- CurrencyWorks (CWRK) is investing an additional $850,000 in its revolutionary Zer00™crypto mining platform in the form of a loan agreement with Fogdog Energy Solutions Inc.
- CurrencyWorks will be providing its technology development partner with an advance of $850,000
- Zer00™ uses the thermal treatment of solid waste to generate the energy needed to power cryptocurrency mining operations
- Fogdog will provide free access to electric power generated from any power generation thermal units it owns and operates in Canada and the US
- The loan bears interest at the rate of 10 percent per annum and is due and payable on August 20, 2027
- CurrencyWorks is a financial technology blockchain pioneer, NFT, and digital payment provider
- CurrencyWorks Inc. (CWRK) opened trading at C$0.71 per share
CurrencyWorks (CWRK) is investing an additional $850,000 in its revolutionary Zer00™crypto mining platform.
The investment is in the form of a services and loan agreement with Fogdog Energy Solutions Inc.
It has been widely reported in the media that the blockchain-based NFT market was now worth approximately $2.5 billion USD worldwide, up from sales of just $13.7 million recorded in the first half of 2020.
As part of the CurrencyWorks blockchain platform, its Zer00 ™crypto mining solution has been designed to meet the increasing demand for blockchain-based innovations and the importance of reducing the environmental impact required in building environmentally sustainable blockchain technologies and solutions.
Zer00™ is a fully scalable system that will use the thermal treatment (non-burning) of Industrial and Municipal Solid Waste (IMSW) to generate the energy needed to power cryptocurrency mining operations in an environmentally friendly and sustainable way, which will also benefit communities by reducing the demand for landfill to manage the disposal off IMSW.
“CurrencyWorks is committed to providing leading-edge waste management solutions to help provide a creative solution to enable the reduction of the environmental impact within the blockchain space. Creating environmentally responsible energy from IMSW, is just the beginning of helping ensure a low carbon footprint and a zero-energy cost Crypto mining solution.” said Cameron Chell, CurrencyWorks Executive Chairman.
CurrencyWorks will be providing its technology development partner with an advance of $850,000 pursuant to a loan agreement with Fogdog dated August 20, 2021.
Provided that the company is using such power to develop and operate cryptocurrency mining operations, Fogdog will provide free of charge access to the electric power generated from any clean electric power generation thermal units built and operated by Fogdog in Canada or the United States.
CurrencyWorks has agreed to grant Fogdog share purchase warrants to acquire up to 250,000 common shares. The warrants will vest and become exercisable upon repayment in full of the loan and will expire within five years from the date of issue.
The loan bears interest at the rate of 10 percent per annum, calculated daily, not in advance, as well after as before maturity, default and judgment on the basis of a 365 (or in the case of a leap year 366) day year based on the actual number of days elapsed, on a nominal rate basis and without allowance or deduction for deemed reinvestment or otherwise with respect to any amounts from time to time paid to our company on account of interest under the loan.
Unless demanded or otherwise due earlier, all obligations are due and payable on August 20, 2027.
The Loan is secured by a charge on all of the assets owned by Fogdog pursuant to a general security agreement dated August 20, 2021, between the Company and Fogdog.
CurrencyWorks is a financial technology blockchain pioneer, NFT, and digital payment provider that builds and operates FinTech Platforms for Digital Currencies, Digital Assets, and Security Tokens.
CurrencyWorks Inc. (CWRK) opened trading at C$0.71 per share.
