This information launch constitutes a “designated information launch” for the needs of the Company’s prospectus complement dated February 2, 2021 to its brief type base shelf prospectus dated January 27, 2021.
VANCOUVER, BC / ACCESSWIRE / April 21, 2021 / HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (FSE:HBF) (the “Company” or “HIVE”) is happy to announce that, additional to its announcement on March 25, 2021, it has accomplished the share swap transaction (the “Transaction”) with DeFi Technologies Inc. ((NEO:DEFI, GR:RMJR, OTC:RDNAF) (“DeFi Technologies”), pursuant to which HIVE will obtain 10,000,000 frequent shares of DeFi Technologies, representing roughly 5% of the present excellent frequent shares of DeFi Technologies in change for 4,000,000 frequent shares of the Company, representing roughly 1% of the Company’s issued and excellent frequent shares. Completion of the transaction is conditional on the approval of the TSX Venture Exchange. In addition, HIVE and DeFi Technologies have created a partnership surrounding the “decentralized finance” (DeFi) ecosystem with particular purposes round Ethereum and Miner Extractable Value (MEV). The new partnership, which follows months of discussions, will present HIVE with a strategic stake in DeFi Technologies and a broader partnership surrounding the DeFi ecosystem with a selected deal with the Ethereum based mostly MEV area and developments surrounding it.
The growth in Ethereum has 3 highly effective drivers, and DeFi has been a considerable a part of the extra charges HIVE has obtained for mining Ethereum on the cloud. The different are Stablecoins and extra lately non-fungible tokens or NFT’s. We imagine DeFi is essentially the most important demand driver and our funding in DeFi Technologies offers our shareholders a double profit.
MEV refers back to the quantity of revenue miners can extract from reordering and censoring transactions on the blockchain. It has develop into an necessary situation over the previous yr because the DeFi area has grown from US$3B to US$71B in market capitalization. Of the $347.3M of Extracted MEV, 88% comes from DeFi actions. As could be seen from information by Coin Metrics, over half of all ETH miner income at present comes from transaction charges. By partnering collectively to tackle these actions, people get a extra capital environment friendly market to play in, whereas distributing better returns to miners for appearing extra altruistic.
DeFi and new purposes are targeted on disrupting monetary intermediaries. DeFi reached new heights over the previous 12 months as dozens of tasks launched and enormous quantities of capital flowed in. The majority of DeFi apps use Ethereum’s ERC token normal to create new cash. DeFi has pushed Ethereum costs to new highs this yr and it’s accelerating innovation and experimentation. It is estimated that greater than $1 trillion in transactions handed via the Ethereum ecosystem in 2020, placing it roughly on par with funds large, PayPal. This mega development in DeFi is an enormous tailwind for Ethereum demand and we imagine we’re in the early innings. Bitcoin was up 300% in 2020 whereas Ethereum surged 470% because of the demand from DeFi app’s like Stablecoins to Decentralized Exchanges often called DEX’s. HIVE is the biggest public crypto mining firm mining Ethereum and we want to make investments in the DeFi sector and can contemplate distributing our shares as a dividend to HIVE Shareholders over the following yr.
Blockchain evaluation agency Chainalysis says DeFi is rising at ‘warp velocity’ and DeFi’s explosive progress has a lot additional to develop. Since most DeFi purposes are constructed on prime of Ethereum, the world’s second largest cryptocurrency platform and DeFi is a brilliant contract, the long run seems very engaging with DeFi changing into a sustainable demand driver for Ethereum costs.
Please see our YouTube channel for extra insightful and well timed details about DeFi and its relationship with Ethereum.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a progress oriented, TSX.V-listed firm constructing a bridge from the blockchain sector to conventional capital markets. HIVE owns state-of-the-art inexperienced energy-powered information centre amenities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum constantly on the cloud. Our deployments present shareholders with publicity to the working margins of digital foreign money mining in addition to a portfolio of crypto-coins.
About DeFi Technologies Inc.
DeFi Technologies Inc. is a Canadian firm that carries on enterprise with the target of enhancing shareholder worth via constructing and managing property in the decentralized finance sector.
On Behalf of HIVE Blockchain Technologies Ltd.
For additional info please contact:
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined in insurance policies of the TSX Venture Exchange) accepts accountability for the adequacy or accuracy of this information launch.
Except for the statements of historic reality, this information launch comprises “forward-looking info” throughout the which means of the relevant Canadian securities laws that’s based mostly on expectations, estimates and projections as on the date of this information launch. “Forward-looking info” in this information launch consists of details about the result of the strategic partnership with DeFi Technologies, the potential progress of decentralized finance, potential for the Company’s long-term progress, and the enterprise objectives and goals of the Company.
Factors that would trigger precise outcomes to vary materially from these described in such forward-looking info embrace, however should not restricted to, if the strategic partnership with DeFi Technologies is just not as profitable because the Company hopes that will probably be; decentralized finance doesn’t develop into as broadly adopted as anticipated; the expansion in decentralized finance doesn’t happen; the digital foreign money market; the Company’s capacity to efficiently mine digital foreign money; the Company could not be capable to profitably liquidate its present digital foreign money stock, or in any respect; a decline in digital foreign money costs could have a major unfavorable impression on the Company’s operations; the volatility of digital foreign money costs; and different associated dangers as extra absolutely set out in the Filing Statement of the Company and different paperwork disclosed below the Company’s filings at www.sedar.com.
The forward-looking info in this information launch displays the present expectations, assumptions and/or beliefs of the Company based mostly on info at present obtainable to the Company. In reference to the forward-looking info contained in this information launch, the Company has made assumptions concerning the present profitability in mining cryptocurrency (together with pricing and quantity of present transaction exercise); worthwhile use of the Company’s property going ahead; the Company’s capacity to profitably liquidate its digital foreign money stock as required; historic costs of digital currencies and the power of the Company to mine digital currencies might be in line with historic costs; and there might be no regulation or legislation that may stop the Company from working its enterprise. The Company has additionally assumed that no important occasions happen exterior of the Company’s regular course of enterprise. Although the Company believes that the assumptions inherent in the forward-looking info are affordable, forward-looking info is just not a assure of future efficiency and accordingly undue reliance shouldn’t be placed on such info because of the inherent uncertainty therein.
SOURCE: Hive Blockchain Technologies Ltd
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