Mega Matrix Corp. Announces Additional Operation Capacity of Ethereum Staking Validators for Bit Digital
June 05 2023 - 9:00AM
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 info@mtmtgroup.com or visit:
http://www.megamatrix.io.
About Bit DigitalBit Digital, Inc. is a bitcoin
mining company headquartered in New York City. Bit Digital’s mining
operations are located in North America. For additional
information, please contact ir@bit-digital.com or visit
our website at www.bit-digital.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995.
All statements in this press release other than statements that are
purely historical are forward-looking statements. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose,” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. These forward-looking statements are
not guarantees for future performance, conditions or results, and
involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the Company’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, are: the ability to
manage growth; ability to identify and integrate other future
acquisitions; ability to obtain additional financing in the future
to fund capital expenditures; fluctuations in general economic and
business conditions; costs or other factors adversely affecting the
Company’s profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic; the occurrence
of any event, change or other circumstances that could affect the
Company's ability to continue successful development of its digital
assets staking business model; the possibility that the Company may
not succeed in developing its new lines of businesses due to, among
other things, changes in the business environment, competition,
changes in regulation, or other economic and policy factors; the
possibility that the Company's new lines of business may be
adversely affected by other economic, business, and/or competitive
factors; and the possibility that the Joint Venture does not
perform or operate as anticipated. The forward looking statements
in this press release and the Company’s future results of
operations are subject to additional risks and uncertainties set
forth in in documents filed by the Company with the Securities and
Exchange Commission, including the Company’s quarterly reports on
Form 10-Q and the Company’s latest annual report on Form 10-K, and
are based on information available to the Company on the date
hereof. In addition, such risks and uncertainties include
uncertainties surrounding the ability to generate cash proceeds
through the sale or other monetization of the Company’s assets. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date of this
press release.
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