Through its majority owned SV CryptoLab subsidiary, a “Hackathon” contest will begin on March 21st to build a cryptocurrency hedging product
VANCOUVER, BC, CANADA (March 20, 2018) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE - FWB: C5B) announces that its majority owned subsidiary, SV CryptoLab is launching its 2018 “Spring Hackathon” on March 21st, 2018.
This development sprint will be focused on blockchain solutions for hedging cryptocurrency against price declines. The first phase of the program should provide the Company the ability to hedge its bitcoin mining operation. Applying the model developed in the first phase, the Company intends to expand its mining operation beyond current capacity.
“Our goal is to develop a hedging program to enbable 360 to lock in the value of any coins it may earn from its cypto-mining activites,” said George Tsafalas, 360 President and CEO. “Development of this program will be valuable for 360 near term, and could lead to other products and services being offered by the Company over the long term. This is a great example of the value proposition that led us to acquire our interest in SV CryptoLab,” added Mr. Tsafalas.
Future plans for the hedging program may include services provided to other companies and individuals involved in mining operations. By using currently available CME futures markets and SV CryptoLab’s trading capabilities, the downside of cryptocurrencies can be hedged.
SV CryptoLab provides an adaptable tech environment. During working hours, it’s a cutting-edge facility that is part hacker and part social space which is open to the public to attend weekly meetups and hackathons free of charge. On nights and weekends, the facility’s significant hardware is dedicated to mining cryptocurrency, a computationally intensive process that sits at the heart of Bitcoin and other cryptocurrencies.