TSXV: MKT OTC: MKTDF FRA:
DEP
BloomX to Introduce Asia-based Carbon
Credit Projects to DeepMarkit's Subsidiary, First Carbon Corp.,
through its MintCarbon.io Platform
CALGARY,
AB, 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 the more accessible digital economy by minting credits
into non-fungible tokens ("NFTs"), is pleased to
announce that it has signed a letter of intent ("LOI") with
Bloom X Alliance Inc. ("BloomX") to form a referral
arrangement (the "Arrangement"). Pursuant to the key
terms in the LOI, DeepMarkit and BloomX are working to form the
Arrangement through which BloomX will introduce and onboard carbon
credit projects onto the blockchain through DeepMarkit's
proprietary minting platform, MintCarbon.io. Based in Japan, BloomX is a blockchain-based products
and services company seeking to reduce cost and improve efficiency
of international asset transfers. It looks to participate and
invest in blockchain-based products and services as well as other
technology-enabled and related growth opportunities.
![DeepMarkit Corp. Logo (TSXV: MKT, OTC: MKTDF, FRA: DEP) (CNW Group/DeepMarkit Corp.) DeepMarkit Corp. Logo (TSXV: MKT, OTC: MKTDF, FRA: DEP) (CNW Group/DeepMarkit Corp.)](https://mma.prnewswire.com/media/1844577/DeepMarkit_Corp__DeepMarkit%C2%A0Announces_Execution_of%C2%A0LOI%C2%A0with_Japa.jpg)
Through the Arrangement, DeepMarkit is expected to benefit from
extensive and diverse exposure to numerous new carbon projects, as
well as an increased level of validation in the ASEAN carbon offset
community. MintCarbon.io is expected to receive increased
transaction volume as a result of any and all users referred by
BloomX that mint existing credits into NFTs. Pursuant to the
Arrangement, BloomX will receive a fee for referring carbon
projects to DeepMarkit, which will be payable by DeepMarkit in
cash, or at DeepMarkit's discretion (subject to applicable laws),
common shares of DeepMarkit. Under the terms of the LOI, DeepMarkit
and BloomX will conduct 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 completed in connection therewith, may be subject to
TSX Venture Exchange approval.
Currently, carbon emissions are traded over the counter in
Japan. The Japanese Ministry of
Economy, Trade and Industry and the Japan Exchange Group plan to
create the country's first market for trading carbon emissions,
launching a demonstration project in September 2022. The mechanism is planned to
become fully operational in the fiscal year starting April 2023. With its new policy, the country aims
to improve transparency in prices, encourage more companies to
participate in the market and foster decarbonisation in its
economy.1 As an example of a leader in the field,
Hitachi has committed to achieving carbon neutrality in its Scope 1
and 2 emissions by 2030 and carbon neutrality in its Scope 3
emissions by 2050. In order to achieve this goal, Hitachi
introduced an internal carbon price in 2019 and raised the price
from the initial 5,000 yen
(US$37) per tonne to 14,000 yen (US$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-supported and world-leading blockchain
organization based in Zug, Switzerland, which is helping it to build and
expand blockchain-based services, such as NFTs and security
tokens. In addition, an advisor of BloomX, Mr. Ken Mazzio, is well known as a risk and
compliance executive in the cryptocurrency industry for obtaining
virtual currency licensing and building strong,
regulatory-compliant control environments for Japanese and Filipino
crypto-exchanges. He was also a member of the V20 (Virtual Asset
Service Providers) Summit held in Osaka,
Japan in 2019.
Management Commentary
"BloomX is excited 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 thorough understanding in the intricacies of carbon markets. By
providing improved transparency in carbon credit pricing and
transactions, we believe MintCarbon.io will make a notable impact
on Japan's push toward becoming
'Net Zero by 2050' and encourage more companies to participate in
the carbon market, thus accelerating decarbonization in
Japan," said Rico Numano, CEO, Toshiro Azumi, Chairman and Ken Mazzio, Advisor, of BloomX Alliance Inc.
"The expected Arrangement with BloomX will work continue to open
new doors for DeepMarkit in the vast Asian
market. Asia-based Radiance Asset Berhad's support of
MintCarbon.io has been critical, now supplemented by BloomX,
DeepMarkit's footprint in the Asian markets is expected to expand
at a faster pace. We look forward to working with BloomX to grow
the MintCarbon.io platform's increasing presence in the Asian
markets," said Ranjeet Sundher, CEO of DeepMarkit.
ABOUT DEEPMARKIT
DeepMarkit Corp. is a company focused on democratizing access to
the voluntary carbon offset market by minting credits into NFTs.
Its common shares are listed on the TSX Venture Exchange under the
"MKT" stock symbol. DeepMarkit's wholly owned subsidiary, First
Carbon Corp. ("FCC"), is a software infrastructure company
operating in the tokenization vertical of the blockchain. FCC's
primary 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
the ERC-20 standard). MintCarbon.io is currently undergoing testing
and FCC anticipates an official launch of the platform in the near
future.
On behalf of:
DEEPMARKIT CORP.
"Ranjeet Sundher"
Ranjeet Sundher, CEO
Web: www.deepmarkit.com
Twitter: @DeepMarkit
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 news release.
CAUTIONARY STATEMENT
Statements in this news release may contain forward-looking
information. Any statements that are contained in this news release
that are not statements of historical fact may be deemed to be
forward-looking statements, including statements with respect to
DeepMarkit entering into a definitive agreement with BloomX and
completing the transactions described hereunder, statements with
respect to the benefits expected to be received from DeepMarkit
from the Arrangement and statements relating to the Company's
business and corporate plans. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of DeepMarkit,
including, without limitation, failure to obtain necessary final
regulatory approvals for the Arrangement, if required, or any other
transactions described hereunder, failure to enter into a
definitive agreement, the decision by BloomX or DeepMarkit to not
complete the transactions as a result of due diligence
investigations or as a result of regulatory or other legal
considerations. The reader is cautioned not to place undue
reliance on any forward-looking information.
The forward-looking statements contained in this press release
are made as of the date of this news release and DeepMarkit does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
securities law.
ENDNOTES:
- "Japan plans to create a pilot
emission trading scheme in September
2022", Enerdata, May 16,
2022, accessed on June 15,
2022, 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 Environment Strategy and its Work in Mobility",
Hitachi, 2021, accessed on June
15,
2022, https://www.hitachi.com/rev/archive/2021/r2021_06/concept/index.html
SOURCE DeepMarkit Corp.