ZK International Group Co., Ltd. (Nasdaq: ZKIN), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, is pleased to announce that xSigma Corporation, a subsidiary of the company and a blockchain R&D lab, is announcing that the launch of its DeFi Protocol is scheduled for 24th of February, 2021. The exact time will be announced on xSigma’s website and in its social networks.
xSigma’s DeFi Protocol is a stablecoin DEX and liquidity mining platform. The highly anticipated project has gathered attention from a community of thousands of people, as well as attention of thousands of liquidity providers (LPs) on its waitlist. Part of this excitement has also gained the attention of Dwight Howard, a professional basketball player and NBA champion, who has committed to joining the xSigma Protocol as an early LP.
ZK International and xSigma have always taken the approach that they will conduct themselves as best in class, and part of this commitment, xSigma’s smart contracts of the platform have been audited by Hacken, a leading European security firm specialized in blockchain, and after several months of auditing, the protocol has successfully passed a check with a “well-secured” score.
xSigma’s DeFi Protocol is one of the first projects in the DeFi space backed by a public company. xSigma’s team includes former engineers of Facebook, Google, Ripple, and Amazon. The DeFi industry keeps growing and now has over $40 billion of funds locked in the major DeFi protocols, according to defipulse.com.
Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, “xSigma has been a highly anticipated project since the first announcement. The industry has grown more than twice since we introduced our first project, the xSigma DeFi, which is a great sign. We look forward to the successful launch of the DEX and to launching more fintech and blockchain products in the future.”
ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is preparing to capitalize on the $850 Billion commitment made by the Chinese Government to improve the quality of water, which in its current supply state is 70% unfit for human contact. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the “Water Cube” and “Bird’s Nest”, which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water to not only to the China market but to international markets such as Europe, East Asia and Southeast Asia.
XSigma Corporation, is a wholly-owned subsidiary of ZK International Group Co., Ltd. Together with ZK International, has launched xSigma as a research and development lab back in 2018 to solve real-world infrastructure challenges. Its mandate was to explore new opportunities in smart contracts, supply chain management and other blockchain-based solutions. XSigma has since pivoted to decentralized finance, focusing on decentralized exchanges, stablecoins and lending protocols. The research lab is now actively working on its ecosystem of products beginning with its DeFi protocol. The ultimate objective is to build a range of financial tools and products for the flourishing decentralized finance industry. The xSigma team that are being assembled are on the leading edge of blockchain research and development that intersects decentralized finance, supply chain management, IoT, and infrastructure. The DeFi protocol is one of many decentralized finance projects xSigma plans to launch over the next 12 months. It will feed into a growing network of DeFi products for enterprise and consumer markets. Any blockchain protocol is subject to a degree of risk; xSigma’s DeFi protocol has implemented tamper-resistant programming, but is still subject to potential hacks.