CanETH Staking Services Inc., A Wholly-Owned Subsidiary of iMining Technologies, Purchases 500 Million Shiba Inu Tokens
CanETH Staking Services Inc. ("CanETH") invests in Shiba Inu, an Ethereum based ERC-20 Token and plans to launch staking for over 950,000 wallets who are holding Shiba Inu tokens
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2021) - iMining Technologies Inc. (TSXV: IMIN) (the "Company" or "iMining") is a publicly listed company which through its wholly-owned subsidiary, CanETH, provides staking as a service Proof of Stake ("POS") infrastructure on Ethereum, Solana and Cardano Blockchains, and invests in revenue-generating crypto and blockchain assets linked to Decentralized Finance ("DeFi") and Non-Fungible Tokens ("NFT"). The Company also owns BitBit Financial ("BitBit"), an ATM Network and crypto exchange, and is enabling exchange and staking of Shiba Inu tokens ("SHIB"). SHIB is a token poised for growth as it is held in more than 950,000 wallets and is continually increasing its holder base, which is how Bitcoin gained prominence by increasing the number of active wallets and its user base. CanETH has purchased 500,000,000 SHIB tokens, for approximately $26,500 payable in Ethereum tokens, to initiate staking of Shiba Inu tokens.
SHIB is an Ethereum-based token and has a current market capitalization of approximately $30.0 billion. SHIB is now the 11th largest cryptocurrency by market cap. SHIB began as a meme coin but over time has really become popular amongst the millennials. The low price of the coin is really attractive to cryptocurrency investors as they can buy millions of coins with modest capital injection. Another reason why SHIB has performed well over the past few months is because it has created NFTs and provides support for many other DeFi and NFT projects through the use of its own DEFI ecosystem called "ShibaSwap". Globally, there are more than 950,000 wallets holding SHIB. Currently, SHIB holders can earn additional tokens by staking (in Shiba's terms "Burying") their tokens. CanETH is excited to expand its staking offerings to include Shiba Inu and will soon be ready to provide these services to its customers.
"I first noticed the Shiba Inu project earlier this year. The anonymous founder named "Ryoshi" really caught my attention after they actually followed through with their DeFi roadmap and implemented Shibaswap. The DeFi ecosystem they implemented its deflationary tokenomics and Vitalik Buterin's USD $1 billion (at the time) donation to India's Covid relief fund really separated this token from the majority of other "meme" coins out there," stated Khurram Shroff, Chairman and CEO of iMining Technologies Inc. "Additionally, Adam Aron, the CEO of AMC Theatres said recently that AMC will accept SHIB as a form of payment within the next 4-6 Months."
About Shiba Inu (SHIB):
Shiba Inu (SHIB) is an Ethereum-based token alternative to Dogecoin (DOGE), a popular meme coin. SHIB operates on the environmentally friendly Proof-of-Stake platform. The SHIB ecosystem supports NFT, GemeFi, and decentralized trading through Shibaswap.
About iMining Technologies Inc. (TSXV: IMIN)
With diverse blockchain investment and infrastructure solutions, iMining is a leader in accelerating the growth of value creating DeFi opportunities for the enterprise market. The company's operations include secure and sustainable cryptocurrency payments, staking, mining and digital asset investment designed for the scale and compliance requirements of institutional clients. iMining is committed to building strong global blockchain ecosystems and supporting inclusive access to digital tools and technologies.
ON BEHALF OF THE BOARD
Signed "Khurram Shroff"
Khurram Shroff, President & CEO
FOR FURTHER INFORMATION, please contact:
iMining Corporate Offices:
Saleem Moosa, Director
Toll Free: 1-866-602-4935
Evan Eadie, Corporate Development
Telephone: (604) 602-4935 ext. 203
Toll Free: 1-866-602-4935
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This news release contains certain forward-looking statements, which relate to future events or future performance, and reflect management's current expectations and assumptions, and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of activities, future cryptocurrency prices, operating risks, and other risks in the cryptocurrency industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
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