TSXV: MKT OTC: MKTDF FRA:
DEP
- MintCarbon.io platform to be tested with a higher volume of
carbon credits than has been performed to date
- Post-mint NFT pricing and secondary market transactions to
be observed in proof-of-market validation
- DeepMarkit and Climate Carbon signed a Letter of Intent to
scale the growth of voluntary carbon credits minted on the
MintCarbon.io platform
CALGARY,
AB, May 31, 2022 /CNW/ - DeepMarkit Corp.,
("DeepMarkit" or the "Company") (TSXV: MKT) (OTC: MKTDF) (FRA:
DEP), a company focused on transitioning the global carbon offset
market to the more accessible digital economy by minting credits
into non-fungible tokens ("NFTs"), is pleased to
announce that it has signed a non-binding Letter of Intent
("LOI") with Climate Carbon – a private carbon credit
broker-dealer start-up from Vancouver– pursuant to which the
entities have agreed to collaborate in order to scale the growth of
voluntary carbon credits minted on the MintCarbon.io platform.
Climate Carbon and DeepMarkit
will work to enter into an arrangement pursuant to which Climate
Carbon will refer carbon projects to mint NFTs (ERC-1155) and/or
other carbon credit tokens (ERC-20) on the MintCarbon.io platform.
Through the creation of NFTs and tokens, Climate Carbon will have
ownership of the NFTs and tokens. All carbon projects introduced by
Climate Carbon to the Company shall be subject to acceptance by the
Company.
DeepMarkit and Climate Carbon will proceed toward the
preparation and execution of a definitive agreement in the near
future with a two-year term based on the key terms contained
herein. The Company and Climate Carbon will work together to
achieve a second stage proofing of the MintCarbon.io platform as
well as an NFT market exploration and validation program. A total
of 850 active carbon offset credits from six Verra-certified
projects have been transferred by Climate Carbon to DeepMarkit's
custodial account and will be minted into NFTs. The projects
include:
- Soubre Hydropower Project;
- Sena Hydroelectric Power Plant;
- ONIL Stoves Guatemala Uspantan;
- Forest Management to Reduce Deforestation and Degradation in
Shipibo Conibo and Cacataibo Indigenous communities of Ucayali
region;
- Grid connected bundled wind power project in Gujarat managed by
Enercon (India) Limited; and
- REDD+ Project for Caribbean Guatemala: The Conservation
Coast.
Founded by Danny Takhar, Climate
Carbon's mission is to address the twin challenges of climate
change and environmental degradation by implementing effective and
efficient solutions and its vision statement is "Do good, feel
good!". It is committed to combating climate change and
enhancing people's lives by striving to make the world a
climate-neutral place, meaning each and every person takes
responsibility for their own carbon footprint. In an attempt to do
so, Climate Carbon finances, implements and administers carbon
reduction and offsetting projects all around the world to help
individuals and organizations take responsibility for their carbon
impact. More information about Climate Carbon can be found on its
website via the following URL:
https://climatecarbon.com/.
"Climate Carbon recognizes the
need to expand access to carbon credits if the world wants to hit
net zero. Bringing credits to the blockchain makes sense as a step
in the right direction for diversifying carbon markets," said
Danny Takhar, Founder and Director
of Operations of Climate Carbon.
"DeepMarkit's platform, MintCarbon.io, is designed to ensure
tokenization is based on active carbon credit NFTs. So far, our
testing has shown that the MintCarbon.io platform is robust and
scalable. However, expanding our testing and validation efforts to
this second stage with Climate Carbon is expected to provide
further proof of the effectiveness of DeepMarkit's innovation. Our
Company has received worldwide interest from customers to use
platform. We look forward to completing this next level of testing
and commercially launching the platform," added Ranjeet Sundher, Interim CEO of DeepMarkit.
As background, the NFT minting process for an offset credit is
initiated by confirming and authenticating the credit on a carbon
project registry. Upon verifying the credit's authenticity, the
user is then approved to mint the carbon offset credit into a
verified NFT through the MintCarbon.io platform. Once minted, the
user can hold, sell or retire their carbon credit NFT. A holder of
an active carbon credit can retire it via a retirement contract on
the MintCarbon.io platform. Retirement takes place seamlessly on
both the blockchain and on the authenticating registry.
ABOUT DEEPMARKIT
DeepMarkit Corp. is a company focused on democratizing access to
the voluntary carbon offset market by minting credits into NFTs.
Its common shares are listed on the TSX Venture Exchange under the
"MKT" stock symbol. DeepMarkit's wholly owned subsidiary, First
Carbon Corp. ("FCC"), is a software infrastructure company
operating in the tokenization vertical of the blockchain. FCC's
primary asset, MintCarbon.io, is a web-based, software-as-a-service
platform that facilitates the minting of carbon credits into NFTs
(based on the ERC-1155 standard) or other secure tokens (based on
the ERC-20 standard). MintCarbon.io is currently undergoing testing
and FCC anticipates an official launch of the platform in the near
future.
On behalf of:
DEEPMARKIT CORP.
"Ranjeet Sundher"
Ranjeet Sundher, Interim CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
CAUTIONARY STATEMENT
Statements in this news release may contain forward-looking
information. Any statements that are contained in this news release
that are not statements of historical fact may be deemed to be
forward-looking statements, including statements relating to the
MintCarbon.io platform being tested with a higher volume of carbon
credits than has been performed to date; DeepMarkit and Climate
Carbon proceeding toward the preparation and execution of a
definitive agreement in the near future; and statements relating to
the Company's business and corporate plans. The reader is cautioned
that assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of DeepMarkit.
Various factors can cause the actual results to differ materially
from those in forward-looking statements. The reader is cautioned
not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this press release
are made as of the date of this news release and DeepMarkit does
not undertake any obligation to update publicly or to revise any of
the included forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
securities law.
SOURCE DeepMarkit Corp.