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Tech Growth Driven by Innovations in Blockchain Technologies

NEW YORK, April 10, 2018 /PRNewswire/ --

According to a report from Research and Markets, the global blockchain market is expected to reach a total market size of US $4.401 billion by 2022 and growing at a significant compound annual growth rate of 71.46 percent during the forecast period. The increasing innovation in blockchain technologies have allowed for potential applications beyond cryptocurrency. Geographically, North America has largest market share in terms of revenue in the blockchain industry, while Europe is expected to witness healthy growth over the forecast period. Asia Pacific will also see strong demand for blockchain solutions for banking, finance, insurance, media and entertainment and, retail and e-commerce sectors. Victory Square Technologies Inc. (OTC: VSQTF), BTL Group Ltd. (OTC: BTLLF), ChinaNet-Online Holdings, Inc. (NASDAQ: CNET), HIVE Blockchain Technologies Ltd. (OTC: HVBTF), International Business Machines Corporation (NYSE: IBM)

According to another report from Zion, "The global blockchain market is witnessing an accelerated growth owing to the facility of the rapid transaction, growing influence of cryptocurrency capital, utilization of blockchain as a service, simplified and transparent business process, and a decline in the ownership cost. On the other hand, drastic change in supply chain management and international trade, the latest development of programmable blockchain platforms, growing numbers in terms of blockchain adoption for digital identities, payments, smart contracts, and growing importance for communications service providers has created some major opportunities for the global blockchain market."

Victory Square Technologies Inc. (OTC: VSQTF) also listed on the Canadian Securities Exchange under the Ticker (CSE: VST). Earlier today the company announced breaking news that it, "will acquire 100% percent of all issued and outstanding membership interests of Limitless Blockchain Technology, LLC ("Limitless Blockchain") for $5,000,000 Canadian in total consideration (the "Purchase Price"). Pursuant to a definitive share purchase agreement executed between the Company and the interest owner of Limitless Blockchain (the "Share Purchase Agreement"), the Purchase Price will be paid and satisfied by the Company through the issuance of 3,703,703 common shares in the capital of the Company (the "Consideration Shares") at a deemed issue price of $1.35 Canadian per Consideration Share. The deemed issue price represents the closing price of the common shares of the Company on the Canadian Securities Exchange at the end of trading on April 9, 2018, the trading day preceding this news release announcing the acquisition, less a discount of 10%. In accordance with the terms of the Share Purchase Agreement, the Consideration Shares shall be subject to resale restrictions, which permit 8% of the Consideration Shares to be eligible to be free trading four months from the date of issuance to satisfy the statutory hold period and a further 8% every three months thereafter until the final balance of Consideration Shares is eligible to be free-trading in approximately three years' time. The Share Purchase Agreement also contains standard representations, warranties and covenants for transactions of this nature.

The acquisition brings Limitless Blockchain - an established blockchain solution provider -- into the Victory Square family of portfolio companies. Best-known for its work in developing an ecosystem of hardware, software, and networking products to meet increased global consumer demand for new age technology, Limitless Blockchain has the following three anchor products in late-stage development or already deployed in the marketplace:

  • L-Hash, a data centre in Nevada, currently runs over one thousand miners of Bitcoin, Ethereum and LiteCoin. L-Hash has spot orders in place for new mining equipment to double capacity over the next 12 months.
  • Limitless VPN is a user-based desktop miner for household use with over 11,000 users and a growing wait list of 6,000. The company plans to push this user base to 100,000 by the end of 2018 by expanding their data centre.
  • Limitless Audio is an audio streaming application currently in late stage development. Limitless Audio takes a decentralized approach, much like Napster, where a great deal of money is saved and provided to hardworking artists in exchange for using streaming capabilities to mine cryptocurrencies. Taking a community-centric approach, the company can incentivize users to host and maintain the platform.

Limitless Blockchain also has a series of other products in early to mid-development. "Limitless Blockchain represents another dynamic addition to our growing portfolio of emerging technology companies," said Victory Square Chief Executive Officer Shafin Diamond Tejani. "The Limitless team shares in our conviction that blockchain technology will have an overwhelming effect on the way consumers adopt and use everyday products in the future. Having already developed a suite of ground-breaking software and hardware solutions catering to consumers that will inevitably utilize blockchain products in the future, we saw an immediate opportunity to bring the team in house and assist in scaling their operations to serve a growing demand. In the coming years, we look forward to working closely with CEO Michael Shader and the Limitless team and their customers as we assist them in their next stage of growth."

Limitless CEO Shader, who has been active in the blockchain industry for nearly a decade, will continue to run the Limitless operation as a division of Victory Square and will add significant value by working closely with other Victory Square portfolio companies.

"I've had the opportunity to meet with many venture capital firms over the years but Victory Square really stood out to us as a logical fit," said Shader. "Outside of the financial resources, the team's venture build style is very attractive to us. As a part of the Victory Square family, we now have the backing we need to make a real impact and we believe we'll have a golden opportunity to reach some of our bigger goals."

"As we continue to pursue our vision of leading the next generation of technology entrepreneurs to build world class products, we remain confident in our ability to scale our portfolio companies aggressively and maintain a healthy pipeline of acquisitions with a focus on increasing value for Victory Square shareholders," added Tejani."

BTL Group Ltd. (OTC: BTLLF) is an enterprise technology platform provider that is developing Interbit, a proprietary third generation blockchain platform. Via Interbit, BTL can help companies greatly reduce risks and costs by securely streamlining existing IT infrastructures. BTL has successfully demonstrated how Interbit can innovate and transform existing business processes for leading companies in the finance, energy and gaming sectors. Last month, the company announced Interbit, its proprietary next-generation blockchain platform, will be available on April 23, 2018 for testing and feedback. Interbit's unique "chain joining capability" has the capacity to inter-connect many thousands of Interbit blockchains per solution, in a completely private, secure and horizontally scalable manner. BTL developed and built Interbit after determining two years ago that second generation blockchain technologies, such as Ethereum, would not meet the privacy nor the scalability demands of users.

ChinaNet-Online Holdings, Inc. (NASDAQ: CNET), a parent company of ChinaNet Online Media Group Ltd., incorporated in the BVI (ChinaNet), is an integrated online advertising, precision marketing and data-analysis and management services platform. On January 23, 2018, the company announced it has entered into an agreement with Wuxi Jingtum Network Technology and Ford tree Beijing Blockchain Technology Co., Ltd. to establish a new joint venture company to research and develop blockchain technology and its applications for ChinaNet's blockchain technical and business units. According to the Agreement, Jingtum's Chief Technology Officer and other leading experts will be involved in the establishment of the new JV. The R&D team under the new JV will help ChinaNet design the underlying foundation of unique layered blockchain architecture, develop the cross-chain functionality between the principal and subordinate chains, realize the circulation of certain assets between different chains, design intelligent contract mechanisms to support complex logic, and complete the cloud service model and other important underlying technology.

HIVE Blockchain Technologies Ltd. (OTC: HVBTF) is a growth oriented 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. In March, the company announced that they have entered into a series of agreements pursuant to which HIVE has agreed to acquire all of the issued and outstanding shares of Kolos through the acquisition of another Norwegian entity for total consideration of approximately US$9.9 million, 4,750,000 common shares and 1,250,000 warrants. HIVE is committed to being a leader in building a clean energy future for the blockchain industry. The Kolos project, which will be run on 100% green, renewable power, is a major project demonstrating this commitment. Kolos' primary asset is a 64-hectare property located in Ballangen, Norway, approximately 225 kilometres north of the Arctic Circle, and ideally situated for the construction of a large-scale, climate-cooled data centre. The property is in close proximity to infrastructure with excess capacity to provide HIVE with a supply of more than 1.0 gigawatt ("GW"), or 1,000 megawatts ("MW"), of hydroelectricity at highly competitive rates, and access to reliable, high speed internet.

International Business Machines Corporation (NYSE: IBM) is recognized as the leading enterprise blockchain provider. Earlier this year, IBM and Maersk announced their intent to establish a joint venture to provide more efficient and secure methods for conducting global trade using blockchain technology. The aim of the new company will be to offer a jointly developed global trade digitization platform built on open standards and designed for use by the entire global shipping ecosystem. It will address the need to provide more transparency and simplicity in the movement of goods across borders and trading zones. Maersk, a global leader in container logistics, and IBM, a leading provider of blockchain, supply chain visibility and interoperability solutions for the enterprise, will use blockchain technology to power the new platform, as well as employ other cloud-based open source technologies including artificial intelligence (AI), IoT and analytics, delivered via IBM Services, in order to help companies move and track goods digitally across international borders. Manufacturers, shipping lines, freight forwarders, port and terminal operators and customs authorities can all benefit from these new technologies -and ultimately consumers.

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