ZK’s subsidiary xSigma has launched its blockchain Decentralized Finance (DeFi) protocol.
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Shares of ZK International (ZKIN) are trading in a bullish zone; highest price range since late 2018. ZK stock rallied in the premarket on Wednesday when it announced that its wholly-owned subsidiary is launching its blockchain DeFi protocol.
ZKIN surged up to 60% as it kicked off the session at $2.63 jumping from the prior day close of $1.75. The trading volume was also high above 31 million compared to the average volume of 593K. At close, ZKIN was up by 30.29% trading at $2.28.
ZK International will be funding xSigma for its DeFi protocol. The new blockchain protocol is focused on providing the optimum level of transparency and legitimacy to the DeFiblockchain-based smart contracts.
xSigma aims at creating, servicing, and enabling technologies in the blockchain ecosystem. FK’s funding will help xSigma to explore the DeFi space and discover different aspects of decentralized exchanges, stablecoins, and lending protocols.
The investment of ZK in its subsidiary will make it one of the first publicly traded companies to invest in blockchain and DeFi network.
DeFi is one of the top-ranked things in the blockchain ecosystem and it is evolving swiftly. Almost $9 billion is stored in DeFi protocols as of the end of September 2020. The decentralized financial systems provide users with an opportunity to explore blockchain markets.
The CEO of ZK International, Jiancong Huang commented that their investment in xSigma shows that they put their stake in the DeFi space and believe that it’s the future of the world financial system. This is the future vision of the company.
The launch of xSigma’sDeFi protocol will be initiated with a stablecoin exchange that will offer impartial farming terms for liquidity providers. The stablecoin exchange will also offer an intuitive user interface for users.
For providers, this new system will use users’ cryptocurrencies and in return, it will give a potential reward from the exchange’s trading fees. Whereas, for customers, this protocol will provide liquidity to those to want to enter the DeFi markets. The protocol will be easy-to-use having simple interface.
The core objective of the company is to create such a platform—having a wide range of financial tools—that could help in growing DeFi industry. xSigma wants to gather a team that is specialized blockchain individuals and has the leading edge of blockchain research.