TSXV: MKT OTC: MKTDF FRA: DEP
BloomX to showcase Asia-based carbon credit projects to DeepMarkit subsidiary First Carbon Corp. via its MintCarbon.io platform
CALGARY, Alta., June 22, 2022 /CNW/ – DeepMarkit Corp., (“DeepMarkit” or the “Company”) (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on transitioning the global carbon offset market to a more accessible digital economy by transforming credits into non-fungible tokens (“NFT“), is pleased to announce that it has signed a letter of intent (“Letter of Intent“) with Bloom X Alliance Inc. (“BloomX“) to form a reference chord (the “ArrangementUnder the key terms of the letter of intent, DeepMarkit and BloomX are working to form the arrangement whereby BloomX will introduce and integrate carbon credit projects on the blockchain through DeepMarkit’s proprietary minting platform, MintCarbon. io. Based in Japan, BloomX is a blockchain-based products and services company that seeks to reduce the costs and improve the efficiency of international asset transfers. It seeks to participate in and invest in blockchain-based products and services as well as other technology and related growth opportunities.
Through the arrangement, DeepMarkit is expected to benefit from broad and diverse exposure to many new carbon projects, as well as an increased level of validation in the ASEAN carbon offset community. MintCarbon.io is expected to receive increased trading volume due to all BloomX referred users mounting existing NFT credits. Pursuant to the Arrangement, BloomX will receive a commission for referring Carbon Projects to DeepMarkit, which will be payable by DeepMarkit in cash or, at DeepMarkit’s option (subject to applicable law), in common stock of DeepMarkit. Under the terms of the letter of intent, DeepMarkit and BloomX will perform necessary due diligence and negotiate the terms of a definitive agreement to govern the terms of the arrangement. The ultimate structure of the Arrangement will be subject to applicable regulations as well as applicable securities, corporate and tax laws. The definitive agreement and any transaction entered into in connection therewith may be subject to the approval of the TSX Venture Exchange.
Currently, carbon emissions are traded over-the-counter in Japan. Japan’s Ministry of Economy, Trade and Industry and the Japan Exchange Group plan to create the country’s first market for carbon emissions trading, launching a demonstration project in September 2022. The mechanism is expected to become fully operational in the fiscal year beginning April 2023. With its new policy, the country aims to improve price transparency, encourage more companies to participate in the market and help decarbonize its economy.1 As an example of a leader in this area, Hitachi is committed to achieving carbon neutrality in its Scope 1 and 2 emissions by 2030 and carbon neutrality in its Scope 3 emissions by 2050. achieve this goal, Hitachi introduced an internal carbon price in 2019 and increased the price from the initial price 5,000 yen ($37) per ton at 14,000 yen ($104) per tonne in 2021.2
BloomX has an extensive network in the cryptocurrency community as its CEO is a member of the Crypto Valley Association, which is an independent, government-backed and world-leading blockchain organization based in Zug, Swiss, which helps it create and develop blockchain-based services, such as NFTs and security tokens. Additionally, a BloomX advisor, Mr. Ken Mazzio, is well known as a risk and compliance manager in the cryptocurrency industry for obtaining virtual currency licenses and creating strong and regulatory compliant control environments for crypto exchanges Japanese and Filipinos. He was also a member of the V20 (Virtual Asset Service Providers) summit held in Osaka, Japan in 2019.
“BloomX is thrilled to be working with DeepMarkit to bring their robust and proprietary carbon credit minting platform, MintCarbon.io, to Japan. DeepMarkit, aligned with Gold Standard and Verra, has demonstrated its deep understanding of the intricacies of carbon markets. By providing better transparency in carbon credit pricing and transactions, we believe that MintCarbon.io will have a noticeable impact on from Japan push towards “Net Zero by 2050” and encourage more companies to participate in the carbon market, thus accelerating decarbonisation by Japan,” said Rico NumanoCEO, Toshiro Azumipresident and Ken MazzioAdvisor, of BloomX Alliance Inc.
“The anticipated arrangement with BloomX will continue to open new doors for DeepMarkit in the vast Asian market. We look forward to working with BloomX to grow the growing presence of the MintCarbon.io platform in Asian markets,” said Ranjeet Sundher, CEO of DeepMarkit.
DeepMarkit Corp. is a company that focuses on democratizing access to the voluntary carbon offset market by assigning credits to NFTs. Its common shares are listed on the TSX Venture Exchange under the ticker symbol “MKT”. DeepMarkit’s wholly-owned subsidiary, First Carbon Corp. (“FCC”), is a software infrastructure company operating in the blockchain tokenization vertical. FCC’s core asset, MintCarbon.io, is a web-based software-as-a-service platform that facilitates the minting of carbon credits into NFTs (based on the ERC-1155 standard) or other secure tokens ( based on ERC-standard 20). MintCarbon.io is currently being tested and FCC is planning an official launch of the platform in the near future.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Statements in this press release may contain forward-looking information. All statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including statements regarding DeepMarkit entering into a definitive agreement with BloomX and the completion of the transactions described below. Below are statements regarding the benefits DeepMarkit is expected to receive from the Arrangement and statements regarding the company’s business and corporate plans. Readers are cautioned that the assumptions used in preparing any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond DeepMarkit’s control, including, without limited thereto, the inability to obtain the necessary end results. regulatory approvals for the Arrangement, if required, or any other transaction described below, the failure to enter into a definitive agreement, BloomX’s or DeepMarkit’s decision not to enter into the transactions as a result of investigations due diligence or as a result of regulatory or other legal considerations. Readers are cautioned not to place undue reliance on forward-looking information.
The forward-looking statements contained in this press release are made as of the date of this press release, and DeepMarkit undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise, except as required by securities law.
- “Japan plans to create a pilot emissions trading scheme in September 2022“, Enerdata, May 16, 2022available on June 152022, https://www.enerdata.net/publications/daily-energy-news/japan-plans-create-pilot-emission-trading-scheme-september-2022.html
- “Achieving Carbon Neutrality for a Sustainable Society: Hitachi’s Environmental Strategy and Mobility Work”, Hitachi2021, consulted on June 152022, https://www.hitachi.com/rev/archive/2021/r2021_06/concept/index.html
SOURCE DeepMarkit Corp.
For further information: Ranjeet Sundher, CEO, Tel. : 403-537-0067, Email: [email protected]