DMG Blockchain Solutions Inc. Announces Incorporation of New Alberta-Based Digital Asset Trust Company

VANCOUVER, British Columbia, Aug. 01, 2024 (GLOBE NEWSWIRE) -- DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB US: DMGGF) (FRANKFURT: 6AX) (“DMG”), a leading independent data center technology and blockchain solutions provider, has received approval from the Ministry of Treasury Board and Finance in the Province of Alberta for the incorporation of Systemic Trust Company (“Systemic Trust” or “STC”), a wholly owned subsidiary of DMG.

Systemic Trust is now working with Alberta’s Ministry of Treasury Board and Finance to obtain a certificate of registration that will enable Systemic Trust to provide secure custody of digital assets like bitcoin for institutional clients such as crypto trading platforms, banks, asset managers, corporations and government agencies that either manage cryptocurrencies, or are seeking to expand their business into cryptocurrency services.

Systemic Trust’s CEO, Lawrence Truong, commented, “We’re excited to receive Letters Patent, which is the latest milestone in our vision to increase the adoption of blockchain technology and trust in the Canadian cryptocurrency ecosystem by providing a highly secure, independent, custody solution. Alberta's pragmatism and open-for-business attitude is what draws talent, innovation and fintech companies like Systemic Trust to establish their headquarters in the province, and we are proud to be part of Alberta's vibrant and growing technology sector. With the recent comments from United States government officials during and after the Bitcoin 2024 Nashville Conference, our team is preparing for greater adoption from their counterparts in Canada to follow on from our largest trading partner’s lead.”

DMG’s CEO, Sheldon Bennett, added, “This milestone is an important achievement towards realizing the full potential of DMG’s Core+ strategy. Beyond traditional custody solutions that the Systemic team are pursuing, specifically for DMG’s Core+ offerings, Systemic Trust will also be able to provide financial institutions the vehicle by which they will have the option to send bitcoin through DMG’s Terra Pool, the world’s first carbon neutral pool. Bitcoin transactions that go through Terra Pool are added to the blockchain without adding carbon and without commingling with bad actors. DMG believes that providing this choice to financial institutions will help advance cryptocurrency adoption, as they can offer their clients the ability to hold bitcoin knowing those transactions occurred in a way that meets their regulatory requirements while also complying with environmental policies they may have in place.”