ZK International's Subsidiary, xSigma, Successfully Completes an Audit of its NFT Marketplace Ahead of Its Launch, While Working on Strategic Partnerships

Rhea-AI Summary

ZK International Group (Nasdaq: ZKIN) announced that its subsidiary, xSigma Corporation, successfully completed the development and audit of its NFT Marketplace smart contracts by Hashex, with no critical issues found. This enhances marketplace security and customer fund safety. The launch, initially planned for summer, is delayed to finalize strategic partnerships. xSigma aims to capitalize on the growing NFT market, addressing security concerns critical in today's blockchain ecosystem.

Positive

• Successful completion of smart contract audit by Hashex with zero critical issues.
• Enhanced security reduces risks for customers and ensures fund safety.
• Strategic partnership development in progress to strengthen marketplace launch.

Negative

• Launch of the NFT Marketplace is delayed, which may affect market entry timing.

WENZHOU, China, July 21, 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, has completed the smart contract development for its NFT ("Non-Fungible Token") Marketplace and successfully passed a smart contract audit by Hashex.

xSigma has passed the audit by Hashex with zero critical, high or medium severity issues. The audit report will be published through xSigma's social media soon. The audit significantly reduces the marketplace's risks and ensures customers' funds safety.

HashEx is a leading DeFi security provider. It started in 2017 as an auditor of software code, and since then has gained outstanding expertise of how decentralized applications work. Most recently, Hashex discovered a critical vulnerability in a DeFi project with assets worth $20 million. Currently, Hashex is developing solutions to bring security norms into the DeFi market, including designing 30 global projects currently running on blockchain integrations ; It also audited over 250 smart contracts . Hashex's website is: https://hashex.org

The xSigma NFT Marketplace will go live this summer with a series of NFTs created after celebrities, athletes, and brands, which will be announced soon. The Company decided to delay the launch of the Marketplace to ensure customers safety and to complete some strategic partnership deals, which will be announced as well.

Mr. Huang, Chairman of xSigma stated, "Security seems to be the biggest issue in today's blockchain ecosystem, including NFT, which now counts for billions of dollars in sales. We have huge plans for our NFT marketplace , so we take all possible actions to ensure our customers and partners' safety, including passing this audit ahead of our launch.",

About xSigma Corporation

xSigma Corporation is a blockchain R&D lab and a subsidiary of ZK International. xSigma's team includes world-class developers formerly of Google, Facebook, Ripple Labs, and 1inch. ZK International launched xSigma as a research and development lab 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. The ultimate objective is to build a range of financial tools and products for the flourishing decentralized finance industry. The xSigma team is 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.  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 

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.

 

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SOURCE ZK International Group Co., Ltd.

FAQ

What is the recent announcement regarding ZK International Group (ZKIN)?

ZK International Group announced that its subsidiary, xSigma, has completed smart contract development for its NFT Marketplace and passed an audit by Hashex.

What outcomes resulted from the Hashex audit for ZKIN's NFT Marketplace?

The Hashex audit found no critical issues, significantly reducing marketplace risks and ensuring customer fund safety.

When will the NFT Marketplace by ZK International (ZKIN) launch?

The launch of the NFT Marketplace is delayed to finalize strategic partnerships, with a planned announcement soon.

What is xSigma Corporation's role in ZK International Group (ZKIN)?

xSigma Corporation is a blockchain R&D lab and a subsidiary of ZK International, focusing on decentralized finance and NFT Marketplace development.

How does the audit by Hashex impact ZK International Group (ZKIN) and its shareholders?

The successful audit enhances investor confidence in security measures, potentially positively impacting shareholder value.