ZK International's Subsidiary, xSigma Corporation, Announcing the Successful Completion of Its DeFi Protocol Audit

Rhea-AI Summary

ZK International Group (Nasdaq: ZKIN) announced that its subsidiary, xSigma Corporation, successfully completed an audit of its DeFi Protocol by Hacken, a leading European security firm. The audit found no critical issues, designating the protocol as 'well-secured'. The DeFi Protocol is set to launch on February 24, 2021. ZK International aims to enhance security in decentralized applications and will conduct additional audits. The company also focuses on high-performance stainless steel and carbon steel pipe products, tapping into China's $850 billion water quality improvement initiative.

Positive

• Successful completion of DeFi Protocol audit by Hacken with a 'well-secured' designation.
• No critical security issues were found during the audit.
• Scheduled launch of the DeFi Protocol on February 24, 2021.

Negative

• None.

WENZHOU, China, Feb. 18, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), is pleased to announce that xSigma Corporation, a subsidiary of the Company and a blockchain R&D lab, is announcing that the smart contracts of its DeFi Protocol have been audited by Hacken and the Protocol has successfully passed Hacken's audit with its designation of a "well-secured" score. The audit by Hacken's team has found no critical or high severity issues. The detailed report is available on xSigma's blog: https://xsigma.fi/audit1/

Hacken is a leading European security firm specialized in blockchain. Hacken's clients include some of the biggest blockchain companies such as VeChain, 1Inch, gate.io, FTX, Bithumb and many more. As xSigma continues to practice the best in class and as it continues to to protect the security of the protocol for its community, it plans to complete more audits on the DeFi protocol with other auditors in the second quarter of 2021.

The launch of xSigma's DeFi Protocol is scheduled for 24th of February 2021. The exact time will be announced on xSigma's website https://xsigma.fi and in its social networks.

Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, "Today, the security problem in the world of decentralized apps has escalated, and we wanted to mitigate risks by completing the audit to verify the security of the DeFi Protocol before the platform goes live. We are happy to finish the first audit of the protocol and we look forward to continue to offer a secure protocol by completing the second audit within the next few months."

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 wholly-owned 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 and www.xsigma.fi 

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 the significance of the audit for ZKIN's DeFi Protocol?

The audit by Hacken assures investors that the DeFi Protocol is secure, as it received a 'well-secured' designation with no critical issues.

When will ZKIN's DeFi Protocol launch?

The launch is scheduled for February 24, 2021.

Who conducted the audit for ZK International's DeFi Protocol?

The audit was conducted by Hacken, a leading European security firm specializing in blockchain.

What is the focus of ZK International Group's business?

ZK International designs and manufactures high-performance stainless steel and carbon steel pipe products aimed at improving water quality and pipeline systems.