Benzinga | Nov 30, 2020 08:33AM EST

ZK International's Subsidiary, xSigma Corporation, Completes $1.5M DeFi Protocol Development And Implementation Services Agreement

WENZHOU, China, Nov. 30, 2020 /PRNewswire/ -- ZK International Group Co., Ltd. (NASDAQ:ZKIN) ("ZKIN", "ZK International" or the "Company"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced that its wholly-owned subsidiary, xSigma Corporation, ("xSigma") www.xsigma.com has selected Dentoro Alliance LP, ("Dentoro") as software development partner for the development and implementation of a decentralized finance protocol application. The development and implementation services agreement is a multi-year, $1.5 million dollar software agreement that has been signed between xSigma and Dentoro.

Under this agreement Dentoro will join as new shareholder of xSigma to provide software development expertise in creating and launching a decentralized finance protocol on the Ethereum blockchain (the "Protocol"). Dentoro will also bring in a talented team that consists of former Facebook, Ripple and Google software engineers to join xSigma with this project.

Dentoro and its experienced team of developers has initiated several projects relating to cryptocurrencies and now at xSigma they will be responsible for building and launching the Protocol, providing initial and ongoing technical maintenance and support, and providing advertising for the Protocol. In addition, the developers shall create all the software, files, libraries and tools necessary to launch the Protocol. In exchange for all the IP rights, coding, know-how and experience, Dentoro will be issued from treasury shares in a quantity such that Dentoro shall hold 49% of the equity of xSigma.

Commenting on the software development agreement, Mr. Jiancong Huang, Chairman and CEO of ZK International and Director of xSigma, stated, "We consider it a great privilege to be working towards launching a Decentralized Finance ("DeFi") protocol which aims to provide a new level of transparency and legitimacy to decentralized financial blockchain-based smart contracts."

For the latest updates on xSigma's research initiatives, including its upcoming DeFi protocol, follow xSigma's Twitter and LinkedIn pages, or visit http://xsigma.com/ and www.xsigma.fi