HyperBlock Streamlines Operations, Announces Update to Executive Management Team and Custodial Business Launch

HyperBlock (CSE:HYPR) has announced an update on its operations in addition to an executive management team change and custodial business launch.

As quoted in the press release:

The company has successfully exited four Canadian locations — executing on its consolidation plans in Eastern Canadaand at its US cryptocurrency datacenter in the Pacific Northwest.

HyperBlock CEO Sean Walsh says the moves are a proactive step to help the company weather difficult market conditions and will over time, result in lower, more efficient power costs. “Hash rate sales have been soft in recent months due to relentless increases in mining difficulty — without corresponding increases in Bitcoin price,” he says.

Building Long-Term Value: Proprietary Crypto Custodial Solution Nearing Launch
“A key pillar in our diversified vision to build long-term value for HyperBlock shareholders, is the development of a proprietary crypto vault solution for banks and institutional investors, which HyperBlock expects to launch later this year,” explains Walsh, who calls the custodial product “an exciting, potential game changer” for the company and the industry.

Brent Arsenault Appointed as Interim CFO
HyperBlock is also pleased to announce that it has appointed finance expert Brent Arsenault as the company’s new Interim Chief Financial Officer.

“Brent will be instrumental in ensuring HyperBlock continues operating in a sustainable, disciplined manner that will provide the greatest long-term value for our shareholders,” says Walsh. “His depth of experience in the public markets — business ethics and philosophy of prudence and transparency —make him an excellent addition to our team,” explains Walsh.

Click here to read the full press release.