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bostonangler

FORK Contracted for $50M Equity Sale by Spend Group, Issuer of Visa(R)-Branded Payment Cards Offering Support for 16+ Cryptocurrencies

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The Company has been engaged by Spend Group to conduct a $50M private equity sale in the form of a Security Token Offering for the Spend Equity Token. The Spend product is built around a multi-currency digital wallet with support for 27 fiat currencies and 16+ cryptocurrencies. Balances of cryptocurrencies can be converted to fiat currencies in real-time, enabling them to be spent at retail through Spend's three Visa®-branded payment cardsusing its proprietary conversion technology, which are currently available in the United States and Canada. Pending the necessary approvals, FORK is planning a public offering of Spend's equity as a security token on the Hyperion Exchange.

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2019) - GLOBAL BLOCKCHAIN MINING CORP. (CSE: FORK) (OTC Pink: GBCHF) ("FORK" or the "Company") announces that it has been engaged by Spend Group1 ("Spend Group") to conduct a $50M private equity sale in the form of a Security Token Offering (STO) on the Spend Equity Token (SET) to qualified investors. The Spend product is comprised of a multi-currency digital wallet supporting 27 fiat currencies and over 16 cryptocurrencies, a mobile application to manage balances, and three Visa®-branded payment cards through which Spend wallet balances can be spent at retail using proprietary real time conversion technology. The cards are secured by EMV chip technology, and are compatible with Apple Pay and Google Pay. The Spend Visa® cards are presently available in the United States and Canada with approvals pending in Europe and Asia-Pacific through crypto-banking partnerships already secured. An overview of the Spend Visa® cards may be seen at http://spend.com/cards.

Spend addresses the issue of cryptocurrency usability at the retail level, the greatest struggle that the crypto ecosystem has faced since its post-boom decline in 2018. During and prior to the boom, several major Internet brands and merchants accepted cryptocurrencies such as Bitcoin for payment. However, as regulatory and value stability concerns mounted, this acceptance was discontinued in mid-2018 by Expedia and Reddit, among others2. As Spend operates through the Visa® payment network, converting cryptocurrency balances to fiat currency in advance of being used, Spend overcomes this challenge by having no requirements for retailers to make accommodations for the use of cryptocurrencies beyond regular acceptance of Visa® cards.

Usability of cryptocurrencies has been of heightened interest recently, with Bitcoin and the overall crypto markets reaching year-to-date highs. The price of Bitcoin was over USD $8,300 on Wednesday May 15, 2019, representing a growth of more than 121% from its price of around USD $3,700 at the beginning of 2019. Total capitalization of the crypto asset market exceeded USD $260 billion on the same day, representing growth of 108% from its USD $125 billion capitalization at the beginning of 20193. This growth appears to have renewed the interest of some retailers for accepting cryptocurrency payments, as it was announced this week that retailers including Baskin Robbins, Whole Foods, and Gamestop would accept cryptocurrency payments using a third-party mobile application4. These developments suggest a healthy demand with respect to using cryptocurrency as payment for common transactions; something that Spend fits into with unparalleled simplicity.

At the outset, FORK will be conducting a $50M private equity sale of Spend Group to qualified investors in the form of a STO for SETs. Pending regulatory clearances and approval from Spend Group's board of directors, FORK is also planning to conduct a public security token offering on the Hyperion Exchange (http://hyperiontechnologies.com). This will make Spend Group's equity one of the first publicly-traded security tokens in the world.

FORK President and CEO Shidan Gouran commented, "Spend provides an answer to what everyone has been wondering about from the beginning of crypto's popularity; how can it be spent? While most assets and applications in crypto are built to work around the traditional financial services infrastructure, Spend has found a way to align crypto assets with this infrastructure by leveraging the Visa® payment network, which will make using crypto seamless for consumers, and requiring no new adaptation on the part of merchants. We look forward to working with Spend in conducting this equity sale, and we believe that Spend will play a key role in improving the overall use case of crypto."

 

Bryan Woods, President of Spend Group, also commented, "FORK has taken a dynamic approach to raising capital with its crowdsales and initial exchange offerings, which we really admire. We are confident that FORK can put Spend in front of the right investors, which will bring us the capital we are seeking to fund our growth. Being listed on the Hyperion Exchange will make a significant difference as well, especially because it will make Spend Group a trailblazer, not just in cryptocurrency retail payments, but also in the use of security tokens."

Michael Zavet, CEO of Hyperion Exchange parent company Hyperion Crypto Exchange Inc., added, "As an early adopter of crypto, I see great potential in Spend because Spend Group has found a way to make crypto usable without going against the grain. We are most pleased that FORK is considering listing Spend's equity on Hyperion as an equity token. This bodes well for both Spend Group as a company, as well as security tokens in general as a way of using blockchain technology."

 

Sometimes it's not the people mining gold who make the money, it's the guys selling picks and shovels.

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