Zug, Switzerland and Vancouver, Canada – HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTC:HVBTF) (the “Company” or “HIVE”) is pleased to announce a partnership with Amber AI, a global, diversified electronic trading firm offering a range of fully-integrated institutional services. The agreement provides HIVE with access to Amber AI’s state-of-the-art machine learning with sophisticated quantitative research and best-in-class technology to provide liquidity in digital currencies and derivatives. HIVE will benefit by maximizing the value of cryptocurrencies that the Company sells to fund operations by leveraging the expertise of Amber AI as well as to mitigate inventory volatility by using hedging strategies such as derivatives and asset management. HIVE previously announced that it held roughly 44,000 Ethereum coins and 85,000 Ethereum Classic as of September 30, 2018.
“We are excited by the partnership that we have forged with Amber AI and look forward to the improved profitability that HIVE can realize on the trading of our cryptocurrency inventory.” added Frank Holmes, Interim Executive Chairman. “Cryptocurrencies are exciting and we are bullish on its long term prospects but it is impossible to ignore the volatility of this new asset class. It appears that Bitcoin and Ethereum are finding a bottom in prices after peaking a year ago and our stock is tracking 92% with their prices. Our partnership is expected to help manage volatility within our inventory and to improve profitability of coins that we sell to fund operations.”
"We’re thrilled to be partnering with HIVE Blockchain as they seek to strengthen and streamline the processes between mining operations and secondary markets.” said Michael Wu, Amber AI CEO. “Our goal has always been to make crypto markets as frictionless as possible and we're delighted that HIVE shares this vision. We see this partnership not only as a highly synergistic and a tremendous commercial opportunity, but also as a chance to move forward the adoption of crypto as a mature, tradable asset class."
The Company further reports that it has granted an aggregate of 500,000 stock options under the Company’s stock option plan to the Chief Financial Officer pursuant to his appointment in fiscal Q3 with an exercise price of C$0.27 per stock option, exercisable for a period of ten years from the date of grant, vesting over periods of up to two years. The stock option grant is subject to approval of the TSX Venture Exchange.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE is strategically partnered with Genesis Mining Ltd. to build the next generation of blockchain infrastructure. HIVE owns state-of-the-art GPU-based digital currency mining facilities in Iceland and Sweden, which produce newly minted digital currencies like Ethereum continuously as well as cloud-based ASIC-based capacity which produce newly minted digital currencies like Bitcoin. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a growing portfolio of crypto-coins.
About Amber AI
Amber AI is a global, diversified electronic trading and technology firm. By combining state-of-the-art machine learning with sophisticated quantitative research and best-in-class technology, the Company trades and provides liquidity in a variety of markets and instruments, turning over billions monthly. Amber AI operates around the clock and around the globe, with presence in Hong Kong, Shenzhen, Beijing, San Francisco and New York.
On Behalf of HIVE Blockchain Technologies Ltd.
Interim Executive Chairman
For further information please contact:
Tel: (604) 664-1078
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. “Forward-looking information” in this news release includes information about the Company’s partnership with partnership with Amber AI, including benefits of leveraging expertise of Amber AI as well as mitigation and management of inventory volatility by using hedging strategies such as derivatives and asset management; improved profitability of the Company; long term prospects of cryptocurrencies; current price trends of Bitcoin and Ethereum and the Company’s stock; tracking at 92% of their prices; potential improvements in the cryptocurrency markets; long term growth of the Company; the business goals and objectives of the Company, and other forward-looking information includes but is not limited to information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the Company may not realize any benefits from its partnership with Amber AI; the ongoing partnership with Genesis; the digital currency market may never recover from current pricing, and may decline significantly further; the Company’s stock price may not track a recovery of Bitcoin or Ether prices in the expected amount, or at all; the Company’s ability to successfully mine digital currency; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Company’s disclosure at www.sedar.com.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company’s partnership with Amber AI; the Company will be able to profitably liquidate its digital currency inventory as required; the Company’s ongoing partnership with Genesis; historical prices of digital currencies and the ability of the Company to mine digital currencies will be consistent with historical prices; the Company’s stock price tracks the prices of Bitcoin and Ethereum; mitigation and management of price volatility will lead to profitability of the Company; and there will be no regulation or law that will prevent the Company from operating its business. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.