PRESS RELEASE. xSigma Corporation, a wholly owned subsidiary of ZK International Group (NASDAQ:ZKIN), was launched in 2018 as a blockchain research and development lab to solve real-world infrastructure challenges. After two years of intensive research into smart contracts and other blockchain-based solutions, xSigma shifted its focus to decentralized finance, or defi, in an effort to bring unfettered open-source finance to individuals and businesses worldwide.
XSigmaâ€™s foray decentralized finance has come at an opportune time in the marketâ€™s evolution. Although defi burst onto the scene in 2020, it quickly became the fastest-growing segment of the blockchain industry. Despite this tremendous growth, defi isnâ€™t without issues. Users of these protocols have complained about a faulty user experience, impermanent loss, pricing error and smart contract vulnerability. These myriad issues have cast defi in a negative light among mainstream institutional investors.
The xSigma defi protocol has been designed to solve the countless issues plaguing the market today. As the first defi project to be backed by a publicly-listed company, xSigma has been built to capture the true value of decentralized finance. XSigmaâ€™s first order of business will be to launch a decentralized stablecoin exchange that offers fair farming terms for liquidity providers and an intuitive user experience for traders.
Stablecoins have emerged as one of the largest markets in the cryptocurrency industry, providing investors with immediate liquidity, price stability and redeemability. By November 2020, the combined market capitalization of all stablecoins was over $24 billion. Hundreds of millions worth of stablecoins are exchanged each dayâ€“a figure that is expected to rise steadily as we enter the next phase of global adoption.
Despite the inherent benefits offered by stablecoins, the exchange market is dominated by a few big players. Curveâ€™s dominant position has allowed it to get away with offering a poor user experience, opaque token distribution and complex governance and farming systems.
xSigma is building a stablecoin exchange from the user side, not the developer side. Through its proven technologies, the xSigma platform prioritizes user experience by offering a simplified interface that appeals to both crypto veterans and new traders. XSigmaâ€™s team is implementing new innovations in the stablecoin exchange market, including a revamped reward structure. The platform will burn SIG tokens with exchange fees, effectively pushing up demand for the governance token while also capping supply in the same manner as Bitcoinâ€™s 21 million-unit hard cap.
XSigma will accomplish these goals through the dedication of its award-winning and highly reputable team. The team has been assembled to not only deliver a state-of-the-art project, but to bring a new level of legitimacy and transparency to the defi ecosystem.
The xSigma team is led by Alex Lebed, a software engineer formerly of Facebook, Amazon and 1Inch. Alex is also the founder of Stableunit.org and the prizewinner of ethNY (awards from Binance labs, Wyre, Matic), ethBoston and ethDenver hackathons.
He is aided by Kamal Obbad, a Harvard graduate and former Google engineer who was featured in Forbes 30 Under 30 in healthcare.
Daniel Garay is an xSigma project manager who used to work at Ripple and Google.
The soon-to-be-launched xSigma stablecoin exchange will bring a new level of transparency, accountability and user experience to the defi industry. The projectâ€™s dedicated team of engineers, software developers and project managers are committed to delivering the project over the next three years. In the meantime, continue to expect major updates on the evolution of xSigma DeFi.
About ZK International Group Co., Ltd.
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 33 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. 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, including the Beijing National Airport, the â€œWater Cubeâ€, and â€œBirdâ€™s Nestâ€, 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 not only to the China market but also to international markets such as Europe, East Asia, and Southeast Asia.
For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Companyâ€™s SEC filings please visit www.sec.gov.
About xSigma Corporation
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.
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