DeepMarkit Recaps Accomplishments from First Half of 2022

·5 min read

The Company also Announces its Support of the Growing Industry Consensus of the Blockchain Being a Key Tool to Ushering the World's Antiquated Carbon Trading Systems into the Modern Age

CALGARY, AB, June 29, 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 highlight its most significant developments from the first half of 2022. Additionally, the Company is pleased to observe the growing industry consensus of the blockchain becoming a critical tool for transitioning the world's antiquated carbon trading systems into the modern age.

DeepMarkit Corp. (CNW Group/DeepMarkit Corp.)
DeepMarkit Corp. (CNW Group/DeepMarkit Corp.)

DeepMarkit's most notable highlights this year, subsequent to closing the acquisition of First Carbon Corp., include:

  • CA$4.83 million raised via private placements including welcoming Radiance Assets Berhad ("Radiance") as a significant shareholder of the Company;

  • Achieved successful registration on the Gold Standard and Verra carbon registries;

  • Completed a definitive collaboration agreement with Radiance for the introduction of international carbon credit projects to the Company's MintCarbon.io platform;

  • Executed an LOI with Top Energy with respect to the minting of clean energy NFTs;

  • Entered into a $20 million carbon credit Liquidity Support Agreement with Radiance;

  • Completed three inaugural tests, including the successful minting, listing and retiring of carbon credit NFTs via MintCarbon.io;

  • Became one of Polygon's key sustainability partners and engaged Quantstamp for security assessment services; and

  • Executed of an LOI with Japan-based BloomX for the introduction of MintCarbon.io to the Asian market.

In a recent blog article on Shell Climate Change about carbon emissions and NFTs, several solutions are proposed that could see carbon offset NFTs make carbon-based budgeting more of a reality.1 Given that carbon markets require a mechanism to track creation, ownership and retirement of emission reduction units, as enabled by an effective trading system, all in order to be optimized, Company management has seen the blockchain as a natural fit for the industry since inception. DeepMarkit's view is that there is a lot more to carbon credits than simply commoditizing them into tokens. The carbon offset NFTs (ERC-1155) minted on its MintCarbon.io platform allow project owners to embed and share additional information about their projects, including co-benefits, graphics, artwork, videos and project descriptions, thereby adding more meaning and utility as compared to other similar tokens. Via MintCarbon.io, a project's complete profile and story is expected to be easily viewed, shared and linked to any blockchain-enabled marketplace such as OpenSea or Rarible.

As DeepMarkit continues to advance MintCarbon.io with the aim of being an industry leader in the minting of carbon credits into NFTs, it is reassuring to see that the industry is advancing in the same direction and that momentum is building to adopt these types of solutions. A broad and collective effort is needed in order for the world to effectively achieve emissions management.1 Accordingly, DeepMarkit expects carbon credit NFTs to play a key role in helping both companies and individuals to operate and exist within a carbon-based budget long into the future.

Management Commentary

"DeepMarkit has come a long way in only half of a year and I am proud of the team's accomplishments so far in 2022. Our team has been diligent in successfully addressing industry concerns, such as zombie credits, double counting and the lack of price transparency, all in order to develop and deliver the most robust platform possible. To date, the industry has responded positively to our mission and we are looking forward to updating our shareholders as we prepare for commercial launch," said Ranjeet Sundher, Chief Executive Officer of DeepMarkit.

"The concept of minting carbon offset credits into NFTs is becoming a reality and DeepMarkit is emerging as a leader in the space. As the industry evolves, improves and grows, we are pleased to see certain developments occurring to clarify and support a better path forward for project owners, credit holders, platform users and other stakeholders. I would like to thank our shareholders for their strong support thus far and we are excited to see what the future holds for the Company and the industry as a whole," added Mr. Sundher.

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, 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 Company's business and corporate plans which include, without limitation, statements regarding the anticipated timing for commercial launch of the platform. 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. 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.

ENDNOTES:

  1. "Blockchain, carbon emissions and NFTs", Shell Climate Change, last updated May 2022,
    https://blogs.shell.com/2022/05/16/blockchain-carbon-emissions-and-nfts/?amp=1

SOURCE DeepMarkit Corp.

Cision
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