iMining Technologies Launches Staking on the Avalanche Blockchain
CanETH Staking Services Inc. a wholly owned subsidiary of iMining Technologies Inc., enables Avalanche ("Avax") token staking. The staking operation will secure the Avalanche Blockchain while generating additional cryptocurrency.
Vancouver, British Columbia--(Newsfile Corp. - November 25, 2021) - iMining Technologies Inc. (TSXV: IMIN) (the "Company" or "iMining") announced today that its wholly-owned subsidiary, CanETH Staking Services Inc. ("CanETH") has launched staking solutions for the native token of the Avalanche blockchain, AVAX.
Recently, Avalanche has outshined its peers, including Ethereum and Bitcoin, as it has been able to further develop its entire ecosystem. Similar to Ethereum, Avalanche also has smart contract capability; however, Avalanche is able to process transactions faster with lower fees. "Avalanche keeps its transaction fees at a low static level by maintaining a balance between inflationary and deflationary functions. It is deflationary because the transaction fees are taken out of the circulating supply (burned) and it is inflationary because the validators are rewarded in Avax for securing the network," said Dwain Pereira, VP Staking Solutions.
Avalanche blockchain received further support when Ava Labs, a team developing on the Avalanche blockchain, highlighted that it has formed a partnership with Deloitte Consulting to improve security and accuracy of Federal Emergency Management Agency (FEMA) funding. Deloitte will implement Avalanche blockchain to build efficient disaster-relief platforms.
Avalanche is the fastest smart contract platform in the blockchain industry, as measured by time-to-finality. Ethereum developers can quickly and easily build on Avalanche to create powerful, reliable, and secure applications. iMining's initiative with Avalanche includes the development of Avalanche staking platform capabilities for institutional customers. Avalanche is the 11th largest blockchain with a market cap of US$26.5 billion.
"We are excited to have our subsidiary building out a wide range of new Avalanche capabilities on our platform. We are creating more wealth-building tools for our customers, including the ability to stake Avax, Avalanche's native token, to earn rewards," said Khurram Shroff, CEO of iMining. "We're also looking to increase DeFi and NFT functionalities on our platform through Avalanche's high-performing technology, which instantly processes thousands of transactions within a second. We're excited to offer this to our client base."
About iMining Technologies Inc.
iMining develops technology for Proof of Stake ("POS") infrastructure on Ethereum, Cardano and Solana Blockchains and invests in revenue-generating crypto and blockchain assets linked to Decentralized Finance ("DeFi") and Non-Fungible Tokens ("NFT"). iMining also owns BitBit Financial, an ATM Network and crypto exchange. The expansion also entails a cross-ecosystem development effort of the iMining and select Avalanche-based DeFi and NFT applications.
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.
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Along with its speed, Avalanche is low cost and eco-friendly. Avalanche is the 11th largest blockchain with a market cap of $26.5 Billion.
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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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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