Metalpha and Litecoin Foundation Partner to Develop Hedging Solutions for Sustainable Crypto Mining

Rhea-AI Summary

Metalpha Technology Holding Ltd (NASDAQ: MATH) has announced a partnership with the Litecoin Foundation to develop the Litecoin ecosystem with a focus on risk hedging and reducing carbon emissions. The collaboration aims to create derivative products, enhance renewable energy use, and improve energy efficiency in the Litecoin network. Metalpha will leverage its expertise to support crypto miners with hedging solutions, contributing to sustainable blockchain innovation, and promoting public education about Litecoin. Both organizations seek to bolster awareness, adoption, and scalability of Litecoin through research initiatives.

Positive

• Strategic partnership with Litecoin Foundation targets sustainable crypto mining.
• Focus on developing derivative products to support market risk hedging.
• Commitment to reducing carbon emissions in blockchain mining operations.
• Potential to enhance Litecoin's ecosystem and network awareness.

Negative

• None.

The partnership will jointly develop the Litecoin ecosystem to hedge risk and lower carbon emissions

HONG KONG, Feb. 24, 2023 /PRNewswire/ -- Metalpha Technology Holding Ltd (NASDAQ: MATH), a leading wealth management company for digital assets, has announced a partnership with the Litecoin Foundation Ltd, a nonprofit that supports the development and adoption of Litecoin (LTC), a digital peer-to-peer cryptocurrency. The partnership will jointly support research institutions to develop hedging solutions and sustainable mining for the Litecoin ecosystem.

The partnership's specific areas of research will include developing derivative products, facilitating renewable energy use and energy efficiency, and lowering carbon emissions from blockchain mining in the Litecoin Network. Metalpha will contribute its market leading expertise in the innovation of financial derivative products for digital assets, and it aims to support crypto miners with hedging products against market risk and lowering crypto mining's environmental impact.

To achieve this, Metalpha and Litecoin Foundation will work with universities and research institutions to further sustainable blockchain innovation, support public education around the Litecoin network, and improve network awareness, adoption, and scalability.

"It is a great pleasure to be partnering up with Litecoin Foundation to develop sophisticated derivative products as well as promoting quality public education on green mining to further the mission of building a fully decentralized, open source, global payment network," said Adrian Wang, Founder and CEO of Metalpha. 

"Metalpha brings rich experience and product design to Litecoin's ecosystem and we look forward to working together as we continue to build a secure and reliable infrastructure for both Litecoin and the broader crypto industry, while at the same time focusing on research, education and environmental initiatives that are important for sustainability," said Alan Austin, Managing Director of Litecoin Foundation.

Founded in 2021 and headquartered in Hong Kong, Metalpha focuses on providing wealth management products and services for digital assets.

About Metalpha Limited

Established in 2021, Metalpha Limited is a global digital assets wealth management company headquartered in Hong Kong. The company hires top talents from Wall Street banks and provides crypto derivative products to institutions, which include exchanges, miners, funds, family offices, etc. Backed by both Metalpha Technology Holding Limited (NASDAQ: MATH) and Antalpha Technologies Limited, the company is one of the largest derivatives traders in Asia.

About Litecoin Foundation

Litecoin Foundation is a non-profit organization founded to promote Litecoin for the good of society, by developing and promoting state-of-the-art blockchain technologies. Registered in Singapore, the Litecoin Foundation team consists of full-time and volunteer support from around the globe. For more information, visit https://litecoin.net

View original content:https://www.prnewswire.com/news-releases/metalpha-and-litecoin-foundation-partner-to-develop-hedging-solutions-for-sustainable-crypto-mining-301755301.html

SOURCE Metalpha Technology Holding Limited

FAQ

What is the partnership between Metalpha and Litecoin Foundation about?

The partnership focuses on developing the Litecoin ecosystem, emphasizing hedging solutions and sustainable mining practices.

What specific areas will Metalpha and Litecoin Foundation research?

They will research derivative products, renewable energy usage, and energy efficiency to lower carbon emissions in the Litecoin network.

When was the partnership between Metalpha and Litecoin Foundation announced?

The partnership was announced on February 24, 2023.

How does Metalpha plan to support crypto miners?

Metalpha plans to provide hedging products to help crypto miners mitigate market risks and reduce environmental impact.

What is Metalpha's stock symbol?

Metalpha's stock symbol is MATH.