FORK Provides Q2 Update in Light of Improved Crypto Market Conditions
As of yesterday, the overall market capitalization of cryptocurrencies had year-to-date growth of nearly 129%. This growth accompanies positive developments in the crypto space, including ICE's acquisition of a digital currency custodian, and Facebook's official announcement of the formal rollout of its proprietary cryptocurrency set for 2020. The Company has several active and planned assets and projects relating to crypto and blockchain in categories that include payments, gambling, and wireless networking. Based on present market conditions, the company anticipates prosperous outcomes for each of these assets and projects, based on their respective merits.
Vancouver, British Columbia--(Newsfile Corp. - June 18, 2019) - METAVERSE CAPITAL CORP. (CSE: FORK) (OTC Pink: GBCHF) ("FORK" or the "Company") is delighted to have observed that the crypto asset market has improved considerably in the course of 2019, which may result in promising implications for the Company's projects and investments. These improvements include positive statistical changes to the macro crypto asset markets as well as top-ranking cryptocurrencies, in addition to a better-developed business and regulatory environment with respect to the use of crypto assets.
Below is an overview of the positive statistical changes1:
Market Capitalization (January 1, 2019 / June 17, 2019 / % change) - USD $125 billion / USD $286 billion / +128.8%
Bitcoin/BTC (January 1, 2019 / June 17, 2019 / % change) - USD $3,700 / USD $9,200 / +148.65%
Ethereum/ETH (January 1, 2019 / June 17, 2019 / % change) - USD $137 / USD $271 / +97.8%
Ripple/XRP (January 1, 2019 / June 17, 2019 / % change) - USD $0.35 / USD $0.425 / +21.4%
To date, many mainstream developments have occurred with respect to the use and acceptance of crypto assets. In April, NYSE parent company ICE announced it had acquired Digital Asset Custody Company, a digital asset custody service - with ICE arranging for its cryptocurrency subsidiary to become a registered trust with the state of New York2. In February, it was announced that JP Morgan would be rolling out a trial of its proprietary digital asset JPM Coin for its wholesale payments business, the first bank-backed cryptocurrency in the United States3. Additionally, Facebook's proprietary cryptocurrency was recently announced as being set to formally launch in 20204.
These developments align with FORK's present dealings, which leverage both cryptocurrencies and blockchain technologies. Below is an overview of FORK's featured projects and assets as of this writing:
- FORK administered the crowdsale for AMR, the proprietary digital asset of the Ammbr decentralized Internet service provider network.
- Approximately 80% of AMR sale allocation was sold during the crowdsale period.
- FORK staked its AMR token holdings in Ammbr Telecom Inc. ("Ammbr Telecom"), in exchange for 25% of Ammbr Telecom's equity. Ammbr Telecom plans to deploy Ammbr's wireless mesh technology for network infrastructure in northern Canada.
- FORK administered the IEO ("Initial Exchange Offering") for the NUVO token, the proprietary digital asset of the Nuvo blockchain network, a blockchain platform for decentralized social communities and communication applications.
- FORK continues to provide a passive advisory role in the development of Nuvo's blockchain network and social communities.
- Three Nuvo-based communities are presently active:
- FORK is presently administering a four-round IEO for MVU, the proprietary digital asset of peer-to-peer sports wagering platform meVu (http://mevu.bet).
- meVu raised over USD $350,000 for less than 5% of MVU tokens through prior sale efforts.
- During the 2018 FIFA World Cup, meVu had more than 89,000 user signups, with more than 3,900 users placing predictions on a daily basis.
- meVu's beta version is presently live and functional (http://dapp.mevu.bet).
- FORK provides the service of pooling cryptocurrencies, for clients, for the purpose of operating blockchain masternode and consensus networks on their behalf.
Ocean Falls (http://oceanfallsblockchain.com)
- FORK was contracted by security token exchange Hyperion (http://hyperiontechnologies.com) to advise on an equity offering for Ocean Falls Blockchain Corp. ("Ocean Falls).
- Ocean Falls plans to leverage an inexpensive supply of electricity, and is engaged in the development of advanced mining technologies including heat capture and transfer to maximize efficiency and minimize environmental impact, under the leadership of an experienced team of cryptocurrency miners.
Spend Group (http://spend.com)
- FORK was contracted in May to advise on a USD $50 million equity offering for Spend Group, issuer of Visa®-branded payment cards, supporting more than 16 cryptocurrencies.
- Equity offering is slated to be conducted on the Hyperion security token exchange (http://hyperiontechnologies.com).
Bravio Lottery Platform
- FORK was commissioned to develop a blockchain-based payment and administration platform using the Lightning network, for foreign lottery programs currently operated by Toronto-based Bravio Technologies Limited ("Bravio").
- This blockchain platform is a pioneering effort in the crypto space, and could be the seminal commercial implementation of the Lightning network on a major scale. No large-scale implementations of Lightning have launched as of this date.
- These foreign lottery programs enable lottery players from anywhere in the world to purchase a fractional stake (e.g. purchasing 10% of a $2.00 ticket for $0.20) in popular lottery drawings with large jackpots.
- Bravio has direct access to more than 260 million mobile subscribers primarily in North America, Europe, India, Nepal, Asia Pacific and Australia.
- Bravio's blockchain platform is to accept payments in Bitcoin (BTC), NUVO (NUVO), and meVu (MVU), thus broadening the use cases for NUVO and MVU tokens.
FORK President and CEO Shidan Gouran commented, "For crypto, Q2 of 2019 is looking very different from Q2 of 2018, and even Q1 of 2019 for that matter. Digital asset prices are up, mainstream players are embracing both blockchain and cryptocurrencies, and Facebook's user base of more than two billion people will soon be given the option to use Facebook's cryptocurrency. We are pleased to have such an extensive and diverse portfolio of assets and projects that use or relate to cryptocurrency. This macro-level growth bodes very well for us and our shareholders, especially with many of our projects being built for newly-strengthened areas of growth such as sports betting. We look forward to a productive 2019 for both us and our partners, as crypto and blockchain begin to play a greater role in mainstream commerce."
On behalf of the Company:
Shidan Gouran, President and CEO
For more information please contact:
Metaverse Capital Corp. Investor Relations
1 Digital asset prices and crypto market capitalization figures are sourced from http://coinmarketcap.com with same-day fluctuations conservatively rounded to an approximate average
5 "Spend Group" consists of 2645243 Ontario Inc. (Ontario, Canada), Spend US, Inc. (Delaware, United States of America), Spend Europe LTD (Europe), and Spend Singapore (APAC-In process). Please refer to the legal section of Spend Group's website for further details: https://www.spend.com/legal/
About Metaverse Capital Corp.
With blockchain technology rapidly re-shaping the models of many companies, industries, and their business processes, Metaverse Capital 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 ordinarily 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.metaverse.capital
Cautionary Note Regarding Forward-Looking Information
Forward-Looking Information: This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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