VANCOUVER, British Columbia, June 09, 2021 (GLOBE NEWSWIRE) -- BIGG Digital Assets Inc. ("BIGG'' or the "Company") (CSE: BIGG, OTC: BBKCF, WKN: A2JSKG), owner of Blockchain Intelligence Group (blockchaingroup.io) ("BIG"), a leading developer of blockchain technology search, risk-scoring, and data analytics solutions, is pleased to announce a partnership with Blockchain Foundry Inc. (blockchainfoundry.com) (“BCF”) (CSE:BCFN) to provide an unparalleled regulatory compliance solution for stablecoin creators. BCF’s senior technical team developed the Syscoin protocol and BCF has built substantial proprietary technology which leverages the Syscoin blockchain.
BIG and Blockchain Foundry will launch a combined product offering to create scale, transparency, and security for stablecoins. BitRank Verified® and QLUE™ will be integrated within the Blockchain Foundry’s on-chain compliance solution and wallet to wallet transaction monitoring capabilities. The combined capabilities produce real-time risk mitigation and more to entities operating stablecoins.
Security tokens require rule sets and additional checks, and the combined offering will bring trust and compliance to the blockchain, making it accessible for broad adoption. Furthermore, as stablecoins are centrally issued, and regulation stipulates regular checks, entities can now track exchanges on a transactional level with this new joint solution. These entities can apply pre-authorization compliance to each transaction for preventative measures instead of reactive like other solutions without requiring the onboarding to custody solutions. The public nature of BIGG and Blockchain Foundry means added transparency with audit checks at required intervals. The first phase of integration includes BitRank Verified® for which BIG will receive $133k in fees from Blockchain Foundry to seed the initial data set for Blockchain Foundry’s compliance product ahead of its official launch later this year. BitRank Verified® and QLUE™ will be available to customers through Blockchain Foundry’s product integration enabling an additional layer of regulatory compliance for issuers while generating additional revenue for both organizations.
Blockchain Foundry has spent the last year solving custody-free opt-in on-chain compliance in ways that would not negatively impact complexity and fees for users yet allows asset issuers to easily monitor and adjust policies affecting their user-base as required in realtime. With the recent Syscoin Lux release, the protocol now offers the ability for asset issuers to opt-in to enable an on-chain pre-transaction compliance feature unique to Syscoin where business rulesets may be managed offchain but enforced on-chain through a single signature, making it the industry leader for the most lean, efficient and flexible compliance system encompassing digital asset rules and regulations for any jurisdiction. BCF’s Transaction Compliance Fingerprint technology provides regulators with a first of its kind snapshot of the exact pre-transaction compliance rules executed on each transaction.
"Blockchain Intelligence Group is positioned strongly to support present and future mass adoption of stablecoins and supports transparency," said Lance Morginn, President, BIG. "By partnering with Blockchain Foundry, a leader in blockchain-based business solutions, we will offer a comprehensive solution for stablecoins, security tokens, and fractionalized NFTs supported on the Syscoin blockchain ecosystem,”
On the new partnership, Jag Sidhu, Chief Technology Officer, Blockchain Foundry said, “We are creating the tools needed for adoption and enablement of stablecoins, commodity based digital assets and digital security tokens operating on public permission-less settlement ledgers through the oncoming and pending regulatory frameworks. Through the use of QLUE and BitRank® offerings we can not only allow for issuers to react to situations requiring regulatory actions but for the first time on a public ledger become preventative to enable compliance in the same ways that traditional financial transfers take place all while the users hold their tokens in their own digital wallets.”
Banks and governments offering stablecoins or Central Bank Digital Currency (CBDC) can monitor in real-time any links to nefarious activities and illicit actors. With QLUE™ as part of the combined product offerings, these entities can now also trace stablecoin transactions starting with Syscoin.
On behalf of the Board
About BIGG Digital Assets Inc.
BIGG Digital Assets Inc. (BIGG) believes the future of crypto is a safe, compliant, and regulated environment. BIGG invests in products and companies to support this vision. BIGG owns two operating companies: Blockchain Intelligence Group (blockchaingroup.io) and Netcoins (netcoins.ca).
Blockchain Intelligence Group (BIG) has developed a Blockchain-agnostic search and analytics engine, QLUETM, enabling Law Enforcement, RegTech, Regulators and Government Agencies to visually track, trace and monitor cryptocurrency transactions at a forensic level. Our commercial product, BitRank Verified®, offers a “risk score” for cryptocurrencies, enabling RegTech, banks, ATMs, exchanges, and retailers to meet traditional regulatory/compliance requirements.
Netcoins develops brokerage and exchange software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor with a focus on compliance and safety. Netcoins utilizes BitRank Verified® software at the heart of its platform and enables crypto transactions via retail locations globally, a self-serve crypto brokerage portal and an Over-The-Counter (OTC) trading desk.
About Blockchain Foundry Inc.
Blockchain Foundry develops and commercializes blockchain-based business solutions and provides consulting services to corporate clients seeking to incorporate blockchain technology into their businesses.
Certain statements in this release are forward-looking statements, which include completion of the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of BIGG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIGG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from BIGG’s expectations include, consumer sentiment towards BIGG’s products and Blockchain technology generally, technology failures, competition, and failure of counterparties to perform their contractual obligations.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, BIGG disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, BIGG undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.