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Bit Digital, Inc. Announces Formation of a Joint Venture With Mega Matrix Corp. to Provide Digital Asset Staking Technology
Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a sustainability focused generator of digital assets headquartered in New York, announced the formation of a joint venture with Mega Matrix Corp. (NYSE: MPU) (“Mega Matrix”) by entering into a shareholders’ agreement (the “Agreement”) with MarsProtocol Technologies Pte. Ltd., the joint venture company (the “Joint Venture Company”), to jointly develop proof-of-stake technology tools for digital assets through the staking platform “MarsProtocol”, an institutional grade non-custodial staking technology (the “Joint Venture”). Through MarsProtocol, the Joint Venture will seek to provide non-custodial staking tools whereby users’ private keys are not stored in its database to ensure the safety of its users’ digital assets. Pursuant to the Agreement, Bit Digital will own 40% of the Joint Venture Company.
Mega Matrix is a holding company located in Palo Alto, California, that focuses on digital asset-related businesses. The Joint Venture Company will be domiciled in Singapore. Before offering any services, the Joint Venture Company will undertake a regulatory review to ensure that its services are fully compliant with the laws of Singapore and any other nation in which it seeks to conduct business. The services will not be offered to U.S. individual residents. For more information, please visit http://www.marsprotocol.com.
Bit Digital commenced Ethereum staking operations in late 2022. As of January 31, 2023, Bit Digital had 10,222 ETH and 2,004 sETH-h with a combined worth of approximately $19.4 million. A total of 2,164 ETH was actively staked as of that date, using either native staking or liquid staking protocols. Bit Digital intends to continue accumulating Ethereum and stake substantially all of its ETH position over time.
Sam Tabar, Chief Strategy Officer of Bit Digital, said: “We are excited to partner with Mega Matrix to jointly explore the digital asset staking technology business. Our intention for this Joint Venture is to provide world class digital asset staking technology. We are bullish on the Ethereum network and believe our ETH staking strategy is an ideal complement to our core bitcoin mining business.”
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