DeepMarkit Leverages Polygon's Technology to Bring Carbon Credit Holders onto the Blockchain
CALGARY, AB, May 17, 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 it has entered into a strategic collaborative arrangement (the "Collaboration") with Polygon, Inc. (MATIC) ("Polygon"), which is an Ethereum scaling platform onboarding millions to Web3. DeepMarkit will leverage the power of Polygon's carbon-neutral network to enable the minting of carbon credits into NFTs on the blockchain via the Company's MintCarbon.io platform, anticipated to launch by the end of May, 2022.
Under the Collaboration, DeepMarkit expects to benefit from Polygon's technical and business support for the entire MintCarbon.io platform. Polygon Studios, an organization onboarding brands, developers, and creators to Web3 through investment, marketing, and community support, will provide cross-promotional assistance for MintCarbon.io by identifying opportunities for other collaborations with new potential clients. Polygon is the infrastructure development solution of choice for token minting platforms such as MintCarbon.io because it is secure, fast, and energy-efficient Polygon's blockchain enables single or small batch transfers or retirements of carbon credit NFTs to be economically viable as compared to on the Ethereum blockchain, where high transaction fees mean that only large batch transfers or retirements can be completed at a reasonable cost.
Polygon's consensus mechanism, which is the way that transactions are written to the blockchain, is proof-of-stake thereby making it a low emission solution compared to other blockchains like Bitcoin or Ethereum. Polygon recently became carbon-neutral, and has committed to going 'carbon negative' in 2022, which aligns strongly with DeepMarkit's values.
Polygon is a layer-2 scaling solution that works on top of the Ethereum blockchain According to Polygon, it can process up to 65,000 transactions per second with fees costing less than a fraction of a cent, plus network fees. By processing batches of transactions on its proprietary blockchain, Polygon enables cost-effective and fast transaction turnaround times. More information about Polygon can be accessed on its website via the following link: https://polygon.technology/
Jaslyn Wang, APAC Growth at Polygon said, "DeepMarkit's delivery of MintCarbon.io's carbon offset token platform produces a great synthesis with Polygon and our sustainability goals. Minting carbon offset NFTs to build out a more accessible carbon offset market also aligns with Polygon's broader ambition to furnish environmental-focused projects with the tools they need to thrive."
"Establishing a strategic relationship with Polygon was an easy decision for DeepMarkit and it is enabling our MintCarbon.io platform to handle higher transaction volumes at a lower cost. In recent years, scalability issues plagued many cryptocurrency and blockchain projects, but Polygon has developed a solution via its product suite for efficiently scaling Ethereum applications. With the launch of MintCarbion.io drawing near, this Collaboration is ultimately expected to benefit current offset holders who are waiting to come onto our platform and projects generating new carbon offset credits worldwide on an ongoing basis," added Ranjeet Sundher, Interim CEO of DeepMarkit.
DeepMarkit Corp. is a company focused on transitioning the global carbon offset market to the more accessible digital economy 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.
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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.
Statements in this press release may contain forward-looking information. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including 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. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to delay in launching the MintCarbon.io platform, and failure to realize any of the anticipated benefits expected to be received by DeepMarkit from the collaboration with Polygon, whether such benefits are explicitly stated herein, or implied. 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 press 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.
SOURCE DeepMarkit Corp.
Company Codes: OTC-PINK:MKTDF, TorontoVE:MKT, Frankfurt:DEP, OTC-BB:MKTDF
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