Through its majority owned SV CryptoLab subsidiary, a “Hackathon” contest will begin on March 21st to build a cryptocurrency hedging product
VANCOUVER, BC, CANADA (March 20, 2018) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE - FWB: C5B) announces that its majority owned subsidiary, SV CryptoLab is launching its 2018 “Spring Hackathon” on March 21st, 2018.
This development sprint will be focused on blockchain solutions for hedging cryptocurrency against price declines. The first phase of the program should provide the Company the ability to hedge its bitcoin mining operation. Applying the model developed in the first phase, the Company intends to expand its mining operation beyond current capacity.
“Our goal is to develop a hedging program to enbable 360 to lock in the value of any coins it may earn from its cypto-mining activites,” said George Tsafalas, 360 President and CEO. “Development of this program will be valuable for 360 near term, and could lead to other products and services being offered by the Company over the long term. This is a great example of the value proposition that led us to acquire our interest in SV CryptoLab,” added Mr. Tsafalas.
Future plans for the hedging program may include services provided to other companies and individuals involved in mining operations. By using currently available CME futures markets and SV CryptoLab’s trading capabilities, the downside of cryptocurrencies can be hedged.
SV CryptoLab provides an adaptable tech environment. During working hours, it’s a cutting-edge facility that is part hacker and part social space which is open to the public to attend weekly meetups and hackathons free of charge. On nights and weekends, the facility’s significant hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.
About Codebase Ventures Inc.
Codebase Ventures Inc. seeks early-stage investments in sectors that have significant upside. We seek innovators who are establishing tomorrow’s standards. We support those innovators and help take their ideas to market.
For further information, please contact:
George Tsafalas - Ivy Lu
Telephone: Toll-Free (877) 806-CODE (2633) or 1 (778) 806-5150
E-mail: [email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.