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Hive Blockchain Technologies Ltd
Symbol HIVE
Shares Issued 38,943,765
Close 2021-11-30 C$ 4.84
Recent Sedar Documents

Hive Blockchain to conduct share exchange with Titan.IO

2021-12-01 02:03 ET - News Release

Mr. Frank Holmes reports

HIVE ANNOUNCES INVESTMENT IN TITAN, LEADING BLOCKCHAIN SOFTWARE COMPANY

Hive Blockchain Technologies Ltd. has invested in Titan.IO Inc., a cutting-edge blockchain software company and the creator of Lumerin, a next-generation decentralized mining marketplace where hash power can be bought and sold using tokens.

Today, Titan offers software which helps bitcoin miners increase their efficiency and scalability at a flat, low cost. It also operates the Titan mining pool, which recently surpassed three exahashes of bitcoin mining capacity.

Titan has also announced a disruptive decentralized hash power routing protocol named Lumerin. The open-source Lumerin protocol is a peer-to-peer solution that enables the exchange of hash power through smart contracts, making crypto mining hash power tradable and liquid.

The Lumerin protocol will allow companies and individuals to buy, sell and deliver hash power, achieving decentralization through free market dynamics. Furthermore, the Lumerin protocol will make bitcoin hash power a tradable, liquid financial asset, unlocking mining profitability and providing greater access to capital and hedging strategies.

The investment in Titan has been structured as a share exchange where Hive will issue to Titan securities consisting of shares and warrants having a value of $5-million (U.S.) at $6 (Canadian) per share, the same terms as the recently announced private placement. Titan will issue to Hive common shares in an amount representing 10 per cent of the outstanding equity of Titan. The transaction is pending TSX Venture Exchange approval.

Other investors in Titan include Coinbase Ventures and Fenbushi Capital.

Hive's investment in Titan will mark the company's fourth equity investment of the year. Previous investments include Defi Technologies, Network Media Group and a seed investment in Tokens.com.

Hive executive chairman Frank Holmes strongly endorses the Titan team, stating: "We're backing an extremely strong technological team at Titan, led by expert 15-year veteran software coder [chief executive officer] Ryan Condron. We were also impressed by Matthew Roszak, co-founder and chairman of Bloq, a leading enterprise software blockchain company, and co-founder Jeff Garzik was an early bitcoin core developer. Hive wants to participate in growth in the blockchain ecosystem such as mining software, transparent pools and innovative new tokens, and this is another strategic way to do that. We look forward to working with Titan to capture new opportunities as bitcoin mining power shifts from China to North America."

Ryan Condron, Titan's CEO and co-founder, echoed Mr. Holmes's sentiment. "We're very excited to be partnering with Hive. We founded Titan in order to maximize the optimization and decentralization of mining at any scale. In that journey, we have greatly appreciated Hive's expertise and leadership in the mining space. We look forward to working with them to maximize mining efficiency and transform hash power into a global tradable commodity using the Lumerin protocol."

About Hive Blockchain Technologies Ltd.

Hive Blockchain went public in 2017 as the first cryptocurrency mining company with a 100-per-cent-green-energy focus and an ESG (environmental, social and governance) strategy.

Hive is a growth-oriented technology stock in the emergent blockchain industry. As a company whose shares trade on a major stock exchange, it is building a bridge between the digital currency and blockchain sector and traditional capital markets. Hive owns state-of-the-art, green-energy-powered data centre facilities in Canada, Sweden and Iceland, where it sources only green energy to mine on the cloud and hold both ethereum and bitcoin. Since the beginning of 2021, Hive has held in secure storage the majority of its ETH and BTC coin mining rewards. Its shares provide investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC. Because Hive also owns hard assets such as data centres and advanced multiuse servers, it believes its shares offer investors an attractive way to gain exposure to the cryptocurrency space. Hive traded over two billion shares in 2020.

About Titan.IO Inc.

Titan provides powerful software and services for crypto mining at scale and now offers the first enterprise-grade mining pool. The Lumerin protocol is a peer-to-peer solution that makes bitcoin hash power a tradable, liquid financial asset, unlocking mining profitability and providing greater access to capital. Titan was founded in September, 2018, by Mr. Condron, Mr. Garzik and Mr. Roszak.

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