Neptune Dash Commences Incubation of Neptune Stake and Intends to Spin Out First Proof-of-Stake Mining Company

Neptune Dash Technologies (TSXV:DASH) Has announced that through its wholly-owned subsidiary, Neptune Stake Technologies, it has started incubating a proof-of-stake mining operation that will mine ethereum, cardano, EOS, NEO, and NEM among others.

As quoted in the press release:

Proposed Spin-Out of Neptune Stake

The Company believes that it is the first public company, through its wholly-owned subsidiary Neptune Stake, to use proof-of-stake mining in Canada and that Neptune Stake may develop into an independent and viable entity on its own with a unique business model from Neptune Dash. In that case, the Company may consider reorganizing its business by way of a spin-out of Neptune Stake to its shareholders through a plan of arrangement to be completed in 2018.  Neptune believes this proposed transaction would build shareholder value by offering investors direct leverage to cryptocurrency prices within a diversified operational company. The completion of such plan arrangement and any listing of Neptune Stake will be subject to regulatory approval, the approval of shareholders and the Supreme Court of British Columbia.

Proposed Management Team of Neptune Stake

It is anticipated that Neptune Stake will be led by an accomplished blockchain team that is largely independent from Neptune. Additional information on the management team of Neptune Stake is forthcoming.

Click here to read the full press release.