DigiMax Makes USD $5 Million Strategic Investment in Technology Disruptor, Kirobo, to Help Solve Decentralized Finance (DeFi) Transaction Risks
Crypto Pioneer Brock Pierce Joins Advisory Boards of Both Companies
- Kirobo, an Israeli based blockchain technology company, has developed solutions to some of the biggest problems in crypto by giving users new capabilities, such as:
- ability to cancel a transfer if sent to a wrong address;
- transactions can be password protected prior to sending to ensure only the intended user can be the recipient;
- Kirobo provides all the benefits of centralized financial services in a fully decentralized format – the technology enables large scale intermediaries such as credit card companies, and alternative payment systems, to offer their users security that was not previously available.
- Chairman of the Bitcoin Foundation and co-founder of EOS Alliance, Blockchain Capital, Tether, and Mastercoin (first ICO), Brock Pierce, has joined the Advisory Boards of both DigiMax and Kirobo where he will be providing strategic guidance around the global launch of Kirobo’s portfolio of products.
TORONTO, ON / ACCESSWIRE / May 4, 2021 / DigiCrypts Blockchain Solutions Inc. (DigiMax), the provider of Artificial Intelligence and cryptocurrency technology solutions, has today announced a strategic USD $5 million investment inKirobo, a leading cryptocurrency solutions developer. The investment will help Kirobo accelerate the release of upcoming wealth management and crypto transaction security products, which are set to be integrated in DigiMax’s AI system over the course of 2021.
Tel Aviv based Kirobo is a blockchain technology company that provides state-of-the-art tools to crypto users and companies, helping them gain better control of their funds. Kirobo offers a straightforward and user-friendly interface that makes crypto management as simple and secure as online banking – something that could revolutionize the world of DeFi.
DigiMax and Kirobo have also announced that crypto pioneer Brock Pierce has joined the Advisory Boards of both companies where he will be providing strategic guidance around the global launch of Kirobo’s portfolio of products. Over a stellar career to date, Pierce has established credentials as one of the world’s preeminent crypto thought leaders, having co-founded EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin. Pierce currently serves as Chairman of the Bitcoin Foundation.
Brock Pierce said, “I am excited to be joining the advisory boards of both DigiMax and Kirobo, and I am looking forward to helping Kirobo introduce its unique and disruptive technology to the market.”
The $5 million strategic investment by DigiMax includes an agreement to explore the integration of DigiMax’s AI technology into Kirobo’s solutions. The companies will also engage in marketing collaboration and the reselling of each other’s products to crypto exchanges.
Kirobo’s first product – a breakthrough cryptocurrency transfer technology that allows users to “undo” or reverse a crypto transfer sent in error – eliminates the myriad of human error risks inherent to the execution of crypto transactions. A loss of money can occur when a transaction is sent to the wrong address, or when it is sent to an address that does not support the receiving of the transaction, such as trying to send directly to a smart contract address. This is exactly the problem that DeFi is trying to address – and Kirobo has the solution.
Kirobo has also developed a range of additional bespoke solutions tailored to crypto holders and merchants, which are set for release over the course of Q2 and Q3. The company is in discussions with several crypto exchanges regarding the planned integration of its solutions for later in 2021. Elements of Kirobo’s new, soon to be revealed, solutions have helped the company yield two highly revered grants from the Israel Innovation Authority.
The company’s logic layer functions by providing a unique transaction code that must be entered by the recipient in order to receive funds from the sender. Until the recipient has entered the correct code, the sender may retrieve the funds at any time. Kirobo is currently helping large scale intermediaries, crypto exchanges and payments companies offer their users unprecedented levels of transaction security.
Commenting on the announcement, Asaf Naim, Kirobo CEO said: “Today’s announcement represents a firm seal of approval in Kirobo’s service offering from a highly renowned technology solutions provider. The DigiMax investment will help us expedite the launch of new industry-leading solutions designed to help crypto participants, current and prospective, to navigate transactions with a greater sense of confidence and clarity. By removing the fear from crypto transactions, Kirobo will boost wider adoption levels as the enabler of risk-free crypto transactions. In the coming months, we look forward to exploring the integration of DigiMax’s AI technology into our solutions while announcing some very exciting product launches that will advance the NFT and DeFi spheres.”
Chris Carl, DigiMax CEO said: “We’re proud to announce our strategic investment in Kirobo – a company that is set to fundamentally change the DeFi landscape with its suite of timely, security-centric solutions. DigiMax is firmly aligned with Kirobo’s mission to broaden the accessibility of crypto through innovative technology tools built on the principles of trust, transparency and security. To enable the wider crypto space to achieve mainstream adoption, the substantial risk of human error, and machine coding error inadvertently creating massive losses on transactions must be addressed. We are also excited to invite Mr. Brock Pierce onto our Advisory Board. The Kirobo technology has the potential to change the way the world does commerce, and Mr. Pierce will be of huge assistance in helping us to strategically introduce the technology on a global scale to provide secure transactions for individuals, and to provide giga-scale solutions to credit card and similar cash transaction companies wishing to enable crypto-based commerce.”
For more information on Kirobo’s Retrievable Transfer feature, please visit Kirobo.io.
The Board of Directors has also approved the establishment of a Restricted Share Unit Plan. This plan defines the maximum number of restricted shares allowed to be issued as 10% of the outstanding common shares as of the issue date.
The terms of the investment include DIGIMAX paying US$5 million for 15% of the fully diluted shares of Kirobo and DigiMax will retain an Option for 8 weeks after closing to acquire an additional 15% in exchange for US$5 million of DIGIMAX shares based on the lower of the 10-day VWAP of DigiMax shares at the time the Option is exercised, or 35 cents per share. For each share exercised from the Option, DigiMax will receive a warrant with a term of 2-years, to purchase from Kirobo, one-half of an additional share at price equal to a fully diluted valuation of USD $50 million. In connection to all of the above, DigiMax is awarding consultants 2.4 million Restricted Share Units valued at 25 cents per unit and Options for 2.5 million shares with a strike price of 24 cents and a term of 2 years. These awards will be placed in escrow and will be vested over the course of 12 months.
Kirobo has a single mission: to provide crypto users and companies with state-of-the-art tools to gain better control of their funds. The company’s final goal is to make blockchain as simple and secure as online banking. With support from the Israel Innovation Authority, Kirobo has already created logic layers over the Bitcoin and Ethereum network, and is rolling out advanced services and solutions on top of this layer. The company’s logic layer functions by providing a unique transaction code that must be entered by the recipient in order to receive funds from the sender. Until the recipient has entered the correct code, the sender may retrieve the funds at any time.
About Brock Pierce
Brock Pierce is an entrepreneur and venture capitalist with an extensive track record of founding, advising and investing in disruptive businesses. He’s credited with pioneering the market for digital currency and has raised more than $5 billion USD for companies he has founded. Pierce is the Chairman of the Bitcoin Foundation and co-founder of EOS, Blockchain Capital, Tether, and Mastercoin (the first-ever ICO). In 2017, Pierce co-founded Block.one, which developed the EOS.IO software and sold over $4 billion USD in tokens in the EOS crowdsale, making it the largest ICO in history. He also co-founded Blockchain Capital in 2013, making it the first sector-focused venture fund to invest solely in Blockchain technology companies. Pierce led the firm through the first ICO of a venture fund, which created the first security token. Blockchain Capital has financed more than 70 projects.
DigiMax Global Solutions is a technology Company committed to unlocking the potential of disruptive technologies by providing advanced financial, predictive, and cryptocurrency solutions across various verticals. DigiMax is an official IBM Watson partner and the Company’s engineering team has extensive experience in Machine Learning, Neural Language Processing, Artificial Intelligence, Big Data and Cryptocurrency technology.
The Company’s Projected Personality Interpreter (PPI) solution is currently used by various organizations including 16 law enforcement agencies that are gaining comparative insights for better hiring decisions, reducing employment attrition, and improving workplace culture.
The Company’s SAAS platform CryptoDivine allows cryptocurrency investors to simplify their decision making, reduce risk, exploit market volatility and improve investing performance. The Company’s proprietary AI engine analyzes millions of data points per hour to spot relevant patterns and generate accurate price trend predictions.
To learn more, visit our website: www.digimax-global.com.
President & CEO
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SOURCE: DigiMax Global Solutions