BIG Blockchain Intelligence Group Signs BitRank® Client Agreement with Veden; Clarifies Relationship with Coinme, Inc.September 20, 2018
BIG Blockchain Intelligence Group Inc. (“BIG”), a leading developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, has signed a client agreement with bitcoin miner, Veden, for the use of BIG’s cryptocurrency risk-scoring service, BitRank Verified®, to enhance Veden’s KYC (Know Your Customer) protocol for its ICO (Initial Coin Offering).
- Veden has previously built two bitcoin mining facilities
- ICO will allow contributors to join Veden’s expansion and share in total mining revenue
- BIG will be paid a fee on API queries processed through the BitRank Verified® service
VANCOUVER, BC – SEPTEMBER 20, 2018 – BIG Blockchain Intelligence Group Inc. (“BIG” or “the Company”) (CSE: BIGG)(WKN: A2JSKG)(OTC: BBKCF), a leading developer and provider of blockchain and cryptocurrency search, risk-scoring and data analytics tools and investigation services, has signed a client agreement (the “Agreement”) with Veden, a world-class, crowdfunded bitcoin mining operation built and managed by a team of cryptocurrency mining experts. Under the Agreement, Veden will use BIG’s cryptocurrency risk-scoring service, BitRank Verified®, to enhance Veden’s KYC (Know Your Customer) protocol for its ICO (Initial Coin Offering). BIG will be paid a fee on API queries processed through BIG’s proprietary BitRank Verified® service.
BitRank Verified® will enhance Veden’s KYC protocol with an extra layer of security that enables potential ICO investors to:
- Know Veden’s wallet risk-score ranking prior to submitting any funds
- Know the individual risk scores of transactions processed to date
- Confirm that the funds being used are not originating from entities associated with criminal activities
Veden has successfully established a strong team of executives and directors with deep experience in blockchain, software, bitcoin mining, investment banking, venture capital, and government. Having previously built two mining facilities, the company is expanding to Norway to establish the country’s largest cryptocurrency mining infrastructure. Veden is launching an Initial Coin Offering to allow contributors to join Veden’s expansion and share in the total mining revenue. Due to the stable democracy and favorable climate conditions, Norway offers the best landscape for low-cost cryptocurrency mining. Veden’s advisory team includes Franek Sodzawiczny, CEO & Co-Founder of Zenium Data Centers, who recently sold Zenium to CyrusOne for $442 million, and Pål Brun, Co-Founder of Kolos Norway AS, a 30MW green energy data center that was acquired by HIVE Blockchain Inc and Genesis Mining in March 2018.
“We’re excited to welcome Veden as our latest client leveraging BitRank Verified® to mitigate exposure to cryptocurrency risk,” said BIG CEO, Lance Morginn. “The reality of Initial Coin Offerings (ICOs) today is that they are facing greater scrutiny and heavier regulations to protect the people investing in them. Veden not only wants to comply with the KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations involved but has chosen to go above and beyond to provide their investors with the greatest confidence possible. With the help of BitRank Verified® as part of Veden’s KYC protocol, investors can be confident in the legitimacy of Veden’s ICO, while Veden will have a robust solution for staying on the right side of regulators.”
Veden’s CEO, Marc Muhammad, commented: “Veden strongly believes in providing investor security and going beyond what minimum requirements are in place. The KYC/AML laws in place are meant to protect both the company initiating the ICO and the investors; however, we believe integrating BitRank Verified® as an extra layer of security and transparency is what’s missing in the ICO market. Investors want to be able to have a level of confidence that the cryptocurrency addresses with which they are sending or receiving coins have not been used by a criminal element before a transaction takes place, and this is what BitRank Verified® offers. This way we can stay focused on what we do best — creating exceptional bitcoin mining solutions — while relying on BIG to provide what they do best: cryptocurrency risk mitigation and security.”
Clarification Regarding Relationship with Coinme, Inc.
On September 12, 2018, BIG issued a press release titled BIG Blockchain Intelligence Group Issues Shareholder Update Providing Highlights Of Recent Activities And Agreements. That press release listed highlights regarding agreements BIG had signed in the previous several months. Included in that list was the following wording, “a purchaser agreement signed with Coinme (Bitcoin ATMs)”, which refers to a press release dated April 23, 2018. For greater clarification, BIG has signed a “client agreement” with Coinme whereby Coinme will utilize BIG’s proprietary cryptocurrency risk-scoring and verification service, BitRank Verified®. There has been no purchase of Coinme by BIG in whole or in part, or vice versa, nor is any such acquisition currently contemplated.
On behalf of the Board,
Chief Executive Officer
About BIG Blockchain Intelligence Group Inc.
BIG Blockchain Intelligence Group Inc. (BIG) brings security and accountability to the new era of cryptocurrency. BIG has developed from the ground up a Blockchain-agnostic search and analytics engine, QLUETM, enabling Law Enforcement, RegTech, Regulators and Government Agencies to visually trace, track and monitor cryptocurrency transactions at a forensic level. Our commercial product, BitRank Verified®, offers a “risk score” for Bitcoin wallets, enabling RegTech, banks, ATMs, exchanges, and retailers to meet traditional regulatory/compliance requirements. Our Forensic Services Division brings our team of investigative experts into action for investigations that require in-depth expertise and experience, either in conjunction with or supplemental to our user-friendly search, risk-scoring and data analytics tools.
About BitRank Verified®
BIG developed BitRank Verified® to be the industry gold standard in ranking and verifying cryptocurrency transactions. BitRank Verified® offers the financial world a simplified front-end results page, enabling consumer-facing bank tellers, exchanges, eCommerce sites and retailers to know whether a proposed transaction is safe to accept, questionable, or should be denied. BitRank Verified® and its API are custom tailored to provide the RegTech sector with a reliable tool for meeting their regulatory requirements while mitigating exposure to risk of money laundering or other criminal activities.
QLUE™ (Qualitative Law Enforcement Unified Edge) enables Law Enforcement, RegTech, Regulators and Government Agencies to literally “follow the virtual money”. QLUE™ incorporates advanced techniques and unique search algorithms to detect suspicious activity within bitcoin and cryptocurrency transactions, enabling investigators to quickly and visually trace, track and monitor transactions in their fight against terrorist financing, human trafficking, drug trafficking, weapons trafficking, child pornography, corruption, bribery, money laundering, and other cyber crimes.
Investor Relations – USA
KCSA Strategic Communications
Valter Pinto, Managing Director
Scott Eckstein, VP of Market Intelligence
email: [email protected]
BIG Investor Relations
email: [email protected]
Certain statements in this release are forward-looking statements, which include completion of the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of BIG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from BIG’s expectations include, consumer sentiment towards BIG’s products and Blockchain technology generally, technology failures, competition, and failure of counterparties to perform their contractual obligations.
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