DMG Blockchain Solutions Inc. (DMGI) (dmggf:OTC US) (frankfurt:6AX) (“DMG” or the “Company”), a diversified blockchain technology company, is pleased to provide a corporate update.
During the past few months, management has been very active in developing the business of the Company. In that regard, we provide you with a summary of various corporate developments.
The Company’s flagship facility is currently hosting more than 10,000 individual miners for clients in both Canada and the United States (approximately 12% of total facility capacity). With the recent appreciation in BTC price, and the launch of new miners from Innosilican and Bitmain, demand for DMG’s hosting services continues to increase.
DMG is in the late stages of collaboration with a major ASIC (chip) manufacturer to provide a disruptive pricing model (including both the mining equipment and the hosting fees), targeting institutional clients. DMG will provide updates as this project progresses.
DMG’s Anti-Money Laundering software, Walletscore, currently in use by financial institutions, regulators, and consumers, was recently released and the API has now been completed. Currently, the software provides coverage for BTC and ETH, and DMG expects to release new updates for various ERC-20 tokens as the engineering team completes each version. Walletscore’s unique multicoin functionality, and its ability to identify individual wallets and cryptocurrency anonymizing services (mixers), distinguishes it from other leading competitors in the marketplace.
The Company is currently on a sales and marketing drive with our European partner, Spirit Blockchain Capital. DMG has received excellent feedback to our Walletscore and Blockseer products throughout the financial and crypto districts in Europe. The Company intends to onboard numerous European clients shortly and will update as this progresses.
The Company was recently engaged to assist two law firms in the United States to perform forensic services on their behalf, relating to their legal investigations against certain ICO firms. DMG uses its expertise as well as its software, including Blockseer and Walletscore, to perform these complicated forensic audits. DMG sees a tremendous opportunity to expand its forensics practice, and is currently also in discussions with Canadian firms who need to undertake forensic audits.
DMG Audit and Legal Update
As previously announced, on February 14, 2019, the Company retained Manning Elliott as its new auditing firm. We are pleased with the progress to date, and are confident that the audit will be completed within a few weeks.
The Company also reports that a claim against the Company has been filed in BC Supreme Court by a previous client, Bitmaster Inc. DMG believes there is no merit to the claim, and has filed its response. Furthermore, DMG is reviewing all legal options available to resolve this matter.
Wazabi IBM Supply Chain Management
As previously announced, DMG is working with IBM Canada Ltd. (“IBM”) to jointly develop a global blockchain platform for regulated products. DMG CEO Dan Reitzik and IBM will present and unveil together, project “Wazabi”, along with releasing the first version of the software at the Arcview Conference in Vancouver, BC on April 23, 2019.
DMG thanks you for your support during this recent period and will continue to provide timely updates.
About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a diversified blockchain technology company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG, with its Blockseer division located in Silicon Valley, intends to be the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development.