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WENZHOU, China, Nov. 25, 2020 / PRNewswire / – ZK International Group Co., Ltd. (Nasdaq: ZKIN) (“ZKIN”, “ZK International” or the “Company”), a designer, engineer, manufacturer and supplier of patented high-performance stainless steel and carbon steel pipe products used primarily for water and gas supplies, announced today which is wholly owned subsidiary, xSigma Corporation, (“xSigma”) www.xsigma.com is launching a decentralized finance protocol (“DeFi”) that aims to provide a new level of transparency and legitimacy to decentralized smart contracts based on financial blockchains. In doing so, the Company with its investment in xSigma will become one of the first publicly traded companies to invest and enter the growing DeFi arena.
XSigma’s DeFi ecosystem will begin with the launch of its decentralized stablecoin exchange, which offers fair farming conditions for liquidity providers and an intuitive user interface for users. On suppliers side who provide cryptocurrencies for exchanges, is the system that uses users’ cryptocurrencies and earns them a potential reward from the exchange’s trading fees. On the customer side traders provide liquidity to those wishing to access DeFi markets. The protocol under development should have an intuitive interface and an easy-to-use platform that offers a decentralized exchange for stablecoins.
A milestone of DeFi
What is DeFi? DeFi is the hottest trend in the blockchain industry, with more than $ 9 billion stuck in the ecosystem since the end of September.[1] Decentralized financial systems allow users to participate in blockchain markets and other alternative markets that have been developed on blockchain-based networks. It also allows for cross-border payments, as blockchain markets have no borders. As with any blockchain technology, there is maximum transparency and privacy security when used correctly.
XSigma’s DeFi protocol is launched at an opportune time in the blockchain arena. In addition to $ 9 billion currently stuck in DeFi [1], the cryptocurrency market continues to grow and has added billions of dollars in market capitalization over the past 12 months, as noted in publications such as Forbes, Bloomberg and Asia Times, all of which have stated that we are in the early stages of the next bull market in cryptocurrencies.
Many believe that DeFi is the new paradigm of global finance, supported by fundamental open source networks without centralization and intermediary constraints. Despite its rapid growth, DeFi has generally been the domain of niche tech startups backed by unproven teams. On the other hand, XSigma, being a subsidiary of a NASDAQ listed corporation gives xSigma a reputation and best-in-class over many other companies in this space.
XSigma’s DeFi protocol plans to serve as an independent financial instrument that provides a new level of transparency and legitimacy to smart contracts based on decentralized financial blockchains. Until the main network launch, users who want to be the first to participate in the DeFi protocol have a limited time to register for the whitelist, where they will be the first to receive updates on project developments. The protocol and further details on the new project are expected to be published in the coming weeks on the official website of the protocol www.xsigma.fi
ZK International 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. Since then xSigma has focused on decentralized finance, focusing on decentralized exchanges, stablecoins and lending protocols. The research lab is now actively working on its product ecosystem starting with the DeFi protocol. The ultimate goal is to build a range of financial tools and products for the burgeoning decentralized finance industry.
World-class developers of xSigma
ZK International has recruited the brightest minds from the blockchain arena to its xSigma research lab. The lab will be run by a top team of developers who have previously worked for Facebook, Amazon, Google, Ripple Labs, 1inch and other leading companies.
The xSigma team is at the forefront of blockchain research and development that intersects decentralized finance, supply chain management, IoT and infrastructure. The DeFi protocol is one of the many decentralized finance projects that xSigma intends to launch in the next 12 months. It will power a growing network of DeFi products for corporate and consumer markets.
Mr Jiancong Huang, President and CEO of ZK International, said: “We are very excited to enter the DeFi space and to surround ourselves with a team of highly experienced developers who will enable us to be part of a new paradigm in global finance, one that is supported by networks. basic open source and without constraints from centralization and intermediaries “.
For the latest updates on xSigma’s research initiatives, including its upcoming DeFi protocol, please follow xSigma’s Twitter and LinkedIn pages or visit http://xsigma.com/ and www.xsigma.fi
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 28 patents, 21 trademarks, 2 Technical Achievement Awards and 10 National and Industry Standard Awards. ZK International is preparing to capitalize on the $ 850 billion commitment made by the Chinese government to improve water quality, which in its current state of supply is 70% unsuitable for human contact. ZK International is certified for quality management system (ISO9001), certified for environmental management system (ISO1401), and national licensee for industrial stainless steel manufacturing which focuses on supplying steel piping for multi-billion dollar industries in the sectors 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 the supply of 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 please visit www.ZKInternationalGroup.com. Also, follow the company on Twitter, Facebook, Youtube, is 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. XSigma has since focused on decentralized finance, focusing on decentralized exchanges, stablecoins and lending protocols. The research lab is now actively working on its product ecosystem starting with the DeFi protocol. The ultimate goal is to build a range of financial tools and products for the burgeoning decentralized finance industry. The assembled xSigma team is at the forefront of blockchain research and development that intersects decentralized finance, supply chain management, IoT and infrastructure. The DeFi protocol is one of the many decentralized finance projects that xSigma intends to launch in the next 12 months. It will power a growing network of DeFi products for corporate and consumer markets. Any blockchain protocol is subject to some degree of risk; XSigma’s DeFi protocol has implemented tamper-proof programming, but is still prone to potential hacks. For more information on xSigma, please visit its website to www.xsigma.such as www.xsigma.fi
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the US Private Securities Litigation Reform Act of 1995. Without limiting the generality of the above, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “intend”, “could”, “estimate” or “continue” or its negative or other variations comparable type or terminology are intended to identify forward-looking statements. In addition, all statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties as well as other risk factors included in the Company’s filings with the US Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any assumptions could prove to be inaccurate and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be construed as a declaration by ZK International or any other person that their goals or plans will be achieved. ZK International undertakes no obligation to revise any forward-looking statements contained herein to reflect events or circumstances after the date of this document or to reflect the occurrence of unforeseen events.
Investor contact:
Sherry Zheng
Weitian Group LLC
E-mail: [email protected]
Phone: +1 718-213-7386
SOURCE ZK International Group Co., Ltd.
Related links
www.ZKInternationalGroup.com
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