- Malaysia -based Radiance, an Investment Holding Company, has Earmarked up to CAD 20 Million of Buy-Side Support for Carbon Credit NFTs Minted via DeepMarkit's Platform
- Three Scenarios of Retiring, Claiming and Holding a Carbon Credit NFT Were Successfully Tested via the Company's MintCarbon.io Platform
- DeepMarkit Has Committed to Being Net Carbon Negative by the End of 2022
CALGARY, AB , May 18, 2022 /CNW/ - DeepMarkit Corp., ("DeepMarkit" or the "Company") (TSXV: MKT) (OTC: MKTDF) (FRA: DEP), a company focused on transitioning the global carbon offset market to the more accessible digital economy by minting credits into non-fungible tokens (" NFTs "), is pleased to highlight its most significant recent corporate milestones. First, DeepMarkit recently entered into CAD 20 million buy-side liquidity support agreement with leading Malaysian investment holding company and private equity firm, Radiance Assets Berhad. Second, the Company recently underwent and successfully completed three different scenario-based tests to mint carbon credits into NFTs via its MintCarbon.io platform. The Minting Tests were conducted in order to confirm the core functionality of the MintCarbon.io platform, which is nearing commercial launch. Third, DeepMarkit announced its commitment to become net negative from a carbon footprint perspective (" Net Negative ") by the end of 2022, by reducing emissions through operational efficiencies and by retiring carbon offsets.
Radiance Buy-Side Agreement
Pursuant to the Agreement, Radiance has agreed to use best efforts over a two-year term to purchase up to CAD 20,000,000 worth of NFTs or other secure tokens minted on the Company's proprietary MintCarbon.io platform Under the terms of the Agreement, Radiance has agreed to maintain, in readily available funds, a minimum of CAD 5,000,000 towards the purchase of carbon credits that have been minted into NFTs or other secure tokens via the Platform.
Based in Malaysia , Radiance is a diverse investment holding company with a focus on innovative and technologically driven businesses in the areas of Cleantech, Meditech and Fintech. Radiance also has a focus on the environment and solutions that better peoples' lives. Radiance has several classes of funds including a new Agritech fund being launched with an asset value of USD 250 million . As previously announced, Radiance is currently a shareholder of DeepMarkit via recent private placements.
Successful Test of Carbon Credit NFTs on MintCarbon.io
DeepMarkit recently completed three successful minting tests, marking a significant step toward launching the MintCarbon.io platform on a commercial scale. These successful trials included carbon credits from the following projects which were selected to be minted into NFTs:
- Fulton County Mud Road Landfill Carbon Project in the United States ;
- Wind Power Project in Karnataka, India by OMWPL; and
- VTRM Renewable Energy Project in Minas Gerais, Brazil .
The Minting Tests consisted of three different scenarios – retirement, claim and hold – and involved the Gold Standard and Verra registries. The Minting Tests, utilizing Polygon's carbon-neutral blockchain, were also designed to evaluate the versatility and ease of use of the MinCarbon.io platform, as well as the compatibility of the MintCarbon.io platform's software with the registries and the blockchain. Once minted, the carbon credit NFTs were then placed for sale on OpenSea.io and Rarible. In each test case, the Company's wholly owned subsidiary, First Carbon Corp. (" FCC "), obtained the underlying carbon credit in its account at the respective registry, with beneficial ownership remaining with each respective owner.
DeepMarkit Commits to Being Net Negative by 2023
DeepMarkit has recently made a commitment to become Net Negative. Given the nature of DeepMarkit's business and its desire to be a catalyst for helping companies decrease their environmental impact by increasing access to carbon offset credits, DeepMarkit considers it important to make the pledge to offset more than 100% of its own emissions. The MintCarbon.io platform allows project developers or holders of existing carbon credits to gain access to the blockchain by minting carbon credits into NFTs. Each registry verified NFT purchased and retired by a buyer from an online NFT marketplace, such as Opensea.io, represents the offset of one tonne of carbon dioxide from the atmosphere. The achievement of DeepMarkit's commitment to becoming Net Negative is subject to DeepMarkit being able to obtain a sufficient amount of carbon credits, either by receiving carbon credits as payment for completing NFT minting transactions, or by purchasing available carbon credit NFTs on the open market.
DeepMarkit Corp. is a company focused on democratizing access to the voluntary carbon offset market by minting credits into NFTs. Its common shares are listed on the TSX Venture Exchange under the "MKT" stock symbol. DeepMarkit's wholly owned subsidiary, FCC, is a software infrastructure company operating in the tokenization vertical of the blockchain. FCC's primary asset, MintCarbon.io, is a web-based, software-as-a-service platform that facilitates the minting of carbon credits into NFTs (based on the ERC-1155 standard) or other secure tokens (based on the ERC-20 standard). MintCarbon.io is currently undergoing testing and FCC anticipates an official launch of the platform in the near future.
On behalf of:
Ranjeet Sundher , Interim CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Statements in this news release may contain forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements, including statements relating to the ability of Radiance to complete its obligations under the liquidity support agreement, the availability of NFTs for purchase by Radiance (implied or explicitly stated), and the completion of purchase transactions amounting to the full commitment amount, or any part of it, by Radiance, the expected timing for launch of the MintCarbon.io platform, the expectation that the business of FCC will operate in the same manner as the tests described herein were conducted, the expectation that the Company will be able to become net negative, within the timeline indicated herein, or ever, the expectation that the Company will be obtain an adequate number of carbon credits in order to become net negative, the implied expectation that if the Company will purchase carbon credit NFTs created by MintCarbon.io, that such credits will be available in sufficient quantities, and statements relating to the Company's business and corporate plans. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of DeepMarkit, including, without limitation, the risk that Radiance will be unable to purchase NFTs acceptable for its portfolio companies, or the inability of Radiance to complete any NFT purchase transactions, and the possible delay in launching the Mintcarbon.io platform for commercial use. Various factors can cause the actual results to differ materially from those in forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this press release are made as of the date of this news release and DeepMarkit does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.
SOURCE DeepMarkit Corp.
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