ZK International's Subsidiary, xSigma Corporation, Launches its Blockchain DeFi Protocol
WENZHOU, China, Nov. 25, 2020 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced that its wholly-owned subsidiary, xSigma Corporation, ("xSigma") www.xsigma.com is launching a Decentralized Finance ("DeFi") protocol which aims to provide a new level of transparency and legitimacy to decentralized financial blockchain-based smart contracts. In doing so, the Company with its investment in xSigma will become one of the first publicly traded enterprise to invest and enter the growing DeFi arena.
xSigma's DeFi ecosystem will begin with the launch of its decentralized stablecoin exchange, offering fair farming terms for liquidity providers and an intuitive user interface for users. On the providers side who provide crypto for exchanges, it is the system that utilizes users' cryptocurrencies and earns them a potential reward from the exchange's trading fees. On the customer's side who execute the exchanges, it provides liquidity to those wanting access to DeFi markets. The protocol being developed is expected to have an intuitive interface, and easy-to-use platform, offering decentralized exchange for stablecoins.
A DeFi Milestone
What is DeFi? DeFi is the hottest trend in the blockchain industry, with more than $9 billion locked into the ecosystem as of the end of September. Decentralized financial systems allow users to participate in blockchain markets and other alternative markets that have been developed on blockchain based networks. Also it enables cross-border payments, as blockchain markets have no borders. As with any blockchain technology, there is ultimate privacy transparency and security, when used properly.
xSigma's DeFi protocol is launching at an opportune time in the blockchain arena. In addition to the $9 billion currently locked in DeFi , the cryptocurrency market keeps growing and has added billions of dollars in market cap over the past 12 months as indicated in publications like Forbes, Bloomberg, and Asia Times, which have all declared that we are in the early stages of the next cryptocurrency bull market.
Many believe DeFi to be the new paradigm in global finance—one that is backed by foundational open-source networks unfettered by centralization and intermediaries. Despite its rapid growth, DeFi has generally been the domain of niche technology startups backed by unproven teams. On the other hand, xSigma, being a subsidiary of a NASDAQ listed public company gives xSigma the reputation and the best in class than many other companies in this space.
xSigma's DeFi protocol plans to serve as an independent financial tool that provides a new level of transparency and legitimacy to decentralized financial blockchain-based smart contracts. Until the main net launch, users who want to be the first to participate in the DeFi protocol have a limited time to register for the whitelist, where they will be the first to receive updates on project developments. The protocol and additional details about the new project are expected to be released in the coming weeks on the official website of the protocol www.xsigma.fi
ZK International 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.
xSigma's World-Class Developers
ZK International has recruited the brightest minds from the blockchain arena to its xSigma research lab. The lab is going to be run by a top team of developers who previously worked for Facebook, Amazon, Google, Ripple Labs, 1inch, and other leading companies.
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. It will feed into a growing network of DeFi products for enterprise and consumer markets.
Mr. Jiancong Huang, Chairman and CEO of ZK International, stated, "we are very excited about entering the DeFi space and surrounding ourselves with a team of very experienced developers who are going to allow us to be part of a new paradigm in global finance—one that is backed by foundational open-source networks and one that is unfettered by centralization and intermediaries."
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.
Weitian Group LLC
Phone: +1 718-213-7386
SOURCE ZK International Group Co., Ltd.
Released November 25, 2020