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Enters into a service agreement that allows third-party miners to access Cloud Nine's unused computing power from its user base for cryptocurrency mining
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The company continues to grow its user base through free unlimited VPN (Virtual Private Network) available at www.limitlessvpn.com
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Management anticipates starting mining once the user base reaches 50,000 registered active users
VANCOUVER, British Columbia, January 24, 2022 (GLOBE NEWSWIRE) -- Cloud Nine Web3 Technologies Inc. (CSE: CNI) (OTC: CLGUF) (FRANKFURT: 1JI0) (โcloud nine" wave "Companyโ), a leading decentralized network technology and data storage company, announces that it has entered into a third-party services agreement with Argent Crypto, Inc., a British Columbia-based cryptocurrency-based money services business (the โCrypto MSBโ), whereby Crypto MSB has agreed to access and use Cloud Nine's unused computing power from its user base to mine digital assets, collect digital assets from such activity, and convert such assets into fiat currency on behalf of the Company. .
Sefton Fincham, President of Cloud Nine, states: โWe are excited to partner with a trusted organization like Argent Crypto to undertake our future mining operations. This deal represents a key step in our monetization strategy as we continue to grow our user base."
The Company intends to use this relationship to pursue a monetization strategy for the foreseeable future until the Company has the necessary personnel and cash resources to independently support such operations and until the Company believes it can mitigate secures the regulatory and business risks associated with cryptocurrency mining.
Pursuant to the terms of the services agreement, Crypto MSB has agreed to use the Company's proprietary technology to access the unused processing power of the Company's user base devices to mine digital assets. Crypto MSB is required to collect all digital assets generated from cryptocurrency mining and convert such digital assets into fiat currency and distribute the proceeds to the Company. During the term of the agreement, the Company has the right to require Crypto MSB to start, stop and restart such services at the sole discretion of the Company. For its services, Crypto MSB is entitled to a service fee equal to an agreed percentage of the converted fiat amount, with the balance being paid to the Company. The agreement may be terminated at any time by either party with at least 90 days' written notice.
Limitless VPN (virtual private network) is a proprietary product owned by the Company and offered to users that relates to the use of the network infrastructure to perform distributed computational processing and provide the user with a secure and encrypted connection to the Internet. The initial version of Limitless VPN (www.limitlessvpn.com) was released and made available to the public on September 23, 2021.
As of January 21, 2022, there were 19,227 registered active users of the company's unlimited VPN. Management believes that it will need to increase its user base to approximately 50,000 active registered users before it reaches a sufficient number to financially justify activating its operations and utilizing its user base for cryptocurrency mining via Crypto MSBs or Crypto MSBs. independently for decentralized data storage with a cash fee. base.
The Company currently offers its products and content free of charge or, in some cases, for a reduced or nominal cash fee. Instead, users who wish to use such products and access such content must agree to the Company's privacy policy and terms of use that authorize the Company and its contractors to access and use their unused computer processing power. At this time, the company intends to continue its growth strategy of focusing on growing its user base by marketing its existing products and offering additional content. Once the Company's user base grows to approximately 50,000 registered active users, the Company intends to initiate its monetization strategies as stated above.
On behalf of the Board,
CLOUD NINE WEB3 TECHNOLOGIES INC.
sefton fincham
President
(604) 669-9788
About Cloud Nine Web3 Technologies Inc.
Cloud Nine is a diversified technology company focused on leveraging its proprietary Web 3.0 technology products to enable decentralized movement among consumers and businesses alike. Web 3.0 enables a sustainable world in which decentralized users and machines can interact with data, value, and other counterparts through a peer-to-peer network substrate without the need for third parties, leading to many benefits, such as giving each user full control and ownership. of all personal and corporate data.
About Argent Crypto Inc.
Argent Crypto, Inc., a blockchain and cryptocurrency-based money services business (MSB), aims to promote mass adoption of blockchain technology. Founded in 2018, Argent Crypto, Inc. is dedicated to enabling the decentralized future through customized blockchain consulting and investment services.
For more information contact:
Paul Searle
Corporate Communications
CityGate Capital Corp.
Phone: (778) 240-7724
psearle@citygatecap.com
Forward-looking statements
Certain statements in this press release are forward-looking statements and are forward-looking in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and therefore are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied. in the forward-looking statements. statements. These statements can generally be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect". โ, โbelieveโ or โcontinueโ, or the negative of the same or similar variations. Forward-looking statements in this press release include statements regarding: Crypto MSB's utilization of the Company's user base for cryptocurrency mining; Crypto MSB's ability to mine, convert and generate fiat currency; the Company's ability to conduct mining operations in the future after addressing regulatory and business risks; the growth of the company's user base; management's expectation that a user base of 50,000 active registered users would justify the commencement of mining operations through the Crypto MSB; and growth strategies of the Company. Factors that could cause actual results to differ materially from those in the forward-looking statements include: the continued availability of capital and financing; failure to obtain approvals, permits, approvals and licenses required to operate the business; technology integration between Crypto MSB and the Company to access its user base; the impact of technological changes in the industry; lack of demand for the Company's products and services; fluctuations in access from the Company's user base; user base using inefficient or legacy hardware and software; competence; increase in operating costs; litigation; loss of key employees, consultants and directors; security threats; privacy and cybersecurity risks and failures; lack of development of new and innovative products and services; breach of obligations of counterparties; the impact of the Covid-19 pandemic on the Company's ability to operate and hire personnel; and adverse economic, commercial or market conditions in general. Such statements and information are based on numerous assumptions regarding current and future business strategies and the environment in which the Company will operate in the future, including the demand for its products and services, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, and the ability to raise sufficient capital to complete its business plans. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Therefore, such forward-looking statements should be interpreted in light of such factors and, except as required by applicable law, the Company has no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statement. whether as a result of new information, future events or otherwise.
