Sino Global Shipping Partners up with CyberMiles Blockchain to Explore Non-Fungible Token Business
Sino Global Shipping America Ltd has entered a Memorandum of Understanding with CyberMiles Foundation to explore non-fungible token (NFT) opportunities using CyberMiles' CRC-721 protocol. This partnership could leverage the growing NFT market, currently valued at approximately $250 million, by allowing enterprises and individuals to issue and trade unique digital assets. CyberMiles specializes in smart contracts optimized for e-commerce, providing a platform for decentralized applications. The agreement reflects Sino's interest in diversifying into blockchain technology as the NFT sector expands.
- Partnership with CyberMiles expands Sino's reach into the NFT market, leveraging a growing sector valued at $250 million.
- CyberMiles' expertise in e-commerce blockchain technology aligns with Sino's strategic interests.
- Forward-looking statements indicate uncertainty regarding the impact of COVID-19 on operations and market conditions.
- Potential volatility in cryptocurrency values may pose risks to Sino's future initiatives.
ROSLYN, N.Y., Feb. 23, 2021 /PRNewswire/ -- Sino Global Shipping America Ltd has signed a Memorandum of Understanding to cooperate with the e-commerce blockchain company CyberMiles Foundation to jointly explore opportunities using CyberMiles' blockchain non-fungible token ("NFT") CRC-721 protocol and trading platform, which allows enterprises, institutions, and individuals to issue and trade NFTs on CyberMiles' public blockchain.
Many cryptocurrencies like Bitcoin and Ethereum are considered fungible tokens. Each fungible token is identical to each other fungible token: one Bitcoin is equal in value to any other one Bitcoin. Non-fungible tokens are different. Each NFT is unique and not interchangeable with another. This feature makes NFTs ideal where the provenance of underlying assets is important. For example, digital art pieces, sports memorabilia, in-game assets, other digital collectibles, contracts and even limited-edition physical products that are digitally linked to verify scarcity. The total value of the NFT market is now estimated at
CyberMiles (https://www.cybermiles.io/en-us/) (CMT) is a next generation public blockchain for smart contracts. CyberMiles' Smart Business Contracts are optimized for e-commerce applications. It provides a large library of commerce-related Smart Business Contracts, striving to offer the best streamlined process and experience in helping to build decentralized e-commerce applications.
About Sino-Global Shipping America, Ltd.
Founded in the United States in 2001, Sino-Global Shipping America, Ltd. is a company engaged in shipping, chartering, logistics and related services. Headquartered in New York, Sino-Global has offices in Los Angeles, Mainland China, Australia, Canada and Hong Kong. The Company's current service offerings consist of shipping agency services, shipping and chartering services, inland transportation management services and ship management services. Additional information about Sino-Global can be found on the Company's corporate website at www.sino-global.net. The Company routinely posts important information on its website.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include timing of the proposed cryptocurrency mining initiative; the business plans, objectives, and expectations of the Company regarding the initiative, and SINO's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, our actual results may differ materially from our expectations or projections. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on SINO's operations, the demand for SINO's products and services, global supply chains and economic activity in general. In addition, the value of cryptocurrencies may fluctuate significantly over time. These and other risks and uncertainties are detailed in the other public filings with the SEC by SINO.
Additional information concerning these and other factors that may impact our expectations and projections will be found in our periodic filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2020. SINO's SEC filings are available publicly on the SEC's website at www.sec.gov. SINO disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:
Tina (Tuo) Pan, Acting Chief Financial Officer
1-718-888-1814
tinap@sino-global.com
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SOURCE Sino-Global Shipping America, Ltd.
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