Correction from Source: FORK to Administer Multi-Round IEO for MVU Token for MeVu Blockchain Betting Network
Yesterday, FORK entered into a contract with MeVu to administer the IEO for its peer-to-peer wagering crypto asset MVU, which will be conducted over the course of multiple rounds on different exchanges. Offering bettors the ability to bet against one another (through Ethereum smart contracts) instead of betting against a central bookmaker, the MeVu betting platform has been developed to a usable live beta version. The MVU token provides access to the MeVu betting platform, and it acts as the proprietary currency for wagering transactions. From prior sale efforts, more than USD $350,000 was raised for the sale of 5,000,000 MVU (out of a total supply of 105,000,000 MVU). FORK has two different compensation models for its performance in administering the IEO, enabling the Company to earn MVU tokens as well as sale proceeds in fiat currencies and/or major cryptocurrencies.
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2019) - GLOBAL BLOCKCHAIN MINING CORP. (CSE: FORK) (OTC: GBCHF) ("FORK" or the "Company") is pleased to announce that yesterday it has entered into an agreement with Toronto-based MeVu Inc. ("MeVu") to conduct an initial exchange offering ("IEO") for its MVU digital asset. MeVu has developed an Ethereum-based blockchain platform for peer-to-peer online wagering (http://mevu.bet) using smart contracts, which uses MVU as its official currency. Its platform matches counterparties for a given wager based on set odds, enabling each bettor to bet against one another (peer-to-peer) instead of betting against a central bookmaker (pari-mutuel). Under this model, bet payouts are subject to a much lower commission percentage (known as "vigorish" or "vig") compared to the industry standard among traditional bookmakers.
Following completion of the sale period for the AMR crypto asset during which approximately 80% of the sale allocation was purchased, FORK is utilizing the same strategies in its administration of the IEO for MVU in the interest of the sale's success. The IEO is to be conducted in multiple stages, each on different exchanges, availing a maximum of 55,000,000 MVU out of the total supply of 105,000,000 MVU. From prior MVU sale efforts by MeVu, more than USD $350,000 was raised for 5,000,000 MVU (between USD $0.07 and USD $0.08 per MVU).
Aside from offering bettors a discounted vigorish on wagers, the MeVu platform offers an "oracle" service to settle disputes as a method of assuring the platform's integrity. This provides bettors an overall comparable level of fairness to what they might expect in pari-mutuel wagering, resulting in an improved betting experience that is effectively without compromise. The beta version of MeVu's betting platform is currently live (https://dapp.mevu.bet/), allowing wagers on sports to include hockey, basketball, baseball, MMA, and esports. MeVu also has an active Telegram group (https://t.me/mevubet) with more than 18,000 users.
For its involvement in the IEO for MVU, FORK is under contract to receive base compensation of up to 3,000,000 MVU. This compensation will be paid according to a set schedule in which up to 1,500,000 MVU will be paid out with each USD $100,0001 raised (FORK will be paid 50% of all MVU tokens sold at each threshold, to a maximum of 1,500,000 MVU total), and a lump sum of 1,500,000 MVU will be paid out upon a cumulative total of USD $1,000,0002 being raised in the IEO. Furthermore, the Company shall be paid a 10% bonus on all sales from private investors introduced by FORK. This bonus is structured as 5% of all MVU sold (e.g. 100,000 MVU sold results in a 5,000 MVU bonus for FORK) and 5% of sale proceeds (e.g. USD $25,0003 purchase results in a USD $1,2504 bonus for FORK).
FORK President and CEO Shidan Gouran commented, "Administering token offerings has proven to be a great business focus for us, because we get to work with real innovators of crypto and blockchain, to bring their visions to the public marketplace. Aside from being in a very in-demand category with a ready-to-go minimum viable product, MeVu has already seen success to date with its MVU token sales of more than USD $350,000 for less than 5% of its token supply. We are very pleased to have reached this agreement with MeVu, and we look forward to a productive next few months as we carry out the IEO for them."
MeVu Project Leader and Co-Founder Kelvin Coelho added, "After the U.S. Supreme Court ruled in favour of legalized sports betting last year, there has been considerable interest from new entrants who want to get into this space. The trouble is, when sports betting is being offered in a venue like a casino, their operating overhead comes out of each bettor's winnings in the form of a higher vigorish, which nobody wants to give up if they don't have to. By combining the power of blockchain technology with a sustained demand for sports wagering, MeVu is addressing a real and persisting need in this growing ecosystem with a 'lean' approach that ultimately benefits the actual participants, and not the middlemen."
On behalf of the Company:
Shidan Gouran, President and CEO
For more information please contact:
Global Blockchain Mining Corp. Investor Relations
About Global Blockchain Mining Corp.
With blockchain technology rapidly re-shaping the models of many companies, industries, and their business processes, Global Blockchain Mining Corp. ("FORK") places a focus on the common needs of early-stage blockchain adopters. Originally founded with a focus on crypto-mining, FORK has recently diversified its offerings by placing an emphasis on professional services such as developing and administering launches of tokens and digital assets. Adapting to changes in blockchain technology, FORK is also now utilizing its computing power to provide consensus services, such as the operation of masternodes, servicenodes, and witnesses which are alternative methods to cryptocurrency mining for generating and acquiring digital assets. . Investors, through their investment in the Company, are provided with exposure to these tokens, cryptocurrencies and digital assets without the lengthy, and complicated process that interested investors must undergo in order to gain exposure to these cryptocurrencies and digital assets.
The Company is listed on the Canadian Securities Exchange ("CSE") and its common shares trade under the ticker symbol "FORK". Additional information relating to the Company is available on SEDAR at www.sedar.com, the CSE at www.theCSE.com as well as on the Company's website at: www.forkcse.com
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1 Or equivalent total amount in any accepted currency for the IEO, as stated by the respective exchange of each IEO round
2 Or equivalent total amount in any accepted currency for the IEO, as stated by the respective exchange of each IEO round
3 Or equivalent total amount in any accepted currency for the IEO, as stated by the respective exchange of each IEO round
4 Or equivalent total amount in any accepted currency for the IEO, as stated by the respective exchange of each IEO round
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