Liquid Meta Provides Market Update
TORONTO, Nov. 10, 2022 /CNW/ - Liquid Meta Capital Holdings Ltd. ("Liquid Meta" or the "Company") (NEO: LIQD) (FRANKFURT: N5F) (OTCQB: LIQQF) a decentralized finance infrastructure and technology company focused on bridging the gap between traditional and decentralized finance would like to provide an update in respect of its account held at FTX.com ("FTX"), a centralized digital asset exchange through which the Company holds cash and digital assets.
The Company utilizes FTX for a variety of services including the onboarding and offboarding of fiat currency, stable coins and other digital assets that it uses in its liquidity mining operations. The Company has also utilized FTX for the borrowing of assets that have been overcollateralized and that are used in the Company's operations. As a result of recent announcements and market activity relating to FTX and its native token, FTT, as well as the associated spike in volume of withdrawal requests, FTX has advised that it is currently unable to process withdrawals and will suspend all withdrawals until the current backlog of requests can be processed. As of market close on November 9, 2022, the Company held aggregate cash, stable coins and other digital assets via FTX of approximately $7.5M, against which the Company directly holds and has access to $3.2M of borrowed stable coins and digital assets. As a result, the Company has a net balance remaining of approximately $4.3 M. The Company does not hold the FTT token and has not lent any funds to FTX or any of its affiliates. The Company has initiated withdrawal requests, which remain unprocessed at this time. The Company will continue to provide periodic updates as this matter continues to develop.
Liquid Meta is a decentralized finance infrastructure and technology company that is powering the next generation of open-access protocols and applications. The Company is creating the bridge between traditional and decentralized finance while ushering in a new era of financial infrastructure that benefits anyone, anywhere.
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Neo Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Liquid Meta to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks and Uncertainties" in the Company's Filing Statement dated as of December 17, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Liquid Meta disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Liquid Meta's operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
For further information:
Jonathan Wiesblatt, President, CEO
Liquid Meta Investor Relations
[email protected]
[email protected]
SOURCE Liquid Meta Capital Holdings Ltd
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