360 looks to scale the SV CryptoLab model, leveraging its proprietary evaluation algorithm for identifying the most attractive cloud-mining contracts
VANCOUVER, BC, CANADA (January 17, 2018) – 360 Blockchain Inc. ("360" or the "Company") (CSE: CODE – FWB: C5B – OTC: BKLLF) announces that it has closed the previously announced acquisition of 60% of the issued and outstanding shares of SV CryptoLab Inc., and has the option to purchase the remaining 40% for US $75,000. The Company paid US $250,000 and issued 5,000,000 common shares from treasury as consideration.
“We are excited to reach this milestone, completing our initial acquisition in the blockchain space, so that we can scale this concept,” said Mr. George Tsafalas, 360 Blockchain Inc’s President and CEO. “We are working to replicate SV CryptoLab’s business model, together with its proprietary evaluation algorithm, in other cities soon,” added Mr. Tsafalas.
Silicon Valley-based SV CryptoLab provides an adaptable tech environment. During working hours, it’s a cutting-edge facility that’s part hacker space and part social space that is open to the public; blockchain and cryptocurrency enthusiasts are invited 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. SV CryptoLab utilizes a proprietary evaluation algorithm to determine the most attractive cloud-mining contracts.
