ZK International's Subsidiary, xSigma, was Awarded With a Grant from Solana Foundation for its DeFi Project

Rhea-AI Summary

ZK International Group Co., Ltd. (Nasdaq: ZKIN) announced that its subsidiary, xSigma Corporation, received a grant from the Solana Foundation to develop a DeFi project. This initiative aims to leverage Solana's high transaction throughput, positioning xSigma within the rapidly expanding DeFi sector. Solana's native token market cap has exceeded $40 billion, reflecting significant growth over the past six months. xSigma's focus will be on creating innovative financial tools, with further updates expected soon.

Positive

• xSigma Corporation received a grant from Solana Foundation for DeFi project development.
• Solana's ecosystem shows strong growth with a market cap over $40 billion and $3.1 billion Total Value Locked.

Negative

• None.

WENZHOU, China, Sept. 29, 2021 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), is pleased to announce that xSigma Corporation, a blockchain R&D lab and a subsidiary of the Company, was honored to be awarded with a grant from Solana Foundation, to develop xSigma's DeFi project and explore possibilities of expansion to Solana blockchain.

Solana is an open-source project implementing a new permissionless blockchain with the capacity of achieving 50,000 transactions per second, making it one of the fastest blockchains on the market. The market capitalization of Solana's native token is over $40 billion as of today, which is a over 10x growth in 6 months. Solana's ecosystem Total Value Locked (TVL) grow to more than $3.1 billion across its DeFi dapps.

Kamal Obbad, the lead of the project at xSigma, stated: "Solana is a fast and scalable blockchain. Their ecosystem is growing rapidly, and they are well-positioned to be the leader of the DeFi space in the coming years. We are excited about their support, which will kick start our product development."

xSigma's team is looking forward to cooperating with Solana Foundation's team to build cutting edge solutions for the DeFi industry. More news on the project's developments to be shared soon.

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." 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.

Contact Person: Di Chen
Cell Number: +86 15057357883

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SOURCE ZK International Group Co., Ltd.

FAQ

What recent grant did ZK International's xSigma receive from the Solana Foundation?

ZK International's subsidiary, xSigma Corporation, was awarded a grant from the Solana Foundation to support the development of its DeFi project.

How has Solana's market capitalization changed recently?

Solana's native token market capitalization has grown to over $40 billion, reflecting a more than 10x increase in just six months.

What are the key objectives of xSigma's DeFi initiative?

xSigma aims to develop innovative financial tools and solutions within the decentralized finance sector, benefiting from Solana's scalable blockchain.

When was the press release announcing the grant issued?

The press release was issued on September 29, 2021.

What is the stock symbol for ZK International Group?

The stock symbol for ZK International Group Co., Ltd. is ZKIN.