ZK International's Subsidiary's DeFi Project Surpasses $1 Billion in Volume

Rhea-AI Summary

ZK International Group (Nasdaq: ZKIN) announced that its subsidiary, xSigma Corporation, achieved over $1 billion in total volume for its decentralized exchange (DEX) project, xSigma DEX. The platform facilitated $400 million in stablecoin exchange transactions and $600 million for liquidity provider transactions. Upcoming upgrades to the DEX include a bridge to the Binance Smart Chain, enhanced liquidity pools, and time locks. The company emphasizes security in its operations and aims to provide secure ways to earn interest on stablecoins.

Positive

• xSigma DEX successfully surpassed $1 billion in total transaction volume.
• Already processed $400 million in stablecoin exchanges and $600 million for liquidity provider transactions.
• Upcoming upgrades will enhance functionality and security of xSigma DEX.

Negative

• None.

WENZHOU, China, June 10, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), is pleased to announce that xSigma DEX, a DeFi project by ZK International's subsidiary, xSigma Corporation, surpassed $1 billion of total volume. xSigma DEX allows users to swap stablecoins, such as USDT, USDC and DAI. So far, the project processed over $400 million for stablecoin exchange transactions and over $600 million for liquidity provider transactions.

xSigma is also pleased to announce that it is currently working on major upgrades for the DeFi project, such upgrades will include:

1)  A bridge for transferring its governance token (SIG) to the Binance Smart Chain (BSC) network;
2)  Upgraded pools that will enable a buyback of the SIG tokens; and
3)  Time locks for liquidity pools.

Also, the CTO of xSigma, Alex Lebed, shared some insights about the future plans for the DEX during an interview hosted by Jane King on the New to the Street show, which was also aired on Bloomberg TV and Fox.

https://newtothestreet.com/new-to-the-street-interviews-alex-lebed-the-chief-technology-officer-at-zk-international-inc 

xSigma's team is working on getting the software ready before it finally goes live on the BSC network, focusing on security. The xSigma DEX has proven to be one of the securest decentralized apps on the market due to the rigorous quality standards it enacts. These days, security is proving to be a major problem for many Apps, while xSigma decided to take additional steps to ensure user safety before its releases any updates.

xSigma DEX will be launching on BSC soon. xSigma is attempting to provide one of the most secure ways to earn interest to stablecoins on Binance Smart Chain, with minimal risk and no impermanent loss. The launch will be accompanied by a marketing campaign, and special incentives will be offered to early LPs on the BSC. xSigma DEX's website can be found at: https://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 stainless steel and carbon 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 the quality of water, which in its current supply state is 70% unfit for human contact.  ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors.  ZK has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the "Water Cube" and "Bird's Nest", which were venues for the 2008 Beijing Olympics.  Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water to not only to the China market but to international markets such as Europe, East Asia and Southeast Asia.  

For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company's SEC filings please visit www.sec.gov.

About XSigma Corporation

XSigma Corporation, is a subsidiary of ZK International Group Co., Ltd. Together with ZK International, has launched xSigma as a research and development lab back 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 pivoted to decentralized finance, focusing on decentralized exchanges, stablecoins and lending protocols. The research lab is now actively working on its ecosystem of products beginning with its DeFi protocol. The ultimate objective is to build a range of financial tools and products for the flourishing decentralized finance industry.  The xSigma team that are being assembled are on the leading edge of blockchain research and development that intersects decentralized finance, supply chain management, IoT, and infrastructure. The DeFi protocol is one of many decentralized finance projects xSigma plans to launch over the next 12 months. It will feed into a growing network of DeFi products for enterprise and consumer markets. Any blockchain protocol is subject to a degree of risk; xSigma's DeFi protocol has implemented tamper-resistant programming, but is still subject to potential hacks.For further information about xSigma, please visit its website at  www.xsigma.com , www.xsigma.fi , https://xsigma-trading.com and https://xsigma-nft.com 

Safe Harbor Statement 

This news 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 U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any 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 that are included in the Company's filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in 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 regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Investor Contact:
Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386

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SOURCE ZK International Group Co., Ltd.

FAQ

What is ZK International's recent milestone regarding xSigma DEX?

ZK International's subsidiary, xSigma Corporation, announced that xSigma DEX surpassed $1 billion in total transaction volume.

How much volume has xSigma DEX processed in stablecoin exchanges?

xSigma DEX has processed $400 million in stablecoin exchange transactions.

What are the upcoming features for xSigma DEX?

Upcoming features include a bridge to the Binance Smart Chain, upgraded liquidity pools, and time locks.

How is xSigma DEX ensuring user security?

xSigma DEX emphasizes security by adhering to rigorous quality standards and implementing additional safety measures.

When will xSigma DEX launch on Binance Smart Chain?

The launch of xSigma DEX on Binance Smart Chain is anticipated soon, accompanied by a marketing campaign.