DMG Blockchain Solutions Announces Collaboration with PayPal to Decarbonize the Bitcoin Blockchain
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VANCOUVER, British Columbia, April 24, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX), a vertically integrated blockchain and data center technology company, has announced a strategic collaboration with PayPal (NASDAQ: PYPL) (www.paypal.com) and Energy Web (EWT) (www.energyweb.org) to explore ways to decarbonize the Bitcoin blockchain. The companies are working together on developing methods for transacting on the Bitcoin network which would expand its use as a carbon neutral payment rail, thus advancing its application.
DMG, Energy Web, and PayPal are working together to publish a research paper, which we collectively believe will benefit users of the Bitcoin network who would like to take advantage of carbon neutral options in their transactions. PayPal, with its focus on developing its bitcoin payment rail, has been a leader in new payment technologies with the introduction of its enhanced services by integrating blockchain technology, launching the PayPal USD (PYUSD) stablecoin with Paxos Trust Company in August 2023 for efficient transactions.
Energy Web, an independent non-profit that develops open-source software for clean energy solutions, launched its Green Proofs for Bitcoin (GP4BTC), a first-of-its kind initiative to establish an independent, standardized energy measurement system for the Bitcoin mining industry, of which DMG was one of the first five companies to receive a Clean Energy Score.
DMG, with its focus on a carbon neutral bitcoin mining pool and technology to move bitcoin between users without adding carbon to their transactions, brings its unique technology stack and experience in Bitcoin Core software engineering. PayPal, Energy Web and DMG, each with its own domain expertise, are proud of the success in testing achieved so far and are keen to let the wider community review the progress in this “Green Mining Initiative.”
DMG’s CEO Sheldon Bennett commented, “We are pleased to be devoting resources to this collaboration with PayPal as well as Energy Web, which complements our ongoing efforts to decarbonize the Bitcoin blockchain. As DMG is already an industry leader with Terra Pool, the industry’s first carbon-neutral mining pool with Petra, a transaction technology that leverages Terra Pool, we are excited to work with a large enterprise partner; PayPal’s extensive capabilities will undoubtedly accelerate the advancements we have initiated, significantly advancing our sustainable practices forward.”
Edwin Aoki, Chief Technology Officer of PayPal’s Blockchain, Crypto and Digital Currency Group, added “We are excited to be working with DMG to explore solutions to reduce the carbon footprint of decentralized financial networks globally. Their Bitcoin network software development expertise and access to carbon neutral mining infrastructure are valuable building blocks towards a more sustainable crypto ecosystem.”
Energy Web’s Chief Executive Officer, Jesse Morris commented, “Collaborating with DMG’s innovative approach to blockchain sustainability sets a robust example for the industry. Having industry leaders like DMG actively engaging in our initiatives significantly enhances our efforts to integrate sustainable practices across all facets of blockchain technology.”
In working with PayPal, DMG hopes to establish a new industry standard for blockchain applications in financial services, propelling the industry towards adopting more environmentally sustainable technologies. It represents a proactive approach towards addressing the environmental concerns associated with cryptocurrency operations, thereby contributing to the decarbonization of the global economy. Read about the collaboration among DMG, Energy Web, PayPal: Sustainable Innovation.
About Energy Web
Energy Web is a global non-profit accelerating the clean energy transition by developing open-source technology for energy systems. Energy Web’s enterprise-grade solutions improve coordination across complex energy markets, unlocking the full potential of clean, distributed energy resources for businesses, grid operators, and customers. The Energy Web ecosystem comprises leading corporates, energy companies, utilities, renewable energy developers, transportation sector majors and telecommunications leaders. More information on Energy Web can be found at www.energyweb.org. Follow Energy Web on Twitter @EnergyWebX.
About DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a leading, environmentally conscious company dedicated to the development and management of blockchain-based solutions. With a strategy focused on the monetization of the blockchain ecosystem through innovative, end-to-end digital solutions, DMG continues to promote technological advancements while adhering to its principles of sustainability. The company's operations are streamlined through its Core and Core+ strategies, emphasizing DMG's commitment to vertical integration and environmental sustainability.
For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on Twitter and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
Tel: 516-222-2560
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
Investor Relations Contact
CORE IR 516-222-2560
For Media Inquiries
Jules Abraham
CORE IR
917-885-7378
julesa@coreir.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding collaborating with PayPal on the bitcoin network, DMG’s strategies and plans, the potential and benefits of Terra Pool, delivering products that enable the monetization of bitcoin transactions, developing and executing on the Company’s products and services, increasing self-mining, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.
Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hash rate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hash rate mining difficulty.
Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company's financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG's bitcoins; DMG's relationships with its customers, distributors and business partners; the inability to add more power to DMG's facilities; DMG's ability to successfully define, design and release new products in a timely manner that meet customers' needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG's business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.
Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG's products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.
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