VANCOUVER, British Columbia, September 06, 2022 (GLOBE NEWSWIRE) — Spirit Blockchain Capital Inc. (the “Company” or “Spirit”), a Canadian company that offers shareholders diversified exposure to the Blockchain and crypto industry, is pleased to announce that it has made an investment in AVAX and has setup its own validator node to help secure the Avalanche network.
Avalanche is one of the world’s most decentralized high-performance blockchains and continues to experience rapid growth. The Avalanche network is a Proof-of-Stake (PoS) smart contract platform that is focused on scalability and offers fast transaction finality. The innovative Layer 1 protocol is one of the leading Ethereum Virtual Machine (EVM)-compatible chains. The protocol’s unique consensus mechanism requires validators and subnets to stake AVAX – the blockchain’s native token.
AVAX locked in decentralized finance (DeFi) applications has continued to increase, highlighting the growth and resilience of the Avalanche ecosystem despite the recent drop in cryptoasset prices. In the second quarter of 2022, the network has also seen an uptrend in validator count and delegation, healthy developer activity as well as the successful launch of a highly anticipated gaming subnet, to name but a few positive trends.
By becoming an active validator of the Avalanche network, SPIRIT plans to be a long-term supporter of the blockchain, contribute to decentralization and participate in protocol governance. In return for staking its AVAX tokens, SPIRIT will receive annual rewards of roughly 9%. Furthermore, 3rd parties are able to delegate their AVAX tokens to the SPIRIT validator node, for which SPIRIT earns a commission.
About Spirit Blockchain Capital Inc.
Spirit is a Canadian-Swiss group operating in the blockchain and digital asset sectors with the primary goal of creating value in a rapidly growing environment through recurring cash flows and capital appreciation.
Spirit provides investors with direct exposure to the sector, without the technical complexity or constraints of purchasing and holding the underlying crypto assets. Spirit’s strategy is based upon management’s conviction that the blockchain and digital asset ecosystem will provide significant growth and outperform traditional asset classes over the medium to long-term.
The Company’s strategy focuses on four complimentary economic units:
- Royalties & Streams by lending capital to blockchain ecosystem participants, where repayment of the notional and interest takes place in the form of crypto assets;
- Advisory & Research Services;
- Treasury management through investment in major crypto assets with cold storage in Switzerland; and
- Providing IT Solutions to the sector in the areas of Compliance, AML, Forensics and Risk Reporting.
Spirit’s common shares (the “Shares”) have been approved for listing on the Canadian Securities Exchange (“CSE“), subject to customary listing conditions. The Company anticipates the Shares will commence trading in September 2022 and will update the market pending confirmation of a listing date from the CSE.
For additional information, please contact:
Erich Perroulaz, Founder & CEO
The securities being referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Forward-looking information in this news release includes, among other things: the listing of the Company’s securities on the CSE and the proposed listing timing; Spirit’s ability to raise capital, create partnerships, and execute on its wider business strategy; the potential streaming and royalty transaction with a North American Bitcoin Miner; the Company launching its own Validator Node on the Avalanche network; comments relating to prices in the crypto market; and the success and long-term trajectory of the blockchain and the crypto industry more generally. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors that could materially affect such forward-looking information are described under the heading “Risk Factors” in the Company’s long form prospectus dated August 8, 2022 that is available on the Company’s profile on SEDAR at www.sedar.com.
The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents managements’ best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
The CSE has not reviewed, approved or disapproved the content of this press release.