchain gaming giant founded by tech legend Yat Siu. Other investors include Ethereum Co-founder Joseph Lubin and his new fund in stealth, Singaporean venture capital Vulpes, Super Chain Capital, Australian venture capital Artesian, Head & Shoulders X in Hong Kong, Chinese blockchain fund SNZ and more.

With profound experience in FinTech, Kikitrade Co-founder Allen Ng said, “My singular goal with Kikitrade is to lower the entry barrier of crypto investment and provide everyday people with the necessary tools and knowledge required.” Dragonfly Capital Partner Mia Deng said, “Attracting the millennials and Gen-Z with first-class user experiences is an important trend in FinTech. We like Kikitrade’s strategies and look forward to driving the mass adoption of crypto together.”

Kikitrade’s solid and diverse team background is also a key consideration for the investors. The team comprises experienced engineers, hedge fund traders, investment bankers and crypto enthusiasts with in-depth knowledge in both financial and blockchain industries. Cherubic Ventures Managing Partner Tina Cheng said, “Kikitrade’s professional team has both excellent product development capabilities and extensive marketing resources. We are very bullish on its future growth and the vision of driving crypto’s mass adoption”.

Enhancing “Social” and “Gaming” Elements for Millennials

Sean Tao, another Co-founder of Kikitrade, has built and operated multiple social products for millennials before. A heavy gamer himself, Sean aims to integrate “social” and “gaming” elements to Kikitrade, enabling peer interaction and gamified experience. Animoca Brands CEO Yat Siu said, “NFT’s are the standard for true digital property rights and the next development of the Metaverse requires easy to on-board financial services, and we believe Kikitrade could become an influential financial onboarding platform for collectors and gamers globally.”

Entering New APAC Markets and Introducing New Features

Granted a Digital Asset Exchange Provider Qualification from the Australian government, Kikitrade has plans to apply or acquire more licenses in APAC. The compliant platform upholds a high standard on identity verification (i.e KYC), anti-money laundering (i.e AML) and asset segregation, striving for a secure and reliable crypto investment experience. To address the common misperception of the high costs associated with crypto, Kikitrade sets its minimum investment amount at US$1. In addition, Kikitrade provides crypto-based saving features and regular investment plans targeting beginners and long-term holders.

The investment proceeds will accelerate the user acquisition in the fast growing APAC markets, including TaiwanSoutheast Asia and Australia. Kikitrade will also continue to optimize its existing trading system, enhance its educational content and create an easy-to-use Non-Fungible Tokens (NFT) and Decentralized Finance (DeFi) portal. Kikitrade is highly committed to becoming the best partner for mainstream investors in their forays into the crypto universe.

smart-money-is-betting-big-on-the-future-of-crypto

Smart Money Is Betting Big On The Future Of Crypto

 

The cryptocurrency market is back – and in a big way! Between late September 2020 and late February 2021 – a period of just five months – Bitcoin prices soared an astounding 456.8%. But Bitcoin’s rise is just part of the story.  Mentioned in today’s commentary includes:  Alphabet Inc. (NASDAQ: GOOGL), NVIDIA Corporation (NASDAQ: NVDA), CME Group Inc. (NASDAQ: CME), Baidu, Inc. (NASDAQ: BIDU), DocuSign, Inc. (NASDAQ: DOCU).

  • Tesla recently purchased $1.5 billion dollars’ worth of Bitcoin and will start accepting it as payment.
  • VISA and Mastercard have announced that they will enable merchants and clients to transact using Bitcoin, unlocking potentially trillions in transaction volume.
  • Goldman Sachs is re-activating its crypto trading desk after detecting huge institutional demand for bitcoin among its client base.

But one company – led by some of the brightest, boldest and most disruptive minds in the blockchain space – appears to stand apart from the rest of the crowd. In fact, some are calling this company “the Uber of Crypto” or the “AirBnB of digital storage.”

That company is Cloud Nine Web3 Technologies (CNICLGUF), and the company’s unique stockpile of interconnected applications and Intellectual Property has it uniquely positioned to take advantage of a new bull market for cryptocurrencies. Cloud Nine’s recent acquisition of Limitless Blockchain Technologies provides it with a foundation that is designed to maximize user experience and customer loyalty. And the company is emerging just as the new bull market in cryptocurrencies is beginning to take off.

The Brightest Minds in Blockchain

This forward-thinking, customer-oriented approach is the result of the work of one of the most impressive management & advisory teams in the blockchain space.

  • This team is led by Chief Technology Officer Michael Shader – with over 20 years of experience in the tech space, including working for several companies under the leadership of Elon Musk, Shader is familiar with scaling customer-oriented technologies.
  • Chief Executive Officer Alex Martini is an entrepreneur and executive with nearly two decades of investing in tech-driven ventures and is a member of the Blockchain Commission for Sustainable Development at the U.N.
  • Kant Trivedi, the company’s Chief Operating Officer, brings over 20 years of experience building and managing world-class customer operations within the Technology, Telecommunications (Rogers Wireless), Financial Services and Blockchain sectors.

A Platform Of Interconnected Assets

Cloud Nine (CNICLGUF), has positioned itself to be “the Uber of Crypto” by bringing to market three assets that work together to create a unique experience for a potential army of millions of digital miners.

Their first asset is an application that offers both revenue for the company as well as a foundation to leverage across its entire platform immediately. This downloadable desktop mining platform –LimitlessCrypto™ VPN Miner –acts as a virtual private network and is designed to give consumers a simple entry point into the world of cryptocurrency. The technology powering Limitless’ VPN Crypto Minder is patent pending, and the VPN currently has a wait list of over 100,000 users for its March 2021 launch. The company is projecting the user base will grow to one million users by the end of 2021 generating an average of $11 USD gross revenue in cryptocurrency per user per month, with an attractive $7.30 in gross profit per user per month.

The company’s second asset is an in-home crypto-mining rig that allows customers to participate in advanced crypto-mining with no expertise required. The MicroBlock™ Miner gives users a plug-and-play opportunity to participate in proof-of-work mining protocols like Bitcoin, Ethereum and more – with the ability to immediately mine up to five different cryptocurrencies in their own home. This is the company’s “crypto-in-a-box” innovation allows users all over the globe to begin generating revenue without specialized knowledge or technical expertise.

The real genius in this interconnected platform of assets, however, is the X2Crypto™ Wallet. The X2Crypto™ Wallet comes with a physical VISA™ Credit card and ties the entire platform together into its own decentralized financial ecosystem by offering storage, crypto exchange and banking capabilities. The interconnected nature of these assets is a key part of what makes Cloud Nine (CNICLGUF), such an interesting investment opportunity.

Exposure to the New Bull Market In Crypto

The surge in the crypto-markets over the last several months has triggered a wave of interest from investors – and a number of compelling opportunities have emerged. None of those opportunities, however, appear to match the unique combination of assets, experience and interconnectivity that Cloud Nine offers as the potential “Uber of the Crypto Space.”

By building a massive funnel for users – with such an impressive collection of assets – Cloud Nine (CNICLGUF) is working to build a scalable platform unlike any other in the industry.

Big Tech Is Jumping On The Blockchain Bandwagon  

Google (GOOG)‘s blockchain initiatives are particularly interesting, in fact. The tech giant is building a platform that will leverage both its cloud expertise and the Ethereum blockchain to allow users to create an entirely new kind of application. Leveraging its Big Data capabilities reference to on-chain data that is out of scope, Google will be able to improve the operational efficiency of the Ethereum smart contract platform

As one of the few trillion-dollar companies, Google has carved out its place among the most elite corporations on the planet. But just because it’s already in the 4 comma club, that doesn’t mean there’s no upside left.

At its core, Nvidia Corporation (NVDA) is built by and for gamers, but because their GPUs are programmable, miners have found a way to harness their power for the own purpose. This has sparked a shortage of gaming GPUs, and Nvidia has finally come up with a solution – its own dedicated mining product.

“Creating tailored products for customers with specific needs delivers the best value for customers. With CMP, we can help miners build the most efficient data centers while preserving GeForce RTX GPUs for gamers,” the company noted on its website.

This exposure to the industry will help its already-successful gaming products get to where they need to be while also creating an entirely new potential market for the company in the process. That’s good news for the company’s future. And shareholders are likely to be the biggest benefactors.

CME Group (CME) is a Chicago based global finance company. In fact, it is the world’s largest derivatives market, trading in everything from currencies, energy, agricultural products and much, much more. The Economist calls it “the biggest financial exchange you’ve never heard of” and they may be right.

It’s not letting the crypto-boom pass by, either. As one of the first major exchanges to offer bitcoin futures, CME Group has proven that it has the foresight and capabilities to remain relevant for years to come. It even recently launched a new product, Ether futures, giving traders even more exposure to the world of crypto.

BAIDU (BIDU) is another leader in the global tech race. As the ‘Chinese Google,’ Baidu is following a similar path to its American counterpart. It began as a search engine but is quickly expanding into almost all things tech related. Like Google, Baidu has an equally large portfolio of innovative new technology, and even better for some investors, it comes at a significantly lower price point. From artificial intelligence to television and finance, Baidu’s ever-expanding reach is not to be ignored.

Despite some pushback from the United States and even some Big Tech oversight concerns from its own government, Baidu has had a stellar year. Since March 2020, The Chinese tech giant has seen its share price soar from $88 to today’s price of $277, representing a 214% return for committed shareholders.

DocuSign (DOCU) is a tech company that has truly disrupted the way that people do business. And it all started with an incredibly simple idea; e-signatures. While the concept may seem obvious right now, DocuSign pioneered the idea and completely transformed how people sign documents.

With many companies doing business outside of the office these days, DocuSign has seen a surge in interest because, global lockdowns or not, documents still need to be signed. And  with this growth in demand, it’s also set itself apart through innovation in the industry. It’s now leveraging blockchain technology to ensure documents and signatures are verifiable and safe.

By. Andy Beckett


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Atari Plans to Set Up Online Crypto Casino Next Month

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Entertainment software company Atari SA is planning to start an online casino next month, the latest step in Chief Executive Officer Frederic Chesnais’s effort to revitalise the firm.

The casino, developed in partnership with Decentral Games on the Ethereum blockchain, will include Atari-themed games and Atari non-fungible tokens (NFTs), which can be leveraged to earn more digital currency.

The collaboration “can move the Atari gaming experience onto the blockchain,” Chesnais said.

The companies expect to see bets of $150 million in 2021 and $400 million over two years, according to their joint statement.

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Cryptocurrency gambling traffic saw threefold increase in 2020, SoftSwiss shares

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According to the SoftSwiss Game Aggregator 2020 corporate report, “the absolute and relative value of cryptocurrency gambling traffic has increased threefold in 2020, compared to 2019”, said Andrey Starovoitov, COO at SoftSwiss.

Moreover, SoftSwiss Game Aggregator statistics further highlight that cryptocurrency is currently actively used by the whole world, with increasing interest in Canada, Russia, and Latin America.

The SoftSwiss Game Aggregator supports several of the most popular cryptocurrencies, but the undoubted leader was and still is bitcoin with a dominating 90%, and other cryptocurrencies (ETH, LTC in second and third place respectively) holding the remaining 10%.

Finally, the report concludes that the rapidly growing popularity of cryptocurrency as a means of payment leads to a rising interest in crypto gambling, a marketplace previously dominated by fiat. “Bitcoin is no longer exotic. In the coming years, we expect to see even more gaming studios supporting cryptocurrencies in their games, as well as casino operators integrating new crypto payment methods for their players”, adds Andrey Starovoitov.

The SoftSwiss Game Aggregator partners with over 70 game studios globally, providing more than 10,000 different games, 3,000 of which support crypto in-game. This extensive portfolio can be added to any gaming software platform through simple API integration. Furthermore, the solution has a unique customer service model, providing ongoing technical support, as well as a personal account manager with SoftSwiss.

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Cryptocurrency gambling traffic saw threefold increase in 2020, SoftSwiss shares

Reading Time: < 1 minute

 

According to the SoftSwiss Game Aggregator 2020 corporate report, “the absolute and relative value of cryptocurrency gambling traffic has increased threefold in 2020, compared to 2019”, said Andrey Starovoitov, COO at SoftSwiss.

Moreover, SoftSwiss Game Aggregator statistics further highlight that cryptocurrency is currently actively used by the whole world, with increasing interest in Canada, Russia, and Latin America.

The SoftSwiss Game Aggregator supports several of the most popular cryptocurrencies, but the undoubted leader was and still is bitcoin with a dominating 90%, and other cryptocurrencies (ETH, LTC in second and third place respectively) holding the remaining 10%.

Finally, the report concludes that the rapidly growing popularity of cryptocurrency as a means of payment leads to a rising interest in crypto gambling, a marketplace previously dominated by fiat. “Bitcoin is no longer exotic. In the coming years, we expect to see even more gaming studios supporting cryptocurrencies in their games, as well as casino operators integrating new crypto payment methods for their players”, adds Andrey Starovoitov.

The SoftSwiss Game Aggregator partners with over 70 game studios globally, providing more than 10,000 different games, 3,000 of which support crypto in-game. This extensive portfolio can be added to any gaming software platform through simple API integration. Furthermore, the solution has a unique customer service model, providing ongoing technical support, as well as a personal account manager with SoftSwiss.

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AC Milan To Join Sports Crypto Movement With Launch Of $ACM Fan Token

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Italian football giants AC Milan, in partnership with fintech blockchain company Chiliz, have announced plans to launch an $ACM Fan Token on the fan engagement and rewards platform Socios.com in the coming weeks.

AC Milan are among the most successful clubs of all time, with 18 FIFA and UEFA trophies to their name in addition to 18 Serie A titles and a massive global fanbase estimated at 450 million, including a significant following throughout Asia.

$ACM Fan Token owners will be able to access a wide range of benefits including the right to vote in multiple club decisions each season, VIP rewards & experiences, exclusive club and sponsor promotions, games, competitions and ‘super-fan’ recognition.

The club joins a list of 19 major sporting organizations who have partnered with Socios to launch Fan Tokens, including FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Atlético de Madrid, Galatasaray and Trabzonspor. Leading esports organizations Team Heretics, NAVI, OG and Alliance have all launched Fan Tokens on the platform, while UFC have signed a global fan engagement agreement and fellow MMA organisation the Professional Fighters League will launch a Fan Token in the coming months. More major clubs are set to launch Fan Tokens in the near future.

Notable examples of fan engagement through Socios include fans of Apollon FC choosing the first team for a friendly match and the club’s home and away kit for the 2021/22 season. Juventus fans chose the club’s new goal celebration song, decided on a limited edition redesign of the iconic ‘J’ logo and the first team bus for the 2020/21 season. Supporters of FC Barcelona placed a unique fan designed artwork at the heart of the Camp Nou dressing room, Roma fans delivered questions direct to head coach Paolo Fonseca in a live press conference and PSG fans chose a unique message for the captain’s armband as well as voting on their end of season awards through the app.

Powered by the utility token Chiliz $CHZ, Socios is one of the most active non-financial, consumer-facing mainstream blockchain products in the world. In just over a year it has been downloaded by more than 450,000 people, over 14M Fan Tokens have been sold, and over 700,000 votes registered on the blockchain. In total, Fan Tokens have generated over $30M USD for clubs and partners in a little over 12 months. In late December and early January several Fan Tokens were listed on major global exchanges driving significant activity, with $PSG and $JUV trading volumes hitting a 24 hour high of $300M in late December.

Fans who purchased ‘Milan Devils’ Tokens using Socios pre-sale feature Locker Room will have their tokens transformed into $ACM Fan Tokens upon launch. Locker Tokens for Manchester Bluand The Galácticos have sold out.

Casper Stylsvig, Chief Revenue Officer of AC Milan said: “We are happy to join hands with Socios and welcome them to our family as a global partner. This partnership allows us to give our 450 million fans across the world another exciting way to interact with AC Milan, which is particularly important under the current circumstances created by the Covid-19 pandemic.

“As an innovative Club, one of our focus areas is modernization and this partnership helps us complete another important step in that direction.”

Alexandre Dreyfus, CEO and Founder of Chiliz and Socios said:  “I’m delighted to welcome AC Milan and their 450 million fans from across the world to Socios.

“Fans of the I Rossoneri  will be able to enjoy unprecedented engagement with their favourite team, influencing the club in polls, accessing VIP rewards, exclusive promotions, chat forums and much more.

“The AC Milan partnership is a great start to a year in which we will work harder than ever on our mission to fully establish Fan Tokens as the ultimate fan engagement tool and as a powerful new revenue generator for the sports industry.”

sos-ltd.-enters-into-non-binding-letter-of-intent-to-acquire-a-cryptocurrency-technology-provider-based-in-canada

SOS Ltd. Enters into Non-Binding Letter of Intent to Acquire a Cryptocurrency Technology Provider based in Canada

SOS Limited (NYSE: SOS) (the “Company” or “SOS”) announced today it has entered into a non-binding letter of intent to acquire FXK Tech Corporation(“FXK”), a Canadian-based company, specializing in the blockchain technology consulting and operations and support for cryptocurrency exchanges and cloud crypto algorithmic power exchanges, to further extend SOS ecosystem of blockchain and cryptocurrencies, as well as to expand its operations to North America.

FXK is a licensed crypto technology provider in Canada. Its current services and products include the design, construction, operations and support of exchange platforms of cryptocurrencies and cloud crypto algorithmic power, and blockchain-based solutions.

SOS is an emerging blockchain-based and big data-driven marketing and service provider, with a nationwide membership base of approximately 20 million in China. Recently, SOS has outlined its strategy in blockchain and cryptocurrencies, which include a series of initiatives to expand its business into cryptocurrency mining as well as cryptocurrency security and insurance. The core infrastructure of SOS rescue, insurance marketing and service supply chain is built on big data, blockchain-based technology, cloud computing, AI, satellite, and 5G network, etc.

Pursuant to the Letter of Intent, SOS is expected to acquire 100% of the outstanding shares of FXK for a combination of Class A ordinary shares and cash. The Company’s planned acquisition of FXK is aimed to further expand and upgrade its ecosystem of cryptocurrencies and digital assets as well as to expand its business to North America. As the transaction proceeds, the Company will publicly disclose required information either through press releases or SEC filings, as appropriate.

Dr Huazhong Yan, Vice President of SOS Information Technology Co. Ltd, the Company’s operating subsidiary, commented, “with its leading-edge technologies in cryptocurrency exchanges, and crypto algorithmic power exchanges, acquisition of FXK will further expand our ecosystem of cryptocurrencies and cloud crypto mining and security and insurance.”

SOS Chairman Yandai Wang also commented, “FXK is a leader in cryptocurrency and crypto algorithmic power exchange technologies. If the acquisition is completed, our operations will be expanded to North America as well as expedite the executions of our strategy in cryptocurrencies and cloud crypto mining and security and insurance.”

Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive share exchange agreement, satisfaction of the conditions negotiated therein including the approval of the Company’s Board of Directors, approval by NYSE of the listing of shares issued in the transaction, and the satisfaction of other customary closing conditions. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Further, readers are cautioned that those portions of the LOI that describe the proposed transaction, including the consideration to be issued therein, are non-binding.