ZK International Group Co., Ltd., a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, is pleased to announce that xSigma Corporation, a blockchain R&D lab and a wholly owned subsidiary of the Company, is in the process of securing initial liquidity from institutional and individual blockchain investors for its DeFi project.
Since its announcement of its DeFi project, xSigma is beginning to gain interest from the Company’s shareholders, future shareholders, early supporters of its protocol launch, and now from institutional liquidity providers. xSigma is currently in the process of negotiating and securing significant commitments in crypto from initial liquidity providers for xSigma’s protocal. The xSigma DeFi protocol will pay increased rewards to early liquidity providers, giving an advantage to those that participate in the early first weeks.
In the meantime, Bitcoin continued its upward trend to its highs exceeding $34,000, which has also caused a continuous growth for the DeFi industry, as is indicated on DeFi Pulse.com which is reporting that over $15 billion has been locked into smart contracts of popular DeFi applications and protocols.
Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, “we are very excited to be part of this exciting time as Bitcoin keeps growing, causing the growth of the DeFi space to grow as well, which is now attracting interest of people worldwide. We are pleased to see institutional investors interested in joining xSigma and we look forward to disclosing the completion of these agreements in the near future. The xSigma project is attracting institutional LPs, which is great news for the Company and for the industry in general.”