September 06, 2022 09:00 ET| Source: Spirit Blockchain Inc.
VANCOUVER, British Columbia, Sept. 06, 2022 (GLOBE NEWSWIRE) — Spirit Blockchain Capital Inc. (the “Company” or “Spirit”), a Canadian company that offers shareholders diversified exposure to the Blockchain and crypto industry, is pleased to announce that it has made an investment in AVAX and has setup its own validator node to help secure the Avalanche network.
Avalanche is one of the world’s most decentralized high-performance blockchains and continues to experience rapid growth. The Avalanche network is a Proof-of-Stake (PoS) smart contract platform that is focused on scalability and offers fast transaction finality. The innovative Layer 1 protocol is one of the leading Ethereum Virtual Machine (EVM)-compatible chains. The protocol’s unique consensus mechanism requires validators and subnets to stake AVAX – the blockchain’s native token.
AVAX locked in decentralized finance (DeFi) applications has continued to increase, highlighting the growth and resilience of the Avalanche ecosystem despite the recent drop in cryptoasset prices. In the second quarter of 2022, the network has also seen an uptrend in validator count and delegation, healthy developer activity as well as the successful launch of a highly anticipated gaming subnet, to name but a few positive trends.
By becoming an active validator of the Avalanche network, SPIRIT plans to be a long-term supporter of the blockchain, contribute to decentralization and participate in protocol governance. In return for staking its AVAX tokens, SPIRIT will receive annual rewards of roughly 9%. Furthermore, 3rd parties are able to delegate their AVAX tokens to the SPIRIT validator node, for which SPIRIT earns a commission.
About Spirit Blockchain Capital Inc.
Spirit is a Canadian-Swiss group operating in the blockchain and digital asset sectors with the primary goal of creating value in a rapidly growing environment through recurring cash flows and capital appreciation.
Spirit provides investors with direct exposure to the sector, without the technical complexity or constraints of purchasing and holding the underlying crypto assets. Spirit’s strategy is based upon management’s conviction that the blockchain and digital asset ecosystem will provide significant growth and outperform traditional asset classes over the medium to long-term.
The Company’s strategy focuses on four complimentary economic units:
- Royalties & Streams by lending capital to blockchain ecosystem participants, where repayment of the notional and interest takes place in the form of crypto assets;
- Advisory & Research Services;
- Treasury management through investment in major crypto assets with cold storage in Switzerland; and
- Providing IT Solutions to the sector in the areas of Compliance, AML, Forensics and Risk Reporting.
Spirit’s common shares (the “Shares”) have been approved for listing on the Canadian Securities Exchange (“CSE“), subject to customary listing conditions. The Company anticipates the Shares will commence trading in September 2022 and will update the market pending confirmation of a listing date from the CSE.
For additional information, please contact:
Erich Perroulaz, Founder & CEO