Mega Matrix Corp. Announces Additional Operation Capacity of Ethereum Staking Validators for Bit Digital

PALO ALTO, Calif., June 05, 2023 (GLOBE NEWSWIRE) -- Mega Matrix Corp. (“MTMT” or the “Company”) (NYSE American: MPU), today announced that additional capacity of Ethereum staking validators was operated through its self-developed institutional grade designed staking platform, MarsProtocol.

During May 2023, MarsProtocol enabled Bit Digital Singapore PTE. LTD. ("BTBT") with staking technology tools to add 257 more validators (equivalent to 8,224 Ethereum) to ETH Beacon Chain. This expansion significantly enhances BTBT's ability to earn ETH rewards. As of May 31, 2023, the total number of Ethereum validators operated through MarsProtocol for BTBT stands at 289 validators, 9,248 ETH, equivalent to approximately $17 million.

On March 7, 2023, the Company’s wholly-owned Singapore subsidiary, Saving Digital Pte. Ltd. (“Saving”) entered into a shareholders’ agreement (the “Agreement”) with Bit Digital, Inc. (NASDAQ: BTBT) (“Bit Digital”) to form MarsProtocol Technologies Pte. Ltd. (the “MT Company”), to jointly provide proof-of-stake technology tools for digital assets through the staking platform “MarsProtocol.” Pursuant to the Agreement, Saving owns 60% of the MT Company.

Following the transition by Ethereum on September 15, 2022 from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism (the “Merge”), Ethereum shifted to a PoS validation system To become a validator on Ethereum, a participant must stake 32 ETH. Through MarsProtocol, we will seek to provide non-custodial staking tools whereby users’ private keys are not stored in its database to ensure the safety of its users’ digital assets. For more information, please visit http://www.marsprotocol.com.

“We are very excited that BTBT expanded their capacity of Ethereum staking nodes using MarsProtocol which represented their trust for the stability and safety to MarsProtocol.

We will continue market and offer our easy-to-use and non-custodial proof-of-stake technology tools outside of the United States to enable users to earn ETH rewards," said Mr. Yucheng Hu, CEO of Mega Matrix Corp.

About Mega Matrix: Mega Matrix Corp. (the “Company”) is a holding company located in Palo Alto, California with five subsidiaries: Saving Digital Pte. Ltd., a Singapore corporation (“Saving”), MarsProtocol Inc., an exempted company incorporated under the laws of the Cayman Islands, Mega Metaverse Corp., a California corporation (“Mega”), MarsProtocol Technologies Pte. Ltd., a Singapore corporation (the “MT Company”), and JetFleet Management Corp. a California corporation (“JetFleet”). The Company focuses on crypto-related business and will continue to focus on third-party management service contracts for aircraft operations through its majority owned subsidiary JetFleet, which was part of the Company’s legacy business. For more information, please contact [e-mail] or visit: http://www.megamatrix.io.