DeFi Technologies Announces Launch of Core Chain Validator Node to Participate in Network Consensus and Staking, Stakes 1,498 BTC

Rhea-AI Summary

DeFi Technologies has launched a Core Chain validator node, marking a significant step in its DeFi Infrastructure business. This move is part of a broader collaboration with Core Foundation, previously highlighted by the development of innovative Bitcoin ETPs, including Valour's Yield Bearing BTC ETP and a new Core ETP.

The company will stake 1,498 BTC through its subsidiary, Valour, participating in the Core Chain's consensus mechanism and earning staking rewards. Core Chain is a Bitcoin-powered, EVM-compatible blockchain that integrates Bitcoin miners and BTC stakers for network security and rewards.

Participating in network consensus, DeFi Technologies aims to support Core Chain's growth while earning from transaction validation. This step aligns with their mission to bridge traditional finance with blockchain technology, offering unique growth opportunities for investors in the digital asset space.

Positive

• DeFi Technologies launched a Core Chain validator node, enhancing its DeFi Infrastructure business.
• Staking 1,498 BTC through Valour Inc., offering potential for staking rewards.
• Strategic collaboration with Core Foundation includes developing innovative Bitcoin ETPs.
• Participation in Core Chain's consensus mechanism supports network growth and security.
• Core Chain's unique Satoshi Plus consensus allows non-custodial BTC staking, providing yield opportunities.

Negative

• The significant investment of 1,498 BTC in staking, representing a substantial financial commitment.
• Dependence on Core Chain's network performance and stability, which could impact staking rewards.
• Risks associated with blockchain technology and decentralized finance, including regulatory uncertainties.

• Launch of Core Chain Validator Node: DeFi Technologies has deployed an independent validator node on the Core Chain as part of its DeFi Infrastructure business line.
  
  
• Strategic Collaboration: This initiative is part of the broader collaboration with Core Foundation, which began with the development of innovative Bitcoin ETPs, including Valour's Yield Bearing BTC ETP and a novel Core ETP.
  
  
• Staking 1,498 BTC: DeFi Technologies, through its subsidiary Valour Inc., will stake 1,498 BTC, participating in non-custodial Bitcoin staking and earning rewards from Core's consensus mechanism.

TORONTO, June 11, 2024 /PRNewswire/ - DeFi Technologies Inc. (the "Company" or "DeFi Technologies") (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF), a financial technology company and the first and only publicly traded company that bridges the gap between traditional capital markets, Web3 and decentralised finance is pleased to announce that it has deployed a Core Chain validator node to act as an independent validator for the network. The launch of the node is part of the Company's DeFi Infrastructure business line, contributing to the mission of decentralized finance. The Company will also stake 1,498 BTC on the  Core Chain.

This initiative follows the strategic collaboration between DeFi Technologies and Core Foundation, announced earlier this year on May 15, 2024, aimed first at developing innovative Bitcoin Exchange Traded Products ("ETPs"). This partnership included the launch of groundbreaking products such as Valour's Yield Bearing BTC ETP and an upcoming novel CORE ETP, leveraging Core Chain's unique blockchain features to introduce yield opportunities through BTC staking.

Core Chain is a cutting-edge, Bitcoin-powered, EVM-compatible blockchain that integrates Bitcoin miners and BTC stakers into its security in exchange for rewards. Validators are a fundamental component of Core's consensus mechanism, Satoshi Plus consensus, responsible for validating transactions and producing blocks on the Core network.

By processing transactions and participating in consensus, DeFi Technologies will support the growth and performance of the Core Chain network. In connection with running the node, DeFi Technologies can receive rewards from securing transactions on Core Chain security. Additionally, the Company is participating in staking 1,498 BTC, earning staking rewards through its wholly owned subsidiary, Valour Inc.

Due to the unique nature of Core Chain's Satoshi Plus consensus, Bitcoin staking is non-custodial, allowing any Bitcoin holder to earn yield by staking their Bitcoin tokens without giving up custody.

"We are excited to take this significant step forward with the launch of our Core Chain validator node," said Olivier Roussy Newton, CEO of DeFi Technologies. "This initiative not only enhances our commitment to the decentralized finance ecosystem but also strengthens our strategic partnership with Core Foundation. By staking 1,498 BTC and participating in network consensus, we are advancing our mission to bridge traditional finance with innovative blockchain technology, specifically leveraging Bitcoin's potential. This approach offers our investors unique exposure to yield and growth within the digital asset space."

About Core

Core is a Bitcoin-powered and EVM-compatible layer-one blockchain responsible for bringing Bitcoin finance to life with the first-ever non-custodial BTC staking protocol and the world's first yield bearing BTC ETP with Valour. Core is the most Bitcoin-aligned EVM blockchain with ~50% of Bitcoin mining hash power contributing to the network's security and over 2,800 BTC natively staked in exchange for unlocking Bitcoin utility and rewards. This breakthrough has amassed a massive community of 2.3M Twitter followers and 265k Discord members which has translated into millions of Core adopters - over 18M unique addresses and 256M transactions since its mainnet launch in January 2023.

About DeFi Technologies

DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF) is a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance (DeFi). With a dedicated focus on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance. Backed by an esteemed team of experts with extensive experience in financial markets and digital assets, we are committed to revolutionizing the way individuals and institutions interact with the evolving financial ecosystem. Join DeFi Technologies' digital community on Linkedin and Twitter, and for more details, visit https://defi.tech/ 

About Valour

Valour Inc. and Valour Digital Securities Limited (together, "Valour") issues exchange traded products ("ETPs") that enable retail and institutional investors to access digital assets like Bitcoin in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF).

In addition to their novel physical backed digital asset platform, which includes 1Valour Bitcoin Physical Carbon Neutral ETP, 1Valour Ethereum Physical Staking, and 1Valour Internet Computer Physical Staking, Valour offers fully hedged digital asset ETPs with low to zero management fees, with product listings across European exchanges, banks and broker platforms. Valour's existing product range includes Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Ripple (XRP), Toncoin (TON), Internet Computer (ICP), Chainlink (LINK) Enjin (ENJ), Valour Bitcoin Staking (BTC), Bitcoin Carbon Neutral (BTCN), Valour Digital Asset Basket 10 (VDAB10) and 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETPs with low management fees. Valour's flagship products are Bitcoin Zero and Ethereum Zero, the first fully hedged, passive investment products with Bitcoin (BTC) and Ethereum (ETH) as underlyings which are completely fee free.

For more information on Valour, to subscribe, or to receive updates and financial information, visit valour.com.

Cautionary note regarding forward-looking information: 
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to statements regarding to launch of a Core Chain validator note; staking of BTC within the Core Chain;   the development and listing of future ETPs; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by the Company and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour exchange traded products by exchanges; growth and development of decentralised finance and cryptocurrency sector; rules and regulations with respect to decentralised finance and cryptocurrency; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE CBOE CANADA EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

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SOURCE DeFi Technologies Inc.

FAQ

What is the significance of DeFi Technologies launching a Core Chain validator node?

The launch enhances DeFi Technologies' DeFi Infrastructure business and supports network consensus, contributing to the growth and security of the Core Chain.

How many BTC is DeFi Technologies staking on the Core Chain?

DeFi Technologies is staking 1,498 BTC through its subsidiary, Valour Inc.

What is Core Chain and why is it important?

Core Chain is a Bitcoin-powered, EVM-compatible blockchain integrating Bitcoin miners and BTC stakers for network security and rewards.

What innovative products have emerged from the collaboration between DeFi Technologies and Core Foundation?

The collaboration has resulted in Valour's Yield Bearing BTC ETP and an upcoming novel Core ETP.

What are the risks associated with DeFi Technologies' involvement in Core Chain?

Risks include the financial commitment of 1,498 BTC, reliance on Core Chain's performance, and regulatory uncertainties in blockchain and decentralized finance.