The9 inks investment term sheet with cryptocurrencies mining investors

The9 inks investment term sheet with cryptocurrencies mining investors

Amidst the ongoing trend of cryptocurrency, a report that has made it to the headlines is The9’s recent initiative towards the development of its cryptocurrencies mining business.

Shanghai-based well established internet firm- The9, had recently announced signing a legal binding cooperation and investment term sheet (or the Term Sheet) with some of the prominent investors in the cryptocurrencies mining industry landscape including former Director and Co-Chairman of Canaan Inc., Jianping Kong along with investors like Li Zhang, Qifeng Sun, and Enguang Li.

It has been reported that in accordance with the Term Sheet, the company will issue Class A ordinary stakes and warrants to the investors. Moreover, this agreement would allow the company to receive returns from the transaction contemplated under the Term Sheet as per certain pre-agreed conditions.

It would be essential to note that investors are likely to utilize their resources in cryptocurrencies mining industry to support the company to drive advancements in this business landscape. Additionally, The9 is looking forward to establishing an all new wholly owned subsidiary NBTC Ltd. to operate its cryptocurrencies and blockchain business.

Commenting on the matter, CEO and Chairman of The9, Mr. Jun Zhu, cited that the firm has begun deploying its blockchain and cryptocurrencies business strategy and in an attempt to realize this, The9 is currently looking forward to cooperating with prominent investors including Jianping Kong, as they boast of rich experience and resources in the domain of cryptocurrencies mining machine production and cryptocurrencies mining operation.

He added that the company has laid down its plans of building up cryptocurrencies mining machineries and technologies for The9 which will contribute about 8% to 10% of the global Bitcoin hash rate, about 10% of Ethereum, and 10% of Grin, in an attempt to emerge as one of the world’s largest cryptocurrencies mining firms in terms of hash rates.

Supporting the claims, Jianping Kong quoted that investors would potentially support The9 to initiate the purchase of cryptocurrencies mining machines such as AntMiners, Ipollo miners, AvalonMiners, and WhatsMiners, while also helping in building up a professional team to lay emphasis on cryptocurrencies business.

Source Credit: https://www.prnewswire.com/news-releases/the9-signed-a-legally-binding-cooperation-and-investment-term-sheet-with-cryptocurrencies-mining-investors-led-by-jianping-kong-to-start-the-cryptocurrencies-business-301199995.html