Block X Capital Corp. (CSE:BXXX) Acquires 12.5% of Silota Research and Development Inc.
VANCOUVER, British Columbia - March 28, 2018 (Investorideas.com Newswire) Block X Capital Corp. ("Block X" or the "Company") (CSE:BXXX) is pleased to announce it has acquired 12.5% of issued and outstanding founder shares ("Founder Shares") in Silota Research and Development Inc. ("Silota"). In addition to acquiring the Founder Shares, Block X will be providing a $300,000 CAD convertible note to Silota. The note is convertible into common shares, at a 20% discount, upon a financing of a minimum of $1,000,000 CAD total into Silota.
Silota's feature product, Covalent, is building tools and infrastructure to bridge decentralized blockchains with centralized databases. Covalent's technology will allow companies to quickly perform complex queries on, and derive analytics from data stored on blockchains. As the number of companies leveraging blockchain technology continues to increase, these companies will universally need to be able to quickly draw insights from information stored on the blockchain.
Block X is dedicated to investing in blockchain and emerging technologies. Backed by a team of venture capitalists, founders, and executives with deep expertise in blockchain and emerging technology, Block X leverages its team and network to gain access to promising investment opportunities.
"Block X is thrilled to participate in the founders round of Silota and their landmark product to organize the world's blockchain data," says Darius Eghdami, CEO of Block X. "Covalent is perfectly situated to become the de facto solution for companies dealing with blockchain databases, and represents a real opportunity to invest in a foundational property of blockchain infrastructure."
The founders of Silota, CEO Ganesh Swami and CTO Levi Aul, are industry veterans in databases and distributed systems. They have a combined expertise of 25 years building, scaling and bringing to market technical products. They previously built the first business Bitcoin exchange in Canada and co-invented the fastest algorithms for protein simulation modeling.
"We are both excited and incredibly grateful to announce our new partnership with Block X", commented Ganesh Swami, CEO of Silota. "The Block X team are among the foremost thought leaders internationally, and will enable us at Covalent to realize our vision for a decentralized future."
For more information about Block X, visit block-x.co.
About Block X
Block X (CSE:BXXX) seeks investment opportunities in early to mid-stage blockchain and emerging technology companies. Built off its decades of cultivating trust and proving integrity within its professional networks, Block X is able to provide investors with unparalleled access to these investments that are not normally accessible to the average retail investor. Block X is backed by a world class team with deep domain experience and an extensive network of globally recognized leaders. Block X is dedicated to disciplined due diligence, governance, and an investment process that results in highly qualified investment opportunities.
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