TAOP Signs Strategic Cooperation Agreement with BitFuFu
March 22 2021 - 8:00AM
Taoping Inc. (NASDAQ: TAOP, the “Company”), a provider of
Internet-based smart display screens, and a new-media ecosystem
that enables targeted advertising and online retail, announces
today that it has entered into a strategic cooperation agreement
with BitFuFu.com (“BitFuFu”).
Pursuant to the strategic collaboration
agreement, both parties will leverage their respective advantages
to focus on blockchain based cloud computing field to carry
out all-round and multi-level cooperation on a global scale. TAOP
will purchase blockchain cloud computing service with a total value
of $10 million from BitFuFu within three years. The first batch of
$1 million service subscription agreement was signed simultaneously
with the strategic cooperation agreement. The first batch service
period is from March 18, 2021 to March 13, 2022.
Antminer, a cryptocurrency mining machine brand
by Bitmain Technologies Ltd. (“Bitmain”) with the world's largest
market share, is a strategic partner of Bitfufu, and holds patents
in mainland China. Bitmain is a company headquartered in Beijing,
China that designs application-specific integrated circuit (ASIC)
chips for bitcoin mining. By purchasing the blockchain cloud
computing service, TAOP will be able to start Bitcoin mining
through Antminer, which is expected to bring direct revenues for
the Company. Choosing this high-quality brand of mining machine
will not only ensure continuous revenues for TAOP, but also ensure
a safer and more scalable platform to achieve healthy business
operations and rapid growth.
“The strategic cooperation with BitFuFu marks
the official launch of the Company's blockchain and digital asset
business,” said Mr. Jianghuai Lin, the Chairman and CEO of TAOP.
“In the future, TAOP and BitFuFu will leverage respective resources
to jointly promote the development of blockchain technology and
digital currency business.”
About BitFuFu
BitFuFu, a standard hashrate platform, is the
only designated partner of Bitmain in Mainland China. BitFuFu has
established in-depth cooperation in miners, mining farms, and
mining pools with Bitmain. As a physical mine sharing platform,
BitFuFu offers hashrate (from self-built mines and partner mines)
rental services to its clients, so the clients can mine with ease.
The miners are placed in professional miner operation sites. A
specialized enterprise-level team will search for low-cost energy,
and manage and operate the miners, so the clients can just enjoy
their daily mining outputs.
BitFuFu also includes numerous large-scale
hashrate suppliers that have been carefully selected and authorized
by the platform. BitFuFu strives to build the Tmall of the cloud
hashrate industry and offer our clients an open, fair, translucent,
and real mining service. Through the centralized purchasing and
joint-cooperation mechanism, the platform can greatly lower its
mining cost. Also, the platform is connected to quality suppliers
from around the world. With transparent price comparison and
decentralization, the platform can maximize the profit of the
intermediate link released to its clients, offering its clients a
more cost-effective mining service.
About Taoping Inc.
Taoping Inc. (TAOP), is a leading provider of
smart display terminals and solutions for targeted advertising and
online retails. The Company provides the integrated end-to-end
digital advertising solutions enabling customers to distribute and
manage ads on cloud-based ad display screens. Connecting owners of
Taoping screens, advertisers and consumers, it builds up a resource
sharing "Smart IoT Screen Network- Taoping App - Taoping Go
(e-Store)" media ecosystem to ultimately achieve the mission "our
technology makes advertising and branding affordable and effective
for everyone." To learn more, please visit
http://www.taop.com/.
Safe Harbor Statement
This press release may contain certain
"forward-looking statements" relating to the business of Taoping
Inc., and its subsidiaries and other consolidated entities. All
statements, other than statements of historical fact included
herein, are "forward-looking statements" in nature within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, often identified by the use of
forward-looking terminologies such as "believes", "expects" or
similar expressions, involve known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The Company’s actual
results could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company’s periodic reports that
are filed with the Securities and Exchange Commission and available
on its website (http://www.sec.gov). All forward-looking statements
attributable to the Company and its subsidiaries and other
consolidated entities or persons acting on their behalf are
expressly qualified in their entirety by these factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
For further information, please contact:
Taoping Inc.Chang
QiuEmail: chang_qiu@taoping.cnhttp://www.taop.com/or
Dragon Gate Investment Partners LLCTel:
+1(646)-801-2803Email: taop@dgipl.com
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