ZUG, Switzerland and
VANCOUVER, Dec. 21, 2018 /CNW/ - HIVE Blockchain
Technologies Ltd. (TSX.V:HIVE) (OTC:HVBTF) (the "Company" or
"HIVE") is pleased to announce a partnership with Amber AI, a
global, diversified electronic trading firm offering a range of
fully-integrated institutional services. The agreement provides
HIVE with access to Amber AI's state-of-the-art machine learning
with sophisticated quantitative research and best-in-class
technology to provide liquidity in digital currencies and
derivatives. HIVE will benefit by maximizing the value of
cryptocurrencies that the Company sells to fund operations by
leveraging the expertise of Amber AI as well as to mitigate
inventory volatility by using hedging strategies such as
derivatives and asset management. HIVE previously announced that it
held roughly 44,000 Ethereum coins and 85,000 Ethereum Classic as
of September 30, 2018.
"We are excited by the partnership that we have forged with
Amber AI and look forward to the improved profitability that HIVE
can realize on the trading of our cryptocurrency inventory." added
Frank Holmes, Interim Executive
Chairman. "Cryptocurrencies are exciting and we are bullish on its
long term prospects but it is impossible to ignore the volatility
of this new asset class. It appears that Bitcoin and Ethereum are
finding a bottom in prices after peaking a year ago and our stock
is tracking 92% with their prices. Our partnership is expected to
help manage volatility within our inventory and to improve
profitability of coins that we sell to fund operations."
"We're thrilled to be partnering with HIVE Blockchain as they
seek to strengthen and streamline the processes between mining
operations and secondary markets." said Michael Wu, Amber AI CEO. "Our goal has always
been to make crypto markets as frictionless as possible and we're
delighted that HIVE shares this vision. We see this partnership not
only as a highly synergistic and a tremendous commercial
opportunity, but also as a chance to move forward the adoption of
crypto as a mature, tradable asset class."
Option Grant
The Company further reports that it has granted an aggregate of
500,000 stock options under the Company's stock option plan
to the Chief Financial Officer pursuant to his
appointment in fiscal Q3 with an exercise price of
C$0.27 per stock option,
exercisable for a period of ten years from the date of grant,
vesting over periods of up to two years. The stock option grant is
subject to approval of the TSX Venture Exchange.
About HIVE Blockchain Technologies Ltd.
HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector
to traditional capital markets. HIVE is strategically partnered
with Genesis Mining Ltd. to build the next generation of blockchain
infrastructure. HIVE owns state-of-the-art GPU-based digital
currency mining facilities in Iceland and Sweden, which produce newly minted digital
currencies like Ethereum continuously as well as cloud-based
ASIC-based capacity which produce newly minted digital currencies
like Bitcoin. Our deployments provide shareholders with exposure to
the operating margins of digital currency mining as well as a
growing portfolio of crypto-coins.
About Amber AI
Amber AI is a global, diversified electronic trading and
technology firm. By combining state-of-the-art machine learning
with sophisticated quantitative research and best-in-class
technology, the Company trades and provides liquidity in a variety
of markets and instruments, turning over billions monthly. Amber AI
operates around the clock and around the globe, with presence in
Hong Kong, Shenzhen, Beijing, San
Francisco and New York.
For more information and to register to HIVE's mailing list,
please visit www.HIVEblockchain.com. Follow @HIVEblockchain on
Twitter and subscribe to HIVE's YouTube channel.
On Behalf of HIVE Blockchain Technologies Ltd.
"Frank Holmes"
Interim Executive Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
Forward-Looking Information
Except for the statements of historical fact, this news
release contains "forward-looking information" within the meaning
of the applicable Canadian securities legislation that is based on
expectations, estimates and projections as at the date of this news
release. "Forward-looking information" in this news release
includes information about the Company's partnership with
partnership with Amber AI, including benefits of leveraging
expertise of Amber AI as well as mitigation and management of
inventory volatility by using hedging strategies such as
derivatives and asset management; improved profitability of the
Company; long term prospects of cryptocurrencies; current price
trends of Bitcoin and Ethereum and the Company's stock; tracking at
92% of their prices; potential improvements in the cryptocurrency
markets; long term growth of the Company; the business goals and
objectives of the Company, and other forward-looking information
includes but is not limited to information concerning the
intentions, plans and future actions of the parties to the
transactions described herein and the terms thereon.
Factors that could cause actual results to differ
materially from those described in such forward-looking information
include, but are not limited to, the Company may not realize any
benefits from its partnership with Amber AI; the ongoing
partnership with Genesis; the digital currency market may never
recover from current pricing, and may decline significantly
further; the Company's stock price may not track a recovery of
Bitcoin or Ether prices in the expected amount, or at all; the
Company's ability to successfully mine digital currency; the
Company may not be able to profitably liquidate its current digital
currency inventory, or at all; a decline in digital currency prices
may have a significant negative impact on the Company's operations;
the volatility of digital currency prices; and other related risks
as more fully set out in the Company's disclosure at
www.sedar.com.
The forward-looking information in this news release
reflects the current expectations, assumptions and/or beliefs of
the Company based on information currently available to the
Company. In connection with the forward-looking information
contained in this news release, the Company has made assumptions
about the Company's partnership with Amber AI; the Company will be
able to profitably liquidate its digital currency inventory as
required; the Company's ongoing partnership with Genesis;
historical prices of digital currencies and the ability of the
Company to mine digital currencies will be consistent with
historical prices; the Company's stock price tracks the prices of
Bitcoin and Ethereum; mitigation and management of price volatility
will lead to profitability of the Company; and there will be no
regulation or law that will prevent the Company from operating its
business. The Company has also assumed that no significant events
occur outside of the Company's normal course of business. Although
the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
SOURCE HIVE Blockchain Technologies Ltd.