- SATO Technologies Corp. (SATO) has signed a loan agreement with Sygnum Bank AG
- The loan agreement will allow the company to finance an initial purchase of up to CHF3,000,000 (C$4,000,000 equivalent) worth of miners
- Key highlights of the agreement include the acquisition of mining equipment already on site, increase of self-mining
- Sygnum is the world’s first digital asset bank, founded on Swiss and Singapore heritage
- SATO Technologies Corp operates a carbon-neutral bitcoin mining centre with a contract of 20 MW of stable, eco-friendly energy
- SATO Technologies Corp. (formerly known as Canada Computational Unlimited Corp.) was up 18.182 per cent, trading at $0.26 at 11 AM ET
SATO Technologies (SATO) has signed a loan agreement through its subsidiary, Canada Computational Unlimited, with Sygnum Bank AG.
The loan agreement will allow the company to finance an initial purchase of up to Swiss francs of CHF3,000,000 (C$4,000,000 equivalent) worth of miners or equivalent.
Key highlights of the agreement include the acquisition of mining equipment already on site, increase of self-mining, eight per cent interest rate per annum, repayable over three-year term.
Sygnum has made a non-binding indication to the company that, depending on market conditions, it is willing to discuss additional equipment financing in tranches that could in the aggregate reach CHF20,000,000 (C$26,700,000 equivalent) in principal over time.
“With Sygnum Bank as our lending provider and new mining rigs coming for Centre One, we are now producing Bitcoin at a higher speed, and this agreement brings us closer to full capacity for self-mining at a highly competitive interest rate in the Mining Financing world,” stated Romain Nouzareth, CEO and Chairman of SATO.
“We are pleased that SATO Technologies Corp. is the first recipient of our new green crypto financing solution, which aims to support green-mining and accelerates the industry’s transition towards a carbon-neutral economy,” noted Sygnum’s Head of Credit & Lending, Francisco Arruda.
Sygnum is the world’s first digital asset bank, founded on Swiss and Singapore heritage.
SATO Technologies Corp operates a carbon-neutral bitcoin mining centre with a contract of 20 MW of stable, eco-friendly energy.
SATO Technologies Corp. (formerly known as Canada Computational Unlimited Corp.) was up 18.182 per cent, trading at $0.26 at 11 AM ET.