BlackChain Acquires Digital Asset Exchange Platform

Published: August 8, 2018

BlackChain Acquires Digital Asset Exchange Platform

BlackChain Solutions Inc., an analytics and risk management software company active in the digital asset space, announced a deal to license digital asset exchange technology from Limitless Blockchain Technology, wholly owned subsidiary of Victory Square Technologies Inc. listed on the Canadian Securities Exchange.

The Limitless Digital Asset Exchange software is an engine that facilitates the matching and transfer of a variety of digitized assets, as well as their storage and management. BlackChain will use the software in its P2P digital asset lending platform. BlackChain also plans to leverage this technology to develop and launch new and innovative products and services across multiple sectors, including finance, commodities, and the emerging medical and legal recreational cannabis industry.

Zayn Kalyan, CTO of BlackChain said, “This technology will enable BlackChain to deliver a fully end-to-end product with our P2P lending solution, simplifying the client experience, while providing a truly unique offering. The exchange engine will also allow the Company to widen its offerings and develop new asset digitization solutions for both the financial sector and beyond. Over the coming months we will be exploring how asset digitization can play a role in the emerging medical and legal recreational cannabis space in Canada and globally. We believe that there is huge opportunity to offer new and innovative instruments to legal cannabis producers and distributors that will leverage the Limitless technology, and BlackChain’s risk and financial solutions.”

Michael Shader, CEO of Limitless said, “We are excited to be collaborating with BlackChain on the development and launch of our exchange technology. The Limitless exchange technology that we have developed has been proven in multiple industries and the partnership with BlackChain is the next step in its evolution. BlackChain’s P2P lending product is a unique service that will help accelerate entrance of credit into the crypto and digital asset space. We look forward to supporting BlackChain as they explore new avenues for asset digitization.”

The license allows BlackChain lifetime perpetual use of the exchange technology and is not limited to any particular sector. It allows BlackChain to leverage the software in the development of different products and services, royalty-free. The total value of the deal is $300,000 CAD over 6 months and includes development and customization by Limitless based on BlackChain’s requirements. There is an option for further development after the 6 month period, on yet to be determined terms.