Articles > DMG Blockchain Expands Cryptocurrency Forensics & Analytics Services to International Customers
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DMG Blockchain Solutions Inc. (TSX-V:DMGI) (“DMG” or the “Company”), a diversified blockchain and cryptocurrency company, announced today that its Blockchain Forensics & Analytics group is expanding internationally with contracts from several new international auditing and consulting firms.
DMG’s Blockchain Forensics & Analytics group uses sophisticated artificial intelligence (AI) and machine learning (ML) technology to help customers monitor cryptocurrency exchanges and payment platforms, and to examine the flow of cryptocurrency through the blockchain in order to establish the provenance and destination of crypto wallet funds. DMG provides analytics support for the Bitcoin and Ethereum blockchains (including ERC20 tokens and ICOs), and over the course of the next year DMG plans to support analytics for Litecoin, Bitcoin Cash, Ripple and Stellar as well.
“We are currently working in China, Panama, Japan and other international markets assisting clients with potentially non-compliant transactions. DMG is also consulting directly with regulators on KYC and AML standards and detection,” said Simon Padgett, Director of Forensic Services at DMG Blockchain Solutions Inc. “This is a very time-sensitive business, and we have the tools for real-time analytics. For example, we were recently appointed by MNP, a major auditing firm, to assist with an urgent blockchain audit verification requirement on a very tight deadline.”
As part of its forensic work, DMG also develops international training sessions to sensitize executives, auditors and compliance employees at banking, accounting and auditing firms about fraud and non-compliance risk in cryptocurrency exchanges as well as how to audit blockchain systems and their transactions.
“Our Blockchain Forensics & Analytics group is already trusted by major law enforcement and U.S. Federal Government agencies. Now, our technology and services are being recognized by top international auditing firms,” said Dan Reitzik, CEO of DMG Blockchain Solutions Inc. “We believe deeply in the economic value of blockchain technology, and we are proud to be bringing a new level of trust and risk management to help the ecosystem mature.”
About DMG Blockchain Solutions
DMG Blockchain Solutions Inc. is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetize the blockchain ecosystem. DMG intends to be the global leader in bitcoin mine hosting - Mining as a Service (MaaS), bitcoin mining, blockchain forensics/analytics, and blockchain platform development.
For more information on DMG Blockchain Solutions visit: dmgblockchain.com
On behalf of the Board of Directors,
Daniel Reitzik, CEO & Director
For further information, please contact:
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information based on current expectations. Statements about the Company’s plans and intentions, other potential transactions, obtaining clients for the forensics and analytics group, product development, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information. 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. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoins; security threats, including a loss/theft of DMG’s bitcoins; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
There can be no assurance that DMG will continue to obtain additional clients for its forensics and analytics products and services.
The securities of DMG are considered highly speculative due to the nature of DMG’s business.
Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, competition, security threats including stolen bitcoins from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in equipment and labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.