SHANGHAI, June 17, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced Coinbase Custody, a wholly owned subsidiary of
Coinbase Global Inc. (Nasdaq: COIN) and one of the global
leaders in qualified digital asset custody, as the custodian for
The9's digital assets, including Bitcoin.
The9 plans to deposit at Coinbase Custody part of its
cryptocurrencies mined. The first batch will be 200 Bitcoin to be
deposited into The9's segregated cold storage account at Coinbase
Custody, which is an institutional-grade offline cold storage
solution. The9 plans to increase deposits into this custody
account, from time to time, as The9 mines more
cryptocurrencies.
Coinbase Custody is a fiduciary under NY State Banking Law and a
qualified custodian. They are one of the largest custodians in the
crypto industry; they store billions and have never lost client
funds. All digital assets held in their secure custody solution are
segregated and held in trust for the benefit of clients. Coinbase
Custody maintains what it believes to be one of the
industry-leading insurance policy to protect both online and
offline assets across all of their products.
The9 will store the rest of digital assets in various cold
wallets in line with its risk mitigation and management
policies.
About The9 Limited
The9 Limited (The9) is an Internet company based in China listed on Nasdaq in 2004. The9 aims to
become a diversified high-tech Internet company.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the
United States Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Such
statements are based upon management's current expectations and
current market and operating conditions and relate to events that
involve known or unknown risks, uncertainties and other factors,
all of which are difficult to predict and many of which are beyond
The9's control. The9 may also make written or oral forward-looking
statements in its periodic reports to the SEC, in its annual report
to shareholders, in press releases and other written materials and
in oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about The9's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: The9's goal and strategies; The9's expansion plans;
The9's future business development, financial condition and results
of operations; The9's expectations regarding demand for, and market
acceptance of, its products and services; The9's expectations
regarding keeping and strengthening its relationships with business
partners it collaborates with; general economic and business
conditions; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in The9's filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and The9 does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
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SOURCE The9 Limited