VANCOUVER, British Columbia, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Block One Capital Inc. (TSXV:BLOK) (Frankfurt: ES3 ) (the “ Company ” or “ Block One ”), is pleased to provide an update, in relation to its release from December 6, 2017 stating that it has executed a binding term sheet (the " Term Sheet ") to acquire 40% of the equity of New York based Finzat LLC ( “Finzat” ), a private company engaged in creating a blockchain system to streamline, and digitize the U. S. residential mortgage process. Benefits will include enhanced compliance and a simpler, auditable, fault tolerant and an overall more efficient process.
The U.S. residential mortgage industry faces many challenges including the need for updated technology to drive efficiency; reduce overall cost; streamline work flow; and simplify loan origination and servicing processes. There are also concerns among mortgage market practitioners regarding customer identity protection and secondary market trading. Finzat intends to develop a blockchain mortgage collateral management system with one or more U.S. Housing Government Sponsored Enterprises (GSE) in various regions in the United States. These partnerships will provide strong validation for the anticipated 2018 ICO offering.
Finzat’s product is a streamlined digitized mortgage process that will be compliant with U.S. regulatory requirements, GSE procedures and protocols and SAFE: S impler, A uditable, F ault tolerant, and E fficient. The initial phase will be to capture and manage collateral and compliance data specific to such documents utilizing blockchain technology, eventually followed by a fuller range of mortgage documents and processes. Finzat will combine current advances in mortgage digital processes and latest blockchain technology to create a proprietary end-to-end solution.
This is a particularly opportune time for Finzat’s approach as financial institutions are now filing patents for blockchain applications for processing, file transfer and tracking in blockchain. The financial industry is lagging other industries in blockchain technologies and major mortgage participants are eager for greater standardization by GSEs. The mortgage industry is gravitating towards a mainstream paperless transaction process as blockchain and smart contracts are becoming conventional in the banking and financial markets.
For more information on Block One Capital Inc. please visit: www.blockonecap.com.
ON BEHALF OF THE BOARD
“David Berg”
Chief Executive Officer and Director
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release and has in no way passed upon the merits of the qualifying transaction and has neither approved nor disapproved of the contents of this press release.
FOR ADDITIONAL INFORMATION CONTACT:
Block One Capital Inc.
Office: 604-908-3095; email: info@blockonecap.com
