TAAL Onboards Nine Clients to Transaction Processing Business, Executing on Strategic Vision
VANCOUVER, BC, June 23, 2020 /CNW/ - TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: SQRMF) ("TAAL" or the "Company") today announced that it has welcomed nine new clients to its transaction processing business on the Bitcoin SV ("BSV") network, executing on TAAL's five-year strategic vision released last month.
"The onboarding of these new clients is a testament to TAAL's commitment to our strategic vision, which places transaction processing at the core of our business," said Jerry Chan, CEO of TAAL. "There are currently several hundred active projects building on BSV, and this number is increasing every day as more organizations embrace the blockchain as one that is public, permission-less, and scalable. TAAL intends to be a leader in this new era by striving to be a complete solution for businesses building on BSV."
TAAL's five-year strategic vision reflects an anticipated paradigm shift in the blockchain industry, which will be marked by a transition from a block rewards subsidy model to a transaction fee-based model as the prevailing profit model. The Company's transaction processing business offers complete and customized solutions for businesses building applications and contributing data on the blockchain.
TAAL's commitment to growing its transaction processing business is emphasized through the recent launch of its new website. Through the website, users can connect directly to TAAL's API endpoints, enabling them to send direct transactions for processing through TAAL at network rates. Discounted standard and volume rates are also available for all-inclusive enterprise processing. To access preferential rates, users can become a direct client by signing up via the online form, or by reaching out to a TAAL representative ([email protected]).
TAAL is pleased to announce the engagement of new clients spread across several blockchain industries, who will benefit from the Company's customized transaction processing solutions. A few of these new clients include:
- MoneyButton – A simple P2P payment system.
- Unisot – A revolutionary enterprise blockchain service provider for global supply chains.
- HandCash – A user-friendly Bitcoin wallet.
- MetaSV – A blockchain explorer and cloud computing provider for BitcoinSV.
TAAL's investment in the future of blockchain processing has accelerated the Company's progression. Within the first month of launching the M/API beta version (May 15 - June 15), TAAL processed over 60% of the BSV network confirmed 22 million transactions ("txns"), an average of over 700,000 daily txns. TAAL's commitment in the future of blockchain processing was demonstrated by the confirmation of over 14 million txns through M/API endpoints and is allowing the Company to execute on the strategic vision's 5 pillars of revenue:
- Transaction processing using M/API, bulk volume contracts, dynamic rates and client tiering;
- Managed services for hosting of equipment, hash computing and, all-inclusive fleet management, monitoring and performance;
- Blockchain compute services and pilot projects stemming from the filed patent application related to the customized blockchain computing device;
- Blockchain data services; and
- Custom blockchain hardware.
"We are using BSV for our business because it's the blockchain that scales," said Ryan X. Charles, Founder & CEO of Money Button. "BSV allows us to achieve micropayments, immutable data storage, immutable audit logs, and every other use-case for the blockchain. Not only that, but we know its abilities will continue to expand with mass adoption, whereas most other blockchains have issues with scalability."
About TAAL Distributed Information Technologies Inc.
TAAL delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the Bitcoin SV platform, and developing, operating, and managing distributed computing systems for enterprise users.
The CSE accepts no responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements included in this news release constitute "forward-looking information" as defined under applicable Canadian securities legislation. The words "will", "intends", "expects" and similar expressions are intended to identify forward-looking information, although not all forward-looking information will contain these identifying words. Specific forward-looking information contained in this news release includes, but is not limited to statements regarding: the execution of TAAL's 5-year strategic vision and the growth of TAAL's transaction processing business. These statements are based on factors assumptions related to historical trends, current conditions and expected future developments. Since forward-looking information relates to future events and conditions, by its very nature it requires making assumptions and involves inherent risks and uncertainties. TAAL cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from expectations. Material risk factors include the future acceptance of Bitcoin SV and other digital assets and risks related to information processing using those platforms, the ability for TAAL to leverage intellectual property into viable income streams and other risks set out in Item 20 Risk Factors of TAAL's Form 2A – Listing Statement dated July 31, 2018 and elsewhere in TAAL's continuous disclosure filings available on SEDAR at www.sedar.com. Given these risks, undue reliance should not be placed on the forward-looking information contain herein. Other than as required by law, TAAL undertakes no obligation to update any forward-looking information to reflect new information, subsequent or otherwise.
SOURCE Taal Distributed Information Technologies Inc.
Matt Whitcomb, Investor Relations, Telephone: +1 800-371-2809 or Jerry Chan, CEO, [email protected]
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