ZK International Group (ZKIN) Subsidiary Announces Deal to Launch Crypto Trading Platform
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ZK International Group Co., Ltd. (Nasdaq: ZKIN) is pleased to announce that xSigma Corporation, a subsidiary of the Company and a blockchain R&D lab, is pleased to announce that it has purchased its own proprietary crypto and Online Contract for Difference ("CFD") trading platform, which will be branded as "sigma Trading". The platform's website is now open to the community at: https://xsigma-trading.com
The xSigma Trading platform will be an Online Crypto-CFD trading platform that will provide multiple trading products, such as crypto trading, crypto lending, crypto options and derivatives, and US Equity CFDs, which will conveniently be available on one trading platform. xSigma is going to target the cryptocurrency options and derivatives with xSigma Trading as its third project in its ecosystem.
The experienced team at xSigma have decided to launch this new derivative trading platform as the bitcoin-based derivatives markets have seen continuous action and growth. According to TokenInsight, the cryptocurrency derivatives market was $2.159 trillion in the second quarter of 2020. It is anticipated that this growth will continue into 2021 and it is for this reason that the xSigma team will allow its community access to crypto options and derivatives on its trading platform.
As a part of this purchase, xSigma will own the copy of the complete source code for Electronic Trading Platform, as well as any and all designs, documents and other documentation that have been used in its development including web server scripts and sources in electronic format. The software being acquired is a technology solution for a crypto equity CFD trading platform. It will provide traders with Direct Market Access, an advanced order management system, low latency execution, dynamic charting, a real time independent risk management system, detailed reporting, and access via API.
The Electronic Trading Platform was acquired from IntenseLab, which is a European technology company with over 20 years of experience in software product development, product outsourcing, and is a full-cycle software development company with a focus on reporting and trading software development.
xSigma plans to launch the trading platform in the second quarter of 2021 and will be adding more features during the year. xSigma plans to run regulated operation globally. xSigma Trading will not be licensed in the US and will not serve US customers.
Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, "We are pleased to announce that we are planning to expand our product list with a regulated product. With this acquisition, we have combined the talents and the developments of xSigma with the well-tested solution from the highly experienced team from IntenseLab."
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