ZK International’s subsidiary, xSigma, received a grant from the Solana Foundation for its DeFi project
WENZHOU, China, September 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 laboratory and a subsidiary of the Company, has been honored to receive a grant from the Solana Foundation , to develop xSigma’s DeFi project and explore the possibilities of extension to the Solana blockchain.
Solana is an open source project implementing a new unlicensed blockchain with the capacity to perform 50,000 transactions per second, making it one of the fastest blockchains on the market. Solana’s native token market capitalization is over 40 billion dollars to date, which represents a growth of more than 10 times in 6 months. The Solana Total Value Locked (TVL) ecosystem reaches more than $ 3.1 billion through its DeFi dapps.
Kamal Obbad, Project Manager at xSigma, said: “Solana is a fast and scalable blockchain. Their ecosystem is growing rapidly and they are well positioned to be the leader in the DeFi space in the years to come. We are delighted about their support, which will kick off the development of our products. “
The xSigma team is looking forward to cooperating with the Solana Foundation team to create cutting edge solutions for the DeFi industry. More news on the developments of the project to share 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 piping systems. The company holds 28 patents, 21 trademarks, 2 technical excellence 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 state of supply is 70% unsuitable for human contact. ZK International is certified quality management system (ISO9001), certified environmental management system (ISO1401) and holder of a national industrial stainless steel production license which focuses on supplying steel pipes for the multi-billion dollar industries of the gas and water sectors. ZK has supplied stainless steel piping for more than 2,000 projects, including Beijing National Airport, “Water Cube” and “Bird’s Nest”, which were the sites of the 2008 Beijing Olympics. By emphasizing the superior properties and durability of its steel pipes, ZK International provides a solution for the delivery of high quality, highly durable and environmentally friendly drinking water not only to the Chinese market, but also in international markets such as Europe, East Asia and South East Asia. .
For more information, please visit www.ZKInternationalGroup.com. In addition, please follow the Company on Twitter, Facebook, Youtube, and Weibo. For more information on the documents the company has filed with the SEC, 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, launched xSigma as a research and development lab in 2018 to solve real world infrastructure issues. Its mandate was to explore new opportunities in smart contracts, supply chain management and other blockchain-based solutions. XSigma has since turned to decentralized finance, focusing on decentralized exchanges, stablecoins, and lending protocols. The research laboratory is now actively working on its ecosystem of products, starting with its DeFi protocol. The ultimate goal is to create a range of financial tools and products for the thriving decentralized finance industry. The xSigma team that is being assembled is at the forefront of blockchain research and development that intersects with decentralized finance, supply chain management, IoT and infrastructure. The DeFi protocol is one of several decentralized finance projects that xSigma plans to launch over the next 12 months. It will power a growing network of DeFi products for the business and consumer markets. Any blockchain protocol is subject to a certain degree of risk; XSigma’s DeFi protocol has tamper-proof programming in place, but is still subject to potential hackers. For more information about xSigma, please visit its website at www.xsigma. www.xsigma.com and www.xsigma.fi
Safe Harbor Declaration
This press 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 US Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “intend to” “,” Could “,” estimate “or” continue “or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statement that refers 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 ZK International’s control. Actual results may differ from those projected in forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the documents filed by the Company with the United States Securities and Exchange Commission. . Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be incorrect and, therefore, there can be no assurance that the results contemplated in the forward-looking statements will be achieved. In light of the significant uncertainties inherent in the forward-looking information included in this document, the inclusion of such information should not be construed as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International assumes no obligation to revise any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.
Contact: Di Chen
Mobile number: +86 15057357883
View original content to download multimedia:https://www.prnewswire.com/news-releases/zk-internationals-subsidiary-xsigma-was-awarded-with-a-grant-from-solana-foundation-for-its-defi-project-301387689.html
SOURCE ZK International Group Co., Ltd.