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PRESS RELEASE. xSigma Corporation, a wholly owned subsidiary of ZK International Group (NASDAQ: ZKIN), was launched in 2018 as a blockchain research and development laboratory to solve real-world infrastructure challenges. After two years of intensive research on smart contracts and other blockchain-based solutions, xSigma has shifted its focus to decentralized finance, or defi, in an effort to bring unrestricted open source finance to individuals and businesses around the world.
XSigma’s foray into decentralized finance has come at an opportune time in the evolution of the market. Although defi entered the scene in 2020, it has quickly become the fastest growing segment of the blockchain industry. Despite this huge growth, defi is not without its problems. Users of these protocols have complained of a faulty user experience, impermanent loss, pricing error, and smart contract vulnerabilities. These myriad issues have definitely cast a negative light among traditional institutional investors.
The xSigma defi protocol was designed to solve the countless problems facing the market today. As the first project defi to be backed by a publicly traded company, xSigma was built to capture the true value of decentralized finance. XSigma’s first agenda will be the launch of a decentralized stablecoin exchange that offers fair farming conditions for liquidity providers and an intuitive user experience for traders.
Stablecoins have emerged as one of the largest markets in the cryptocurrency industry, providing investors with instant liquidity, price stability and redeemability. As of November 2020, the combined market cap of all stablecoins was over $ 24 billion. Hundreds of millions of stablecoins are traded every day, a figure that is expected to steadily increase as we enter the next stage of global adoption.
Despite the inherent advantages offered by stablecoins, the foreign exchange market is dominated by a few big players. Curve’s dominance has allowed it to get away with offering poor user experience, opaque token distribution, and complex governance and agriculture systems.
xSigma is building a stablecoin exchange on the user side, not the developer side. Through its proven technologies, the xSigma platform prioritizes user experience by offering a streamlined interface that appeals to both cryptocurrency veterans and new traders. The XSigma team is implementing new innovations in the stablecoin trading market, including a revamped reward structure. The platform will burn SIG tokens with exchange fees, effectively pushing up demand for the governance token and limiting supply in the same way as Bitcoin’s 21 million unit hard cap.
XSigma will achieve these goals thanks to the dedication of its award-winning and highly reputed team. The team was assembled not only to deliver a cutting-edge design, but to bring a new level of legitimacy and transparency to the defi ecosystem.
The xSigma team is led by Alex Lebed, a software engineer previously at Facebook, Amazon and 1Inch. Alex is also the founder of Stableunit.org and the winner of ethNY (Binance labs, Wyre, Matic awards), ethBoston and ethDenver hackathon.
He is helped by Kamal Obbad, a Harvard graduate and former Google engineer who participated in Forbes 30 Under 30 in the healthcare industry.
Daniel Garay is an xSigma project manager who used to work at Ripple and Google.
The soon-to-be-launched xSigma stablecoin exchange will bring a new level of transparency, accountability and user experience to the definition industry. The dedicated team of engineers, software developers and project managers of the project is committed to delivering the project over the next three years. In the meantime, we continue to expect important updates on the evolution of xSigma DeFi.
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer and supplier of patented high performance carbon steel and stainless steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 33 patents, 21 trademarks, 2 Technical Achievement Awards and 10 National and Industry Standard Awards. ZK International is certified for quality management system (ISO9001), certified for environmental management system (ISO1401) and national licensee for industrial stainless steel manufacturing that focuses on supplying steel piping for multi-billion dollar industries of gas and water. ZK has supplied stainless steel pipelines for over 2,000 projects, including the Beijing National Airport, the “Water Cube” and the “Bird’s Nest”, venues of the 2008 Beijing Olympics. Emphasizing the superior properties and durability of its piping in steel, ZK International provides a solution for supplying high quality, highly sustainable and environmentally friendly drinking water not only to the Chinese market but also to international markets such as Europe, East Asia and Southeast Asia.
For more information, visit www.ZKInternationalGroup.com. Also, follow the Company on Twitter, Facebook, YouTube and Weibo. For more information on the Company’s SEC filings, please visit www.sec.gov.
About xSigma Corporation
XSigma Corporation, is a wholly owned subsidiary of ZK International Group Co., Ltd. Together with ZK International, it launched xSigma as a research and development laboratory in 2018 to solve real-world infrastructure challenges. Its mandate was to explore new opportunities in smart contracts, supply chain management and other blockchain-based solutions.
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This is a press release. Readers should perform their own due diligence before taking any action related to the promoted company or its affiliates or services. Bitcoin.com is not liable, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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